Vale Completes Sale of Four Giant VLOCs for $423 Million

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December 9, 2015

A fully laden Valemax

Vale S.A. and a consortium led by ICBC Financial Leasing, a 100 percent owned subsidiary of the Industrial and Commercial Bank of China, have concluded the sale and purchase of four 400,000 DWT very large ore carriers, also known as Valemaxes, owned and currently operated by Vale. 

The transaction totaled US$423 million, which was received by Vale Wednesday upon the delivery of the vessels to the new owners.???

Earlier this month, Vale announced that it plans to sell its 11 remaining Valemax iron ore carriers and lease them back in transactions that could raise $1.1 billion.

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