Vale completes sale of 4 ore carriers to Chinese-led consortium
By: Reuters | Dec 09 2015 at 06:11 AM | Maritime
SAO PAULO - Brazilian iron ore miner Vale SA said late on Tuesday in a filing it had completed the sale of four very large ore carriers (VLOC), also known as Valemax class ships, to a consortium lead by ICBC Financial Leasing.
ICBC is a subsidiary of the Industrial and Commercial Bank of China Limited.
The deal was valued at $423 million and the resources were transferred to Vale on Tuesday. Each VLOC has the capacity to carry 400,000 tonnes of ore.