Vale to Collect $448 Million from Sale of Four Giant ‘Valemax’ Ships to China

The MV YUAN SHI HAI, pictured here, is one of four Valemax ships sold to China Ore Shipping in May. Photo: Ian Edwards
The MV YUAN SHI HAI, pictured here in Singapore, is one of four Valemax ships Vale sold to China Merchants Energy Shipping Co. (CMES) in May. Photo: Ian Edwards

 

Reuters

RIO DE JANEIRO, July 30 (Reuters) – Brazilian mining company Vale SA said on Thursday that it expects to receive $448 million from the sale of four dry-bulk iron ore ships to China’s state-owned China Merchants Energy Shipping Co in September.

The 400,000-deadweight-tonne ships, known as Very Large Ore Carriers (VLOC) or “Valemax” vessels, are some of the largest ships ever built and were sold under accords between Vale and China Merchants signed in September 2014 and in May 2015, Vale said in a statement. (Reporting by Guillermo Parra-Bernal and Jeb Blount; editing by Jason Neely)

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