(Bloomberg) -- Vale SA agreed to sell three bulk carriers for $269 million as the world's biggest iron-ore miner seeks to strengthen its balance sheet after commodity prices tumbled.
The Rio de Janeiro-based company will sell the vessels to a consortium led by a unit of the Industrial and Commercial Bank of China Ltd, Vale said in a statement. The vessels, to be delivered in August, have a capacity of 400,000 metric tons.
Vale is also negotiating the sale of other vessels as it seeks to raise as much as $5 billion from non-core assets this year.
To contact the reporter on this story: R.T. Watson in Rio de Janeiro at rwatson71@bloomberg.net. To contact the editors responsible for this story: James Attwood at jattwood3@bloomberg.net.
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