Chinese state yards are working out an all-Chinese building solution for the 20 very large ore carriers (VLOCs) that China’s main state shipowning groups plan to build for charter to Brazilian miner Vale.
The plan would split the 20 ships evenly between China State Shipbuilding Corp (CSSC) and northern rival China Shipbuilding Industry Corp (CSIC) for two customers, both 51%:49% joint ventures — the already established, Singapore-based China Ore Shipping Corp and another yet-to-be-unveiled shipowning joint venture to be based in Hong Kong.
