Ship carrying Vale iron ore damaged off Brazil coast

Ship with iron ore near the coast of Maranhão, Brazil. (Credit: Bandnews FM)

Vale (NYSE: VALE) said Wednesday that the bow of iron ore ship “MV Stellar Banner” was damaged after leaving a port in the northern Brazilian state of Maranhão on Monday.

In a statement, Vale said the ship, which is 100 km off the Brazilian coast, is owned and operated by the South-Korean company Polaris.

The ship’s commander issued an emergency satellite alert on Tuesday and took the vessel to a sandbar.

The ship, which is 100 km off the Brazilian coast, is owned and operated by the South-Korean company Polaris

A crew of 20 people has been evacuated.

The ship was heading to the Chinese city of Qingdao with 275,000 tons of iron ore, according to Refinitiv data.

The port authority in Maranhao said the ship is stranded with an iron ore load. Vale did not immediately comment on that.

Shares in Vale were down more than 9% on Wednesday, following global concerns about the spread of a new coronavirus.

(Reporting by Marta Nogueira and Roberto Samora; writing by Carolina Mandl; editing by Chris Reese and Leslie Adler)

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