South Korean company STX Pan Ocean Co. stated that the Vale Beijing vessel has been successfully moved to an anchorage and that the damage caused upon loading Vale SA iron ore in northeast Brazil in December is reparable.

The real cause of the problem remains uncertain however further investigation is being conducted. The vessel will be able to sail since the damage is only partial.

Mining company Vale’s Ponta da Madeira port terminal where the problem developed is operating normally thus STX strongly believes the problem could not have resulted from the port or the loading operation.

Vale Beijing, the world’s largest iron ore carrier, developed cracks in its hull on December 3 while it was loading iron ore at Ponta da Madeira in Maranhao state. The 400,000-ton vessel leased to Vale was on its maiden voyage, and is still loaded with 260,000 metric tons of iron ore.