Bloomberg reported that Vale SA more than doubled its expenses on maritime freight, which amounted to $387M, in the last quarter because it shipped more iron ore on its own growing fleet.
As quoted in the market news:
Vale is spending $2.3 billion to build its own 19 Valemaxes, the world’s biggest-ever ore carriers that each hold 400,000 tons, more than twice as much as conventional ships, to manage its shipping costs to Asia, its biggest market.
