The valemax shipowning adventure is coming to a close for Brazilian miner Vale. The huge gamble that never paid off ends with news Friday that the company intends to sell its remaining 11 VLOCs and charter them back in a deal that could raise $1.1bn.
Eight years ago Vale started a huge newbuild programme which eventually spawned 35 giant ore carriers, some owned, some chartered in. The ships however were barred entry from their planned destination, China – a ruling that has only been revoked finally this year with Chinese interests taking over a number of the ships.
