MOL plans to build 53 ore ships

MOL plans to build 53 ore ships MOL announced plans to construct 53 new iron ore carriers by 2014. The ships will range in size from 300,000 deadweight tons down to 80,000 dwt.
   'Worldwide demand for iron and steel is expected to show stable growth, with countries such as China continuing to produce more crude steel. Increased steel production will naturally boost demand for efficient, reliable transport of raw materials,' the company said.
   'MOL, as the world's largest operator of iron ore carriers, has developed a large-scale fleet with a wide variety of vessels to meet various customer needs. The company has already concluded mid- and long-term contracts for 40 percent of the 53 new building vessels, and eventually 60 percent of the new ships will sail under mid- or long-term arrangements,' it added.
   As of March 31, MOL operated 125 iron ore carriers, including Cape-size and Panamax types. It said the new ships will grow its fleet to about 160 by the end of March 2014, including about 135 Cape-size vessels and about 25 Panamax ships.