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Vale refuses delivery on Chinese ships
Global Times | April 20, 2012 09:48
By Agencies
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Brazilian mining giant Vale SA has refused to take delivery on three completed very large ore carriers (VLOCs) it ordered from China Rongsheng Heavy Industrial Group Holdings Ltd, the country's second largest shipbuilder.

Vale has refused to take over the carriers partly because it wants to prompt the Chinese government to allow the vessels to dock at Chinese ports. Also, the move will delay payment and put pressure on Chinese shipbuilders to reduce their prices, according to marine industry experts.

Rongsheng's account receivable increased 76 percent year-on-year to reach 7.2 billion yuan ($1.14 billion) in 2011.

Economic Information Daily 



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