MOL signs contract with Jiangsu Shagang Group

Mitsui O.S.K. Lines, Ltd. (MOL) announced that the company became the first overseas shipowner to sign a long-term iron ore transport contract with Jiangsu Shagang Group Co., Ltd. of China. The10-year voyage contract requires MOL to transport iron ore from Australia/Brazil to Jiangsu?s Shagang berth at Zhangjiagang Port.

A 207,000 dwt iron ore carrier, to be constructed at the Universal Shipbuilding Corporation for the contract, is scheduled for completion in late 2011. The newbuilding will measure 299.7m long, 50m wide and have a draught of 18.2m.

Founded in 1975, Jiangsu Shagang is one of China?s leading steelmakers and is one of the largest private steelmakers. In 2008, its annual ore production was 23.3 million tonnes, and its annual iron ore imports (from Brazil, Australia, etc.) were 16.34 million tonnes.