Jose Carlos Martins, Vale’s executive director for ferrous metals and strategy, also hinted the company is interested in building up its fleet with fresh orders.

Vale has sold four 400,000-dwt very large ore carriers (VLOCs) to Cosco on 25 year charterbacks as part of a deal which saw Cosco pen orders for 10 more ships in September. A similar agreement was signed with China Merchants Energy Shipping.