Rongsheng could benefit Valemax

Cosco and Vale agreement on VLOCs (Very Large Ore Carriers) should benefit Chinese shipbuilders like troubled Rongsheng Shipyard as orders are re-started. Rongsheng Shipyard could benefit in particular from any potential relaxing of the Chinese ban on the Brazilian miner’s Valemax bulkers in the wake of the deal. Mining giant Vale is to charter 10 new Very Large Ore Carriers from Cosco in an agreement worth up to $1.4bn for whichever yards win the business.