Vale to Get $1.2bn Chinese Line

Vale is getting a $1.229bn credit loan from Export-Import Bank of China and Bank of China. Proceeds will go towards the construction of 12 very large ore carriers with 400,000 dwt (Chinamax vessels) at the Rongsheng Chinese shipyard, says Vale. The credit line is for 80% of the funds needed for the project. The loan will be disbursed over the next 3 years, and the credit line has 13 years to be repaid. “This agreement is part of a broader financing package for our investment program involving official credit institutions from several countries,” says Vale. No spokesperson for the company was available for comment on loan terms.