Photo by: Reuters
VANCOUVER (miningweekly.com) – Global iron-ore leader Vale has sold the last two of its former fleet of 19 Valemax vessels of 400 000 t capacity.
The transaction with the nominees of the Bank of Communications Finance Leasing, netted Vale about $178-million.
This transaction concludes the sale of all 19 of the Vale-inspired Valemax very large ore carriers owned by Vale and is consistent with its strategy of strengthening the balance sheet and focusing on core assets.
Vale has been in the process of selling its ore carriers for several years to raise cash and improve relations with China's shipping companies, which had previously lobbied to block access of the ships to Chinese ports.
The vessels are some of the largest ships ever built and were designed to help reduce the cost of shipping ore to China from Brazil, helping Vale better compete with Australian rivals who are closer to the largest market for the steelmaking ingredient.