COSCO has resolved lease disputes with shipowners on 18 vessels
Brazilian mining giant Vale said it did not experience any lease dispute with shipping conglomerate China COSCO Holdings Co Ltd’s and it was business as usual between the two firms.
China’s top shipping conglomerate has sought better terms for lease contracts signed during the peak of the market in 2008, but its decision to halt payments to several shipowners in recent weeks has threatened to taint its reputation in the international shipping community.
Vale was not one of those companies and its working relation with the Chinese shipping firm is still intact, the miner said.
“We did not register any problems with Cosco recently,” Vale’s global marketing director Pedro Gutemberg told Reuters. “It is business as usual.”
China COSCO Holdings Co Ltd’s president said last week the company had resolved lease disputes with shipowners on 18 vessels, and at least two Greece-based shipowners said they hoped to reach a settlement soon.
Source: Reuters
