Vale Builds Its Fleet — Spends US$171M On New Tugboats And Barges

Brazilian mining giant Vale (RIO-N) has signed a contract with three major Brazilian shipyards worth US$171.1 million, to build up the company’s fleet.

The order, for 15 new tugboats, 32 barges and two pushers, is expected to create 2,370 direct and indirect jobs in the country’s naval industry.

The boost in employment opportunities comes at a good time for a country that has seen companies eliminating jobs at a record pace and the highest decline in industrial output in 17 years.

The tugboats alone are worth US$118.6 million and will generate 1,530 jobs. The company expects to have the fleet operational by 2011 out of the Ponta de Madeira maritime terminal in Maranhao state and the Tubarao Complex, in Espirito Santo.

The pair of pushers and the barges, worth US$52.4 million, will be built at a shipyard in Para state, with plans to launch them in 2010. The fleet will be used to transport ore between Brazil, Paraguay and Argentina.

The orders are part of Vale’s plan to meet growth in demand for logistics services.

According to Brazil’s trade ministry, the country saw exports fall 29% to $9.8 billion in January, the biggest month-over-month drop since 1991.

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