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Giant Vale ship completes maiden journey to
The first of Vale's giant dry bulk vessels to arrive in China has completed delivery of its iron ore cargo, shipping data showed on Tuesday, a key step forward in the Brazilian miner's plan to cut shipping costs to its biggest market. Reuters Freightviews and independent shipping data confirmed the 388,000-tonne vessel, Berge Everest, had departed Draught measurements indicated the ship had unloaded all or nearly all of its iron ore cargo in Vale has ordered 35 of the world's largest dry bulk carriers, of which six are already on the water, at an estimated cost of $4.2 billion from Chinese and Korean shipyards. The world's second largest miner had been trying since June 2011 to get Chinese authorities to allow the megaships to enter the country's ports. Chinese port officials have declined to comment on the arrival of Berge Everest, leaving it unclear as to whether other giant Vale ships will be allowed to dock in the country's ports. Five other giant ships operated by Vale, the world's top iron ore producer, were not expected to follow Berge Everest into Shipping data showed two heading back to The Vale Beijing, the newest member of the "Valemax" fleet, developed cracks in its hull on its maiden voyage, sparking concerns from Chinese shipowners about the safety of these ships. Chinese shipowners and steelmakers are strongly opposed to Vale's vessels, fearing the ships are a "Trojan Horse" that the miner will use to monopolize both the shipping and iron ore markets at Vale, which sells about 40 percent of its ore to |