EXHIBIT 15.5



Deloitte Touche Tohmatsu
Av. Presidente Wilson, 231 - 22(degree)
20030-021 - Rio de Janeiro - RJ
Brasil

Telefono: (21) 2524-1281                                               Deloitte
Fac-simile: (21) 2220-3876                                             Touche
www.deloitte.com.br                                                    Tohmatsu
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Securities and Exchange Commission
450 Fifth Street, NW
Washington, D.C. 20549


Commissioners:

We are aware that our report dated April 26, 2002 on our review of interim
financial information of Celulose Nipo-Brasileira S.A.-CENIBRA as of March 31,
2002 and 2001, and for the three-month periods then ended, is incorporated by
reference in the Amendment No. 1 to the Registration Statement on Form F-4
filed by Vale Overseas Limited and Companhia Vale do Rio Doce (Registration No.
333-84696-01).


Yours very truly,


/s/ Deloitte Touche Tohmatsu
DELOITTE TOUCHE TOHMATSU
Independent Auditors
Rio de Janeiro, Brazil, July 11, 2002