Brazilian company Vale Shipping Holding is set to make this Freeport the biggest transshipment hub of iron ore in the country after one of the biggest floating terminal stations docked on Monday.

Subic Bay Metropolitan Authority chairman Mr Roberto Garcia said that Ore Fabrica had already docked in Subic Bay and will be operational in the middle of February. He said that “The new project is said to bring PHP 25 million in revenue per year for Subic Bay Freeport.”

He added that “It has already docked here but you cannot see it because it is at the mouth of the bay.”

VSH, which owns Ore Fabrica a 280,000 deadweight tonne vessel, will serve as a platform to transship iron ore from Brazil using valemaxes for transport to China.

Report said that VSH was forced to make Subic as a transshipment hub after China banned giant dry bulk vessel and oil tankers recently.

Official document showed that the agreement between VSH and SBMA was signed on August last year.

(Sourced from www.sunstar.com.ph)