Tokyo: Counting on continued growth of Chinese crude steel production, Mitsui O.S.K. Lines has announced a major expansion of its iron ore carrier fleet, with a proposal to launch 44 new vessels. The move is part of MOL's growth strategies in the new midterm management plan MOL ADVANCE, which began on April 1.
By early 2012, the company plans to launch 5 x 300,000dwt, 6 x 230,000dwt, 6 x 200,000dwt, 15 x 170,000dwt, 8 x 110,000dwt and 4 x 80,000dwt bulk carriers.
The company has already signed long-term contracts for half of the 44 vessels to be newly built. MOL says it continues to negotiate contracts, and its target is to have 60% of the all new carriers sail under long-term agreements.
MOL's iron ore carrier fleet, which totalled 118 vessels at end March, will thereby increase in total to about 150 vessels by March 2013, including about 120 capes and 30 panamax ships. [06/04/07]
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