Vale's giant ore carrier order dead in the water

Singapore: Brazilian iron ore giant Vale has definitely scrapped an order for 12 very large ore carriers at Jiangsu Rongsheng taking the number of cancelled bulk carrier orders this year to around 250. The $1.6bn order, China's largest ever, is part of a general belt tightening for the Brazilian firm ahead of an expected tough 2009. The 400,000 dwt design would have been the largest ships ever built in the People's Republic. The order cancellation was confirmed by a senior official from Japanese trading house  Mitsui & Co while speaking at a conference in Singapore this week. Seatrade Asia Online first reported on the cancellation on November 12 in an in-depth article here: http://www.seatradeasia-online.com/News/3325.html. [28/11/08]