SPACER SPACER SPACER SPACER SPACER SPACER
MARINE LOG MAGAZINESave the dates!
SPACER SPACER SPACER SPACER SPACER SPACER
CURRENT ISSUE

BEATING THE PIRATES
What's the best way for a shipowner to avoid having a ship hijacked by pirates?

Reroute the ship even if it means a huge diversion
Stay within recommended safe limits and patrolled areas
Hire an on-board security team
Just hope for the best

December 23, 2008

Vale makes payment on giant bulker order

Reports that Brazilian iron ore giant would cancel a $1.6 billion order for 12 giant ore carriers appear to have been ill-founded.

Bloomberg is reporting that Vale has paid an initial $240 million to Chinese shipbuilder Jiangsu Rongsheng Heavy Industry Group Co. The Bloomberg report, which quotes unnamed Vale executives as its sources, says Vale will pay another $240 million in the middle of 2009.

Bloomberg says that Rongsheng Chairman Chen Qiang confirmed Vale had made a payment, which was reported by the Shanghai Securities News today, but declined to provide details in a telephone interview.

READ THE BLOOMBERG STORY


marine log logo

FREE MARINE INDUSTRY INFORMATION

CASTROL MARINE

EVAC

DNV LOGO