Brazil iron ore producer Vale, which has not been allowed to dock its ships at Chinese ports, could soon get permission to unload. According to media reports, the Chinese shipping industry, led mainly by Cosco, worked hard to keep out the Brazilian ships, despite Cosco saying it wasn’t involved in such a move.
But the ban is expected to end, analysts said, as Vale announced a deal with Cosco last week. Reports say it would be a milestone for Vale, which could better compete with Australian rivals BHP Billiton and Rio Tinto.
According to media reports, under the new deal, Vale agreed to sell and then lease back four of its ships from Cosco, as well as committing to leasing 10 more vessels to be built by the Chinese company.