Brazilian miner Vale has announced that it has concluded the sale of three very large iron ore carriers of 400,000 mt to ICBC International (ICBC), a wholly-owned subsidiary of the Industrial and Commercial Bank of China.
The value of the transaction totaled approximately $269 million and Vale will receive this amount upon delivery of the vessels, which is expected to happen by August this year.
Vale stated that it is also negotiating the sale of other vessels, which is consistent with its strategy of strengthening its balance sheet and focusing on core assets.