DSME books $460 million VLOC order

Korea's Daewoo Shipbuilding & Marine Engineering Co. said Tuesday it has received a US$460 million order to build four 400,000 dwt very large ore carriers. DSME identified the customer only as "a client in Southeast Asia." Speculation is, however, that the customer is either Brazilian mining giant Vale, or an owner who will charter the ships to Vale.
Vale has been coy about its extensive ore carrier building program in Korea as it has been criticized by Brazilian President Lula da Silva for not building the ships in Brazilian yards. The $460 million price tag for the ships is a drop in the bucket in terms of Vale's overall capital expenditure program. Earlier this month it said its investment program for 2010 would reach $12.9 billion and that it would "continue to invest a sizeable amount of funds in our railroads, maritime terminals, shipping and power generation."