Brazilian mining giant, Vale, has concluded the sale of four capsize vessels to South Korean dry bulk shipping company, Polaris Shipping.
The deal is valued at US$140 million – equivalent to US$35 million per vessel. Vale will receive payment on delivery of each vessel.
Vale has delivered on vessel already with the remaining vessels are expected to be delivered 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,” Vale said in a statement.