Brazilian mining giant Vale said on Tuesday it rerouted 391,000 tonnes of iron ore, its first cargo aboard a new class of giant bulk carriers, to Italy from its original destination of China.

First time since its inception in 1985, BDI is witnessing a fall even as others rise.The numbers don’t seem to add up. The world is in recovery mode and yet the Baltic Dry Index has dropped 64.39 per cent since last May.

The world’s largest ore carrier, Vale Brasil, was loaded for the first time (Tuesday, May 24) at Pier I at Ponta da Madeira Port Terminal (TPPM) in São Luís, Maranhão. The ship, which was loaded with 391,000 tons of iron ore, will now sail for Asia.

Mitsui O.S.K. Lines, Ltd. yesterday announced the first use of a new silicon-based anti-fouling paint for a 38,000-class bulker now under construction at the Minaminippon Shipbuilding Co., Ltd. Shitanoe Works (Usuki-shi, Oita Prefecture).

Dry bulk freight could see oversupply problems linger through 2014 if shipowners do not cancel more newbuilding orders and send older vessels to scrap yards, an official with shipbroker SSY said.

Bookings for capesize vessels to deliver cargoes to China rose 20 percent last month, according to figures from a unit of the world’s biggest shipbroker.

Japanese owned F & K, a 32942 DWT handysize bulk carrier sold to undisclosed Turkish buyers  for USD 18,75 Million last week.