BHP Billiton orders six at HHI

Seoul: Joining rivals Vale and Rio Tinto, mining giant BHP Billiton has become a shipowner. BHP has this week inked a deal with the world's largest shipbuilder, Hyundai Heavy Industries, for six 205,000 dwt bulkers. Rio Tinto, a month ago, opted for eight similarly sized ships to be built at Hanjin Heavy's Subic yard, while Vale has many ships on order in China and Korea. The big three miners have moved decisively in the low newbuild price era to take more control of their supply chains and be less hit by volatile freight rates. [26/05/10]