VALE is left a little red-faced over its brand new fleet of 35 mega vessels - part of a...

|By:, SA News Editor
VALE is left a little red-faced over its brand new fleet of 35 mega vessels - part of a multi-billion dollar plan to cut freight costs. On the maiden voyage, two of the first ship's ballast tanks cracked and the tanker began to take on water. Another of the vessels has been unable to dock in China, which is accusing Vale of trying to create a monopoly at sea. The new CEO might have his excuse to sell the ships and steer the company in a "humbler" direction.