CMES pays Vale $448m for four valemaxes

CMES pays Vale $448m for four valemaxes

Vale says it expects to get a combined $448m for the sale of four of its 400,000-dwt Valemax very large ore carriers (VLOCs) to China’s state-owned China Merchants Energy Shipping.

In May this year, CMES and Vale signed an expanded framework agreement for the sale, which was an amended version of an agreement the two signed on September 26, 2014. No price was announced.

China’s COSCO also bought four VLOCs from Vale last year, for which it paid the Brazilian mining company $445m in total. The vessels were delivered in June.

On Monday, the first ever Valemax vessel to sail fully laden arrived in China with an iron ore cargo from Ponta Da Madeira, Brazil – four years after Vale’s first VLOC was delivered.

 

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.

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