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Vale sells three valemaxes for $269m to ICBC

Vale sells three valemaxes for $269m to ICBC
Brazil’s state-owned Vale has agreed to sell three of its 400,000-dwt valemax bulkers for $269m to ICBC International, wholly-owned by Industrial and Commercial Bank of China (ICBC).

The three VLOCs are scheduled to be delivered to the Chinese owner by August this year.

Vale said the sale of the large ore carriers is in line with the group’s divestment plan to reduce debt and raise cash.

Over the past year or so, the mining giant Vale has been disposing of its valemax assets to Chinese firms, with the most recent sale concluded in December 2015 when it sold four VLOCs to ICBC Financial Leasing for $423m.

In July 2015, Vale sold four valemaxes for $448m to China VLOC and in May last year it sold four valemaxes for $445m to China Ore Shipping.