CVRD Sells Docenave Ships

Friday, June 27, 2003
Companhia Vale do Rio Doce (CVRD) announces that it concluded the sale of two ships of its wholly owned subsidiary, Navegacao Vale do Rio Doce S. A. - DOCENAVE (DOCENAVE) to Magna Marine Inc., for US$ 36 million. Both ships have already been delivered to the new owner. This transaction is another step in the divestiture of the long haul dry bulk shipping business, in accordance with the strategic guidelines established in 2001. Since then, CVRD has sold 14 (fourteen) ships for the total amount of US$ 134.7 million. Thus, from its old fleet, Docenave remains with three ships, which CVRD intends to sell. Docenave continues to operate in the coastal shipping and port services businesses, which are full components of the CVRD logistics business.
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