Brazilian mining company Vale SA is set to receive this year the first of 30 giant bulk carriers for taking iron ore to China, the Hellenic Shipping News reports.

An article by an academic posted on the Hellenic Shipping News website says the ships were ordered from Chinese shipbuilders in 2016.

The author, Richard Scott, says Vale will charter the ships for 27 years.

The report says the tonnage of the Chinese merchant fleet increased by 9 percent or more last year and that it may grow at a similar rate this year.

It says rapid expansion of the fleet has made it the biggest in the world, surpassing the Japanese merchant fleet in size.

Chinese shipbuilders have orders on their books for a considerable tonnage of shipping due to be delivered in the next three years, the Hellenic Shipping News says.

 

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