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Vale to phase out 25 converted VLOCs from its fleet

Brazilian mining giant Vale has announced that it will phase or substitute 25 converted very large ore carriers from its fleet. The move is likely to remove roughly 3% of the trading capesize and VLOC fleet from the market

Vale has also revised its guidance for iron ore fines production in 2020 to 310m-330m tonnes from 340m-355m tonnes

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