YUAN SHI HAI

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Vale to Bank $448 Million from Sale of Four Giant ‘Valemax’ Ships to China

Brazilian mining company Vale SA said on Thursday that it expects to receive $448 million from the sale of four dry-bulk iron ore ships to China’s state-owned China Merchants Energy Shipping Co in September. The 400,000-deadweight-tonne ships, known as Very Large Ore Carriers (VLOC) or “Valemax” vessels, are some of the largest ships ever built and were sold under accords between Vale and China Merchants signed in September 2014 and in May 2015, Vale said in a statement.

Rongsheng Heavy Industries delivers 380,000 dwt VLOC "Vale Caofeidian" to Vale

Financially-troubled Rongsheng Heavy Industries announced the delivery of 380,000 dwt VLOC "Vale Caofeidian" to Vale yesterday, July 22, 2013. The vessel is the fourth 380,000 dwt VLOC delivered by the yard this year. According to Rongsheng, 2013 is expected to be the yard's peak delivery period for its 380,000 dwt VLOCs and it is accelerating the delivery schedule and effectively executing its delivery plan. Currently eleven out of sixteen 380,000 dwt VLOC orders secured by Rongsheng have been delivered, while the remaining five will be delivered from the end of this year and early next year.