Latest News

Brazil's Vale signs charter agreement with China's Shandong Shipping for ethanol-powered vessels

Vale, the Brazilian miner, has signed a 25-year charter deal with the 'China's Shandong Shipping Corporation. The agreement will see the construction of the first two transoceanic vessels powered by ethanol.

Both vessels, with a combined capacity of up to 325,000 metric tonnes of iron ore each, will be delivered in 2029.

Rodrigo Bermelho said that the ships will be equipped with rotors sails for harnessing wind energy, and engines that are more energy efficient, among other improvements.

He said that decarbonization was an irreversible trend. "It's at the core of Vale's strategic plan, not just in maritime transport, but also across all the products we develop for the steel industry."

Vale is one of the world's biggest iron ore producers. (Reporting and writing by Marta Nogueira, Editing by Chizu Nomiyama).

(source: Reuters)