China Rongsheng Heavy Industries Officially Denies The False Report on Vale’s VLOC Order

China Rongsheng Heavy Industries Officially Denies The False Report on Vale's VLOC Order

China Rongsheng Heavy Industries Group officially denies the false report of “Vale declined to receive three VLOCs built by Rongsheng Heavy Industries” distributed by Jinji Cankao Bao. For the best benefits to the shareholders, ship-owners the Group always takes swift and necessary actions on clarifying unfounded rumors in the market.

According to the Jinji Cankao Bao’s report, “Rongsheng Heavy Industries, the second largest shipbuilder in China, has already completed three VLOCs ordered by Vale. However, these vessels have been delayed delivery from Vale because of various reasons, and they are still docking in the Rongsheng’s wharf”. Also the reports mentioned Vale only received one VLOC, which is referring to VALE CHINA from Rongsheng, and the three another VLOCs have not been delivered to Vale successfully. Jinji Cankao Bao reported, “the second and the third VLOC have been launched last year and still not to be delivered to Vale, even though the VALE DONGJIAKOU, the second VLOC,started sea trail from 27 February. Also, the completed VALE DALIAN and VALE HEBEI are still docking at Rongsheng’s wharf.

To clarify, China Rongsheng Heavy Industries presented the latest development on the VLOCs referring to the “China Rongsheng Heavy Industries’ Responses To The Market Concerns” statement released on 11 April 2012. The statement told, “Our second VLOC was delivered to Vale and the third is on sea trial now. The fourth and the fifth were already left our dry docks and will soon be carried out for sea trials. The delivery of VLOC is intimate and smooth.

VALE DONGJIAKOU, which was stated out by Jinji Cankao Bao, has already delivered to Vale on 9 April 2012, and has left shipyard’s wharf. This vessel is exactly the delivered VLOC which the company mentioned on the statement on 11 April 2012. VALE DALIAN, another VLOC mentioned by the report, is on sea trial and which is also not docked in the wharf. The construction and delivery schedule of the remaining VLOCs are normal and under the plan, and none of them have missed the delivery schedule. Thus, we denies the report by Jinji Cankao Bao and which is inaccurate and unfounded.

China Rongsheng Heavy Industries is a listed company on the Main Board of Hong Kong Stock Exchange and has been developed as a leading large heavy industries group in China. The inaccurate report caused damage to the reputation of the Group and serious negative impact in the society. The company retains the right to further probe into the matter and bring those involved into accountability.

China Rongsheng Heavy Industries Group wishes to thank all the cares and support from all media friends. The Group welcomes reporters to request and obtain any latest development and operational updates of the Group through appropriate and accurate channel.

[mappress]

Shipbuilding Tribune Staff, April 20, 2012

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