A $89m financial writedown by Shanghai Waigaoqiao Shipbuilding (SWS) in constructing a series of Valemax ships is a warning to shipyards as they bid for the Brazilian mining giant’s latest tender for 12 very large ore carrier (VLOC) newbuildings.
As reported by TradeWinds, highly competitive pricing in an earlier tender for 400,000-dwt Vale bulkers left SWS, which is a part of the state-owned China State Shipbuilding Corp group, carrying a painful loss — and many fear that could be repeated in the miner's latest round of bidding.
