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MeneameBrazillian firm Vale's (NYSE: VALE) Chinamax vessel started unloading its first iron ore in China on Wednesday after months of uncertainty on accessing its largest market's ports, news service Exame reported.
In September 2010, Vale signed loan agreements for US$1.23bn with the Export-Import Bank of China and the Bank of China for the construction of 12 Chinamax ore vessels, seeking to reduce shipping costs to the nation, but so far it had failed to obtain Beijing's approval to allow the ships to even stop at Chinese ports.
The 388,000t Berge Everest began unloading its iron ore cargo at the port of Dalian, and must leave by Saturday (Dec 31), a port source said, according to the report.
"The ship is unloading iron ore after arriving this morning. They will need two and a half days to release the load," the source said. "But it's not clear who will buy the ore."
Industry sources said that the load is about 350,000t of ore.
OPPOSITION
Vale's fleet has faced strong opposition from ship owners and steelmakers in China, who fear that the vessels are a "Trojan horse" that the company will use to monopolize both the transport and iron ore markets at their expense.
The company's first Chinamax ore vessel, Vale Brazil, was forced to return to the Indian Ocean on her maiden voyage in June, after the Chinese government denied permission for the ship to anchor at Dalian port. The ship proceeded to Italy.
Vale recently announced the sale of its large vessels, ordered under former CEO Roger Agnelli, and it will now lease ships, according to an earlier report.
Current CEO Murilo Ferreira's decision to sell the large vessels, as well as its oil and gas assets, comes at a time of tighter credit and will free up capital which could allow Vale to make acquisitions in the mining area.
Rio de Janeiro-based Vale is the world's largest iron ore producer and exporter.
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