Vale Sells Giant Ships to China-Led Group for $269 Million

  • ICBC-led group buys 3 vessels with 400,000-ton capacity
  • Vale looking to raise $5 billion from non-core assets

Vale SA agreed to sell three bulk carriers for $269 million as the world’s biggest iron-ore miner seeks to strengthen its balance sheet after commodity prices tumbled.

The Rio de Janeiro-based company will sell the vessels to a consortium led by a unit of the Industrial and Commercial Bank of China Ltd, Vale said in a statement. The vessels, to be delivered in August, have a capacity of 400,000 metric tons.

Vale is also negotiating the sale of other vessels as it seeks to raise as much as $5 billion from non-core assets this year.

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