MOL signs ore transport deal with Chinese steel maker
MOL on Wednesday said it has signed a long-term iron ore transport contract with Jiangsu Shagang Group Co., Ltd. of China.
MOL will transport iron ore from Australia and Brazil to Ningbo-based Jiangsu Shagang, one of China's leading steel producers. In 2008 Jiangsu Shagang produced 23.3 million tons, and its annual import of iron ore is 16.3 million tons.
The contract calls for the construction of a dedicated iron ore carrier to be delivered in late 2011. From that time, MOL will deliver iron ore to Ningbo for 10 years.