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Following Vale’s new risk management approach, the mining company decided to eliminate or replace 25 ships converted from VLCCs to VLOCs3 from its fleet, the company reported in its quarterly report, released on April 29.
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The ships presented numerous technical failures and will be gradually removed through early termination or modification of charter contracts.
The decision was made after the last accident in February 2020, involving one of the converted ships – a ship built in 2016 owned and operated by the South Korean company Polaris Shipping.
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The Stellar Banner sustained damage and ran aground after leaving the maritime terminal of Ponta da Madeira, in the State of Maranhão, loaded with approximately 295 kt of iron ore produced by Vale.
Vale is supporting the shipowner with technical-operational and preventive measures to safely remove the fuel (successfully completed on March 27, 2020) and the iron ore cargo from the ship and prevent a major environmental disaster.
Efforts are still underway to unload the ship before it can be removed from the site.
Vale Reported Yesterday (28) About Projection Update
Vale communicates in its first-quarter performance report for 2020 the following projections:
- Reduction of unit freight costs in Q2 2020 of at least US$ 3/t compared to Q1 2020
- Unit cash cost C1 of the Iron Ore business below US$ 14/t in H2 2020
- Capital expenditures (capex) of US$ 4.6 billion in 2020.
Vale clarifies that the information disclosed in this document represents merely an estimate, hypothetical data that in no way constitutes a promise of performance by Vale and/or its managers.
The projections presented involve market factors beyond Vale’s control and, as such, may undergo further changes.
Additionally, Vale informs that it will timely re-present item 11 of its Reference Form, within the deadline provided in CVM Instruction No. 480, of December 7, 2009, as amended.
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