Vale’s sale of very large iron ore carrier fails

Vale’s recent sale of a very large iron ore carrier (VLOC) for demolition has failed, according to GMS, a cash buyer of ships for recycling.

According to GMS, the sale of Vale’s 251,000 deadweight (dwt)     Ore Brucutu vessel to its intended cash buyers has “failed,” and as a result, the vessel was re-introduced to sale, GMS said.

GMS didn’t specify the client, but said the vessel was expected to be purchased by a Bangladesh-based buyer.

Vale concluded recently the sale of four capsize vessels to Polaris Shipping Co for $140 million or $35 million per vessel.