Vale (VALE +2.5%) says it will sell 10 large ore carriers for $600M to Turkish company Polaris...

Vale (VALE +2.5%) says it will sell 10 large ore carriers for $600M to Turkish company Polaris Shipping as part of its strategy to optimize its asset portfolios. The company says the sale preserves its capacity of maritime transportation of iron ore, since the vessels will be chartered back by Vale under long-term charter contracts, thus avoiding ownership and operational risks.

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Comments (2)
  • mmoreira
    , contributor
    Comment (1) | Send Message
    these guys are lost. why do it? last report owing vessels was the best deal in the world. now it is the opposite. who is running this company? do they know what they are doing? scary...
    31 Aug 2012, 05:46 PM Reply Like
  • Herr Hansa
    , contributor
    Comments (3134) | Send Message
    Extremely low price on the sale makes me think that the lease-back or charter terms must be extremely favorable. Hopefully we get some detail in the next financials, or a question addressing this in the next conference call.
    31 Aug 2012, 08:26 PM Reply Like
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