Vale Sells Two Very Large Ore Carriers for $178 Million

valemax ship
Photo: Vale

Brazilian mining company Vale SA on Wednesday said it has sold two ships with a capacity to carry 400,000 tonnes of iron ore each for a total of $178 million.

The company said it received the payment on August 8 and that it is in talks to sell two remaining ships of the same class (VLOC, very large ore carriers). 

Vale said it is also negotiating the sale of its remaining two VLOCs, which is consistent with its strategy of strengthening its balance sheet and focusing on core assets, it said.

Vale identified the buyer as nominees of Bank of Communications Finance Leasing Co., Ltd. (Bocomm).