Vale sells four VLOCs for $423m

Vale sells four VLOCs for $423m

Brazilian miner Vale has sold four of is 400,000-dwt VLOCs for $423m to a consortium led by ICBC Financial Leasing, a subsidiary of the Industrial and Commercial Bank of China. The four vessels were delivered to their new owners today.

The sale price is a shade lower than previous VLOCs sold en bloc by Vale. State-owned China Merchants Energy Shipping paid $448m for four VLOCs from Vale when the sale was concluded in September.

COSCO paid a total of $445m for four valemaxes, which was agreed in September 2014. The ships were delivered to the buyer in June this year.

Earlier this week, Splash reported that Vale intends to sell its 11 remaining VLOCs. The ICBC Financial Leasing deal leaves seven valemaxes remaining in the mining company’s fleet.

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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