Martins is quoted by Reuters reporters in Rio de Janeiro as saying that in total Vale export about 400 million tonnes of iron ore a year within five years, nearly 50% more than the 270 million tonnes it exported in 2013.

He added that Vale planned to either acquire or charter in new ships to all carry this cargo.

News that Vale, the world’s biggest iron-ore producer, is about to flood the Chinese market with iron-ore will not be welcomed by its rival producers BHP Billiton and Rio Tinto, who have seen the price of their product slip because of a big oversupply that already exists in the iron-ore market.

Bulker