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CVRD rakes in US$36mn from ship sale

Bnamericas Published: Saturday, June 28, 2003
Brazilian mining and logistics giant CVRD (NYSE: RIO) announced it has sold two ships from its wholly owned shipping subsidiary Docenave to Magna Marine for US$36mn. The latest transaction reduces CVRD's long haul dry bulk shipping fleet to three vessels, which the company says it intends to sell. Since 2001 when it decided to exit the long haul shipping business, CVRD has sold 14 ships for a total of US$135mn. Docenave continues to operate in the coastal shipping and port services businesses, which are full components of the CVRD logistics business. Rio de Janeiro-based CVRD is the world's largest producer and exporter of iron ore.

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