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Marine Log

May 14, 2008

MOL in ore car newbuilding spree

Mitsui O.S.K. Lines, Ltd. (MOL) has announced plans to construct 53 new iron ore carriers to meet rising demand for iron ore transportation as the world economy continues to grow.

The move is part of the growth strategies in the company's midterm management plan .

The ships are scheduled for deliveries between 2008 to early 2014 and will consist of:

Type 300 (300,000-ton class) 4 vessels

Type 250 (250,000-ton class) 2 vessels

Type 230 (230,000-ton class) 7 vessels

Type 200 (200,000-ton class) 1 vessels

Type 170 (170,000-ton class) 27 vessels

Type 110 (110,000-ton class) 10 vessels

Type 80 ( 80,000-ton class) 2 vessels

MOL is the world's largest operator of iron ore carrier and has already concluded mid- and long-term contracts for 40% of the 53 new building vessels,. It says and eventually 60% of the new ships will sail under mid- or long-term arrangements.

MOL's operated iron ore carrier fleet totals 125 vessels including Cape-size and Panamax types (as of March 31, 2008). The fleet will total around 160 by the end of March 2014, including about 135 Cape-size vessels and about 25 Panamax ships.

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