Vale has already opened a floating storage unit in February in the Philippines where its 400,000 dwt valemaxes are able to carry out their cargo loading activities.

“We are in the final contracting process and South Korea could be one possibility,” said Claudio Alves, global marketing director at Vale.

Alves added that the company and China are continuing with talks to ease Chinese port restrictions on the large bulk carriers and reach the “best solution for the steel mills in China and for Vale”.

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