Polaris Shipping has completed the acquisition of four capesizes from Brazilian mining giant Vale.
Vale said the transaction totalled $140m, placing a price tag of $35m on each vessel.
One of the four unnamed ships was delivered today while the delivery of the remaining three will be completed by January 2017.
Vale and Polaris are no strangers since the two companies have signed a series of long-term contracts of affreightment (COAs).
The latest sale leaves the Brazilian company in control of a dozen large bulk carriers as it looks to trim its fleet.
Vale said: “The transaction is consistent with Vale’s strategy of strengthening the balance sheet and focusing on core assets.”
Polaris has been looking to grow its business through a series of moves over the past year.
As TradeWinds has reported, the company has plans to take its fleet public through a listing on the Korea Stock Exchange.
It was set up in 2004 with a fleet of two small containerships and is now believed to be in control of more than 60 ships, mainly large ore carriers.
