Vale Sells Three Valemaxes for USD 269 Mn

Image Courtesy: Vale

Brazilian mining giant Vale SA reached an agreement to sell three of its Very Large Ore Carriers (VLOCs) to a consortium led by ICBC International (ICBC), a wholly-owned subsidiary of the Industrial and Commercial Bank of China.

Under the USD 269 million deal, finalized on June 30, Vale sold three 400,000 dwt Valemaxes.

The ships are scheduled to join their new owner by August, 2016, according to Vale.

The company added that it negotiating the sale of other vessels, “which is consistent with its strategy of strengthening the balance sheet and focusing on core assets.”

In June, the mining giant informed that it has repaid USD 1.000 billion out of the USD 3.000 billion drawn under the Revolving Credit Lines in January 2016.

Vale partially used the proceeds from the USD 1.250 billion, 5.875% Guaranteed Notes due 2021, to repay some of its lines of credit.

Share this article

Follow World Maritime News

In Depth>

Events>

<< Sep 2017 >>
MTWTFSS
28 29 30 31 1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30 1

INMEX SMM India 2017

Combining the forces of Maritime industry’s two biggest events, the unified edition of INMEX SMM India brought together the most exclusive…

read more >

LIQUEFACTION OF BULK CARGOES SEMINAR

GET TO GRIPS WITH:
– Mechanisms behind liquefaction
– Guidelines and regulations for bulk cargoes prone to liquefaction…

read more >

Seatrade Offshore Marine & Workboats Middle East

The largest event for offshore marine and workboat sectors in the region, Seatrade Offshore Marine & Workboats Middle East will, once again, serve as a meeting point for international industry professionals to come together and do business. Our 2017 show promises a wealth of networking opportunities, high-level discussions in our conferences on important industry trends, […]

read more >

The Future-Ready Shipping Conference 2017

The Future-Ready Shipping Conference 2017 – the joint Singapore-IMO International Conference on Maritime Technology Transfer and Capacity-Building…

read more >