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Another mining giant gets its own bulk fleet

Australian mining giant Fortescue's entry onto the VLOC-owner stage is yet another example that the mining industry is looking to establish its own fleet of large vessels. The tonnage covers six percent of Fortescue's shipping needs.

Photo: Vale

Brazilian Vale came first, as the carrier built the major VLOC vessels in an effort to own a significant part of the tonnage carrying the mining giant's production. And with Fortescue's decision to order its first fleet of VLOC's before the summer, though slightly smaller than Vale's - Fortescue's three bulk vessels stand at 260,000 dwt each - the Australian company has entered the stage as a major active shipowner.

According to an analysis by Bimco, the order in itself contributes to a rising trend from 2016 in terms of tonnage delivered to the dry bulk market., where the trend is otherwise shrinking this year and next year.

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