Brazilian miner Vale is clearing out its owned fleet by selling off its last three ships.
According to shipbroking sources, the company is inviting bids for the sale and leaseback of three capesize bulkers, the 1999-built Ore Guiba, the 1998-built Ore Bayovar and the 1997-built Ore Moatize. The leaseback would be through until the ships turn 25 years old.
The three ships are the last vessels left in Vale’s fleet, according to VesselsValue.
Vale used to own a sizeable ore carrier fleet after it entered shipowning in 2008, however, the banning of valemaxes in China and the collapse of the dry bulk freight market quickly saw these ships slide in value. Most vessels were sold off, the last valemaxes disposed of by the end of 2017, and the company turned to a new strategy of securing tonnage via long-term COA deals.
In the past few years, the company signed with major Chinese and South Korean shipping companies, leading to a slew of valemaxes being ordered at shipyards in the two countries.