MOL to launch 44 iron ore carriers

MOL in Japan will launch 44 iron ore bulk carriers by from April this year to early 2012. The move is part of MOL’s growth strategies in the new midterm management plan MOL Advance.

During the period, MOL will launch five 300,000DWT, six 230,000DWT, six 200,000DWT, fifteen 170,000DWT, eight 110,000DWT and four 80,000DWT bulk carriers.

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. 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.

The company has already signed long-term charter contracts for half of the 44 newbuildings and is continuing to negotiate further contracts. MOL?s target is to have 60% of the all new bulk carriers operate under long-term charter agreements.

MOL?s iron ore carrier fleet, 118 including Cape size and Panamax vessels as of 31 March, 2007, will increase in total about 150 vessels by March 2013, including about 120 Cape size carriers and about 30 Panamax ships.