Vale’s mega iron-ore carriers lost the Brazilian mining giant around $140m in freight costs compared with using conventional capesize tonnage during their first one-and-a half years of operation, according to new statistics.
It is expected that the figure will spiral as more of the 400,000-dwt vessels are delivered between now and the middle of next year.
Paris-based analytical company Alphabulk, in a study of the very large ore carriers (VLOCs) so far delivered, says that if the ships, as it believes, are jointly losing on average as much as $25m a month compared to chartering standard capesizes at today’s bargain rates, then it may make financial sense to scrap them.
The
