Mitsui O.S.K. Lines to Build 44 New Iron Ore Carriers

Mitsui O.S.K. Lines will build 44 new iron ore carriers when the firm plans to focus resources on marine transport business along the new midterm management plan “MOL ADVANCE” started on April 1. MOL will build 5 vessels of 300,000 tonne class, 6 vessels of 230,000 tonne class, 15 vessels of 170,000 tonne class, 8 vessels of 110,000 tonne class and 4 vessels of 80,000 tonne class.MOL expects world crude steel production continues to grow, particularly in China, when major steel makers are restructuring and integrating their operations globally. The makers demand long-span steady transport system for raw materials. MOL, a major operator of iron ore carriers, will uniform a large-scale fleet with various type vessels to respond for users’ requests.MOL has already signed long-term contracts for half of the 44 vessels and aims to sign other long-term contracts for the rest vessels. The firm’s target is to have 60% of the all new carriers sail under long-term agreements.The firm is running total 118 iron ore carriers as of March 31, 2007, which will increase to total about 150 vessels by March 2013 including about 120 cape size carriers and about 30 panamax ships.