MOL to launch 44 iron ore carriers

MOL to launch 44 iron ore carriers Mitsui O.S.K. Lines said today it will launch 44 iron ore carriers over the next five years as part of its mid-term management plan called MOL ADVANCE, that aims to increase the Japanese shipping company’s total fleet by 400 to 1,200 ships by the end of its 2012 fiscal year.
   From April through early 2012, the following iron ore carriers are scheduled for delivery:
   * Five Type 300s (300,000 deadweight tons).
   * Six Type 230s (230,000 dwt).
   * Six Type 200s (200,000 dwt).
   * 15 Type 170s (170,000 dwt).
   * Eight Type 110s (110,000 dwt).
   * Four Type 80s (80,000 dwt).
   MOL said it has already signed long-term contracts for half of the 44 vessels to be newly built, and aims to have 60 percent of the new carriers sail under long-term agreements.
   MOL’s current fleet involved in iron ore transport totals 118 Cape-size and Panamax bulkers. The new expansion plan will bring the Japanese carrier’s fleet to 150 vessels (120 Cape-size and 30 Panamax) by March 2013.
   “MOL expects production of crude steel will continue to grow, particularly in China, where major players in the industry are restructuring and integrating their operations,” MOL said in a statement. “As a result, demand for the transport of raw materials for steel will also increase. As a leader in worldwide ore carrier operators, MOL is expanding its large-scale fleet with various types of vessels to meet diverse customer needs.”