Vale Sells Three Valemaxes to China's Largest Bank

A Valemax VLOC (file image courtesy Robert Smith)

By Reuters 2016-07-01 17:54:15

Brazil's Vale SA said it has sold three of its giant "Valemax" iron ore ships to a group led by Industrial and Commercial Bank of China, continuing efforts to unload assets to cut debt and focus investment on its main mining activities.

Vale will receive $269 million for the ships when they are delivered to the Chinese-led group, likely in August, Vale said in a statement late on Thursday.

Vale said it was also seeking to sell other Valemax ships. The vessels, also known as Very Large Ore Carriers (VLOC's) are about 300 meters (984 feet) long and carry up to 400,000 deadweight tonnes, making them some the largest ships afloat.