Speaking at the opening session of TradeWinds Shipping China conference in Shanghai, Gurinder Singh, Director – Shipping & Distribution of Brazilian mining giant Vale invited shipowners to participate in the Vale initiative through long terms charters at “sustainable” freight rates.

The controversy surrounding very large ore carriers (VLOCs) was put on hold for a few minutes yesterday as H.E. Dr. Ahmed Al Futais, The Minister of Transport and Communications of Oman and Deputy Chairman of Oman Shipping Company officially named the Vale Liwa (H1125) and Vale Sohar (H1126) at a sun drenched ceremony in Nantong.

Two leading buyers of marine insurance for Greek fleets suggest there is room for compromise between underwriters' desire for rate rises and the difficult financial position of shipowners.