Brazilian mining company Vale SA said that it expects to receive $448 million from the sale of four dry-bulk iron ore ships to China's state-owned China Merchants Energy Shipping Co in September. The 400,000-deadweight-tonne ships, known as Very Large Ore Carriers (VLOC) or "Valemax" vessels, are some of the largest ships ever built and were sold under accords between Vale and China Merchants signed in September 2014 and in May 2015, Vale said in a statement.