Vale says sold three Valemax iron-ore ships to ICBC for $269m

Brazil's Vale SA said it has sold three of its giant "Valemax" iron-ore ships to a group led by Industrial and Commercial Bank of China, continuing efforts to unload assets to cut debt and focus investment on its main mining activities. Vale will receive $269-million for the ships when they are delivered to the Chinese-led group, likely in August, Vale said in a statement late on Thursday.