MOL aims for 15% of world iron ore transport with 43 newbuilds

MOL (Mitsui OSK Line) has announced plans to construct 43 new iron ore carriers to meet anticipated long-term growth in demand for ore transport. In a construction period from April 2006 until mid 2010 it plans to build the following vessels: five 300,000 dwt vessels; three of 230,000 dwt; 11 of 200,000 dwt; 10 of 170,000 dwt; six of 110,000 dwt; and eight of 80,000 dwt.

Production volume of crude steel has increased along with the growth of the BRICs (Brazil, Russia, India, and China) economies, especially China. Demand for ore transport is expected to further expand as China increases its imports.

The number of MOL-operated vessels involved in iron ore transport totals 114, including Cape-size and Panamax bulkers, as of March 31, 2006. The new expansion plan will bring the fleet to a total 140 vessels (110 Cape-size and 30 Panamax) by the end of 2009. Adding ships on short-term (less than one year) contracts and spot charters, the fleet will reach about 150 vessels.