Vale sells four VLOCs to CMES, concludes deal with COSCO

Vale sells four VLOCs to CMES, concludes deal with COSCO

Athens: Brazilian miner Vale has confirmed the sale of four of its very large ore carriers (VLOCs) to China Merchants Energy Shipping Co (CMES) and has concluded a separate sale of four VLOCs to China’s COSCO.

CMES and Vale have signed an expanded framework agreement for the sale, which is an amended version of an agreement the two signed on September 26, 2014.

No price has yet been disclosed for the four vessels. Vale says the terms and conditions of the contract are still under discussion, but the deal should be finalised in the coming months.

COSCO will pay Vale $445m in total for its four vessels. The two companies signed an agreement for the transaction on September 12, 2014.

The 400,000-dwt vessels are expected to be delivered to COSCO in June, Vale said in a statement today.

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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