Vale Sells Two VLOCs to China’s Bocomm

  • Business & Finance

Brazilian mining giant Vale has finalized a sale agreement for two of its very large ore carriers (VLOCs) with China’s Bank of Communications Finance Leasing (Bocomm).

The company disposed of two 400,000 dwt Valemax bulkers for a total price of USD 178 million. The ships in question are the 2012-built Shandong Da Cheng and the 2011-built Shandong Da De, which fetched USD 90.8 million and USD 87.2 million, respectively.

Data provided by VesselsValue suggests that the ships, constructed by South Korean Daewoo shipyard, would be chartered back to the company for a period of 12 years each.

The amount agreed under the deal was received by Vale on August 8, at the delivery of the vessels, the mining firm informed.

Additionally, Vale said that it is negotiating the sale of its remaining two VLOCs, which is consistent with its strategy of strengthening its balance sheet and focusing on core assets.

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