U-Ming to spend up to $150m on VLOC newbuilding duo for Vale

Taiwan's U-Ming Marine Transport is believed to be paying up to $150m to join the crowd participating in a vast VLOC building programme backed by long-term charters to Brazilian miner Vale.

Sources said the two 325,000-dwt ore carriers to be built at Qingdao Beihai Shipbuilding Heavy Industry are costing between $72m and $75m each.

As TradeWinds reported earlier this week, U-Ming said that it expects some $600m in total earnings on a 25-year contract of affreightment (COA) that it signed with Vale International, the Brazilian miner's Swiss trading subsidiary.