Reportedly, according to the saying of Vale, the company’s plan to set up an iron ore distribution center in Qingdao province of China has been aborted; they will turn to establish the center in Malaysia instead.

In addition, even Vale’s plan of expanding into China’s market seems frustrated, the president of Zodiac Maritime, London dry bulk carriers, said that the large dry bulk ship Chinamax built by Vale earlier to meet China’s strong demand has caused the ship rental down to the level of 1997.

The ship owners had better find out new business to fight for the low ship rental.