In October 2020, Ningbo-Zhoushan port and Vale entered into agreement to jointly develop and operate the West III terminal project at Shulanghu port area, Zhoushan.
Ningbo-Zhoushan port had received permission notice from China’s State Administration for Market Regulation regarding to the joint venture in January 2021. However, due to changes and adjustments of national policy, Ningbo-Zhoushan port and Vale agreed to end the West III project and terminate agreements signed in the early stages, according to Ningbo-Zhoushan port.
The RMB4.3bn ($624m) project would have included a new stockyard with a capacity of 4.1m tons cargo and two berths for up to one 150,000 tonnes-class and one 100,000 tonnes-class vessels, which could improve the annual port handling capacity to 20m tons.
The port said the termination of the West III project will not have significant impact on its business and its subsidiaries. Ningbo-Zhoushan port and Vale would continue to have a good partner relationship on other projects, the port commented.
Vale has had a complex relationship with China and import of iron ore from Brazil. It’s 400,000 dwt very large ore carriers VLOCs were effectively barred from calling Chinese ports during their early years of service, officially on safety grounds.
Copyright © 2022. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.