Vale plans Asian listing
Daewoo Shipbuilding & Marine Enginnering in Korea, during the week when South Korean shipyard Daewoo Shipbuilding & Marine Engineering signed an agreement with Brazil’s Vale to build four 400,000 dwt VLOCs, the Brazilian mining and logistics giant has also let it be known that it would like to be listed in one of the major Asian stock exchanges.
Sources close to Vale in Rio de Janeiro told Seatrade-Asia Online that its preferred Asian bourse would be either Shanghai or Hong Kong, so that it can tap up cash sources in China for various investment projects aimed at buying in more vessels and reducing its reliance on third parties to export its iron ore from Brazilian shores.
With Vale embarking on a multi-billion dollar shipbuilding and expansion project" with several newbuilding plans in the pipeline " it needs to find more liquidity and, say the sources, floating shares in an Asian stock market is the way to achieve this.
Vale is already listed in Sao Paulo, New York, Madrid and Paris, but now believes easier and softer funding will be available from exchanges closer to China. It has not ruled out, but is unlikely to go to, the exchanges of Tokyo and Singapore, said the source.
Apart from the DSME orders, Vale has also ordered 12 VLOCs from China’s Jiangsu Rongsheng yard and also last month ordered four capsize vessels from Sungdong.
Sources close to Vale in Rio de Janeiro told Seatrade-Asia Online that its preferred Asian bourse would be either Shanghai or Hong Kong, so that it can tap up cash sources in China for various investment projects aimed at buying in more vessels and reducing its reliance on third parties to export its iron ore from Brazilian shores.
With Vale embarking on a multi-billion dollar shipbuilding and expansion project" with several newbuilding plans in the pipeline " it needs to find more liquidity and, say the sources, floating shares in an Asian stock market is the way to achieve this.
Vale is already listed in Sao Paulo, New York, Madrid and Paris, but now believes easier and softer funding will be available from exchanges closer to China. It has not ruled out, but is unlikely to go to, the exchanges of Tokyo and Singapore, said the source.
Apart from the DSME orders, Vale has also ordered 12 VLOCs from China’s Jiangsu Rongsheng yard and also last month ordered four capsize vessels from Sungdong.