MOL considers laying up dry bulk vessels

MOL considers laying up dry bulk vessels Japanese carrier MOL is considering whether to idle dry bulk ships for the first time in 20 years, according to reports by Bloomberg and Lloyd’s List over the weekend.
   MOL executive Masafumi Yasuoka also said the line might scrap as many as seven dry bulk ships as the charter market for such vessels has bottomed out in recent months, with rates falling and demand stagnating for vessels carrying iron ore and coal. MOL earns roughly 90 percent of its profits from the bulk business, and still expects a 2.5 percent increase in net income for the fiscal year, despite flagging dry bulk and container markets.
   The report indicated that despite the downturn in the market, MOL will press ahead with a massive fleet expansion over the next five years, as detailed in a cover story in the 2007 issue of American Shipper (June 2007, pages 40-41).