Vale sells four capes to Polaris for $140m

Vale sells four capes to Polaris for $140m

South Korea’s Polaris Shipping has concluded a deal to buy four capesizes belonging to Brazilian mining giant Vale. The deal clocks in at $140m, or $35m per ship. All ships will be delivered this month and next.

“The transaction is consistent with Vale’s strategy of strengthening the balance sheet and focusing on core assets,” Vale said in a release.

The miner has changed tack dramatically in recent years over its ship ownership plans.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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