Vale Sells Four Capesize Bulkers to Polaris Shipping

zoomIllustration; Image Courtesy: Vale Brazilian mining giant Vale S.A. has concluded the talks with shipping company Polaris Shipping for the sale of four Capesize bulk carriers. Owned and currently operated by Vale, the Capesizes were sold for a total of USD 140 million, equivalent to USD 35 million per vessel, which will be received by Vale upon the delivery of each ship. One of the vessels was delivered on December 5, while the remaining vessels are expected to be join their new owner in December 2016 and in January 2017. The transaction is consistent with Vale’s strategy of strengthening the balance sheet and focusing on core assets, the mining giant said. According to data provided by VesselsValue, Vale owns a fleet of 16 bulkers with a total size of 4.5 million dwt. The companys fleet has a market value of around USD 390.9 million.