Gurinder Singh, the man at the centre of the huge and controversy-laden fleet of Valemax dry bulkers, has been quietly replaced as Vale International head of shipping.

Charterers, owners and brokers say they have yet to receive a satisfactory explanation of the move, although the reason being offered to contacts is that it was at Singh’s own initiative.

Few people TradeWinds has spoken to are taking this official version at face value, and many are now asking what the move means for Vale’s massive newbuilding programme at a time when ore is cheap and Vale’s long-term charter rates are far above the available market.

Vale