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VALE SA (VALE5)

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22.86 BRL   -0.91%
3d ago VALE : signs Contract of Work amendment in Indonesia
4d ago VALE SA : ex-dividend day for interim dividend
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Vale : Cosco Says Vale Shunning Its Vessels on China Valemax Ban -Bloomberg News

05/09/2012 | 01:31am US/Eastern

China Ocean Shipping (Group) Co. President Ma Zehua told Bloomberg News in an interview Tuesday that a refusal by Vale S.A. (VALE) to use its vessels is expected to have a "big" impact on its operations, and it is considering filing a complaint with China's Ministry of Commerce.

"We believe their decisions are based on their perception that Cosco is doing something to lobby the government and not allow Valemaxes (Vale's supersized ships) into Chinese ports," Bloomberg quoted Ma as saying on its website Wednesday. The issue has been going on for about two months, Ma said.

Vale didn't comment on whether it was boycotting Cosco, Bloomberg said.

Full story: http://www.bloomberg.com/news/2012-05-09/cosco-says-vale-shuns-its-vessels-on-china-mega-ship-ban.html

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