Vale says sold three Valemax iron-ore ships to ICBC for $269m
RIO DE JANEIRO – Brazil's Vale SA said it has sold three of its giant "Valemax" iron-ore ships to a group led by Industrial and Commercial Bank of China, continuing efforts to unload assets to cut debt and focus investment on its main mining activities.
Vale will receive $269-million for the ships when they are delivered to the Chinese-led group, likely in August, Vale said in a statement late on Thursday.
Vale said it was also seeking to sell other Valemax ships. The vessels, also known as Very Large Ore Carriers (VLOC's) are about 300 m (984 ft) long and carry up to 400 000 deadweight tonnes, making them some the largest ships afloat.
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