Vale sells ore ships to Chinese buyers

Brazilian miner Vale SA will hand over three Valemax iron ore vessels to Industrial and Commercial Bank of China Ltd in August, as it takes measures to unwind non-core assets to focus more resources on its main mining business.

Vale said last week that the company will receive $269 million after delivering these ships to the Chinese shipowner next month. It is also seeking buyers on the global market for other Valemax vessels.

The ships, also known as very large ore carriers, are about 300 meters long and able to ship up to 400,000 deadweight tons of iron ore. They are the largest commercial ships afloat in the world.