Mitsui O.S.K. orders 30 dry bulk ships to meet Asian cargo boom

Mitsui O.S.K. orders 30 dry bulk ships to meet Asian cargo boom    Only two weeks after announcing a major bulk-carrier charter contract with Shanghai Baosteel Group Corp., China’s largest iron and steel group, Japan’s Mitsui O.S.K. Lines announced plans to order 30 Cape-size bulkers to meet growing iron ore shipping volumes in China, Japan and South Korea.
   The huge order for dry-bulk ships of between 90,000 to 230,000 tons will cost about 1 billion yen ($910 million), Reuters reported a spokesman for Mitsui O.S.K. Lines as saying.
   The ships will be launched over the period 2004-2007. The Japanese group said it has already signed long-term
transport contracts for 20 of 30 bulkers, including two to serve Shanghai Baosteel.
   In addition to the 30 new dry bulk ships, Mitsui O.S.K. Lines will charter 10 Cape-size bulkers of about 170,000 tons under mid-term and long-term contracts.
   “Production volume of raw steel has been expanding on a global scale,” Mitsui O.S.K. Lines said. “In particular, import volumes of iron ore have risen tremendously in China, and more growth is expected.” Mitsui O.S.K. Lines’ annual transport capacity will expand from about 80 million tons to 100 million tons by expanding its fleet from the current 60 to more than 80 carriers.