Brazilian group Vale sells three Valemax ships to China consortium

6 July 2016

Brazilian mining group Vale has sold three ore transport ships to a consortium led by the Industrial and Commercial Bank of China for US$269 million, the Brazilian group reported recently.

The ships, known as Valemax or very large ore cargo ships (VLOC) are both 300 metres long and can carry 400,000 tons of cargo.

The three now sold must be delivered to the Chinese consortium in August, Vale said

The Brazilian group, which at one time had a fleet of 19 Valemax, intends to dispose of more ships in order to release funds to focus on its core mining business.

In June 2015, the Vale group delivered four Valemax to the China Ocean Shipping Company (Cosco) in return for US$445 millions, a deal that was finalised during the visit to Brazil in May by Chinese Prime Minister Li Keqiang.

At the time, Vale also said it had reached an agreement with China Merchants Energy Shipping (CMES), a subsidiary of China Merchants Group, for the sale of four Valemax. (macauhub/BR/CN)