GMS: Vale’s VLOC Demolition Sale Fails

Illustration; Image Courtesy: Vale

Brazilian mining giant Vale’s recent sale of a very large ore carrier (VLOC) for demolition has reportedly failed, according to a report from GMS, a cash buyer of ships for recycling.

“The sale of the VLOC failed to its intended cash buyers and the vessel is now being re-introduced for sale,” GMS said.

The vessel in question is the 251,200 dwt Ore Brucutu, which was said to be sold to a Bangladeshi shipbreaking yard for USD 338 per LDT, a total of USD 9.8 million for the 29,122 LDT ship, data from VesselsValue shows. The 30-year-old Capesize has a market value of USD 8.6 million.

In early December, Vale concluded the talks with shipping company Polaris Shipping for the sale of four Capesize bulk carriers for a total of USD 140 million, equivalent to USD 35 million per vessel, which will be received by Vale upon the delivery of each ship.

Following the sale of the ships, Vale’s owned fleet counts 11 bulkers with a total size of 2.9 million dwt.

World Maritime News Staff

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