Archivos diarios: diciembre 5, 2015

Vale plans Valemax ship sale, leaseback that could fetch $1.1B

Dec 4 2015, 13:15 ET | About: Vale S.A. (VALE) | By: Carl Surran, SA News Editor

Vale (VALE -4.4%) plans to sell its 11 remaining Valemax iron ore carriers and lease them back in transactions that could raise $1.1B, CFO Luciano Siani tells investors at a conference in London.

Each ship is more than 1180 feet long and can carry 380K-400K metric tons of iron ore, and are among the biggest vessels afloat. The CFO also says the company has enough flexibility on its balance sheet to pay a “small dividend” in 2016, but a final decision will be taken by the board when it meets to review year-end accounts.