AmericasDry Cargo

Vale to sell its last 11 VLOCs

The valemax shipowning adventure is coming to a close for Brazilian miner Vale. The huge gamble that never paid off ends with news Friday that the company intends to sell its remaining 11 VLOCs and charter them back in a deal that could raise $1.1bn.

Eight years ago Vale started a huge newbuild programme which eventually spawned 35 giant ore carriers, some owned, some chartered in. The ships however were barred entry from their planned destination, China – a ruling that has only been revoked finally this year with Chinese interests taking over a number of the ships.


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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