Vale Completes Sale of 4 Ore Carriers to Chinese Consortium
Brazilian iron ore miner Vale SA said late on Tuesday in a filing it had completed the sale of four very large ore carriers (VLOC), also known as Valemax class ships, to a consortium lead by ICBC Financial Leasing.
ICBC is a subsidiary of the Industrial and Commercial Bank of China Limited.
The deal was valued at $423 million and the resources were transferred to Vale on Tuesday. Each VLOC has the capacity to carry 400,000 tonnes of ore.
Reporting by Reese Ewing
