Brazilian Vale, presumably the world's largest producer of iron ore, is according to unconfirmed reports from brokers in Singapore and Australia in the midst of negotiations with four Chinese dry bulk carriers regarding a giant newbuilding program for up to 50 so-called Valemax vessels of 400,000 dwt each, according to Lloyd's List.

If the persistent market reports are confirmed, this could represent a new and severe blow to the already hard hit dry bulk market, regardless of whether these dry bulk giants are delivered far off in the future. Vale decided a few months ago to announce that the company was selling some of its current large dry bulk vessels and ordering new ones. The mining company currently has 35 ships in the water.