Vale Sells Final Valemax Bulkers to Bocomm

Image Courtesy: Vale

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

The parties agreed a price tag of USD 178 million for the two 400,000 dwt Valemax bulkers. Data provided by VesselsValue shows that the ships in question are the 2012-built Shandong Da Ren and Shandong Da Zhi.

Constructed by South Korean Daewoo shipyard, the VLOCs have a market value of USD 61.8 million and USD 62.8 million respectively.

The amount agreed under the deal was received by Vale at the delivery of the vessels on December 7, the mining giant said.

With the transaction, Vale has finalized the sale of all 19 VLOCs it owned as part of its strategy to strengthen the balance sheet and focus on core assets.

In August 2017, the company sold the 2012-built Shandong Da Cheng and the 2011-built Shandong Da De to China’s Bocomm for USD 90.8 million and USD 87.2 million, respectively.

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