Brazilian financial newspaper Valor Económico said citing a source from the group that Brazilian mining group Vale has sold four of 19 super cargo ships ordered by the previous board of directors from South Korean and Chinese shipyards to Asian shipping companies.

According to the cited source the group intends put the remaining 15 ships on sale this year by associating them to long term use contracts, a strategy that the new board of directors approved last week.

The economic climate of 2008 led then chairman Mr Roger Agnelli to find a logistical alternative to compete in the global iron ore market by reducing volatility in shipping prices.

Initially 12 ships were ordered from China for USD 1.6 billion and a little later, seven more from South Korea totaling 19 as well as chartering 16 super cargo ships from South Korean shipping companies.

Vale fleet totalled 35 Very Large Ore Carriers that carry 400,000 tonnes of ore and are the largest ore cargo ships in the world.

(Sourced from Valor Económico)