MOL and Sanoyas Hishino Meisho Team up to
Develop and Build New 116-Type Handy Cape Bulk Carriers

December 22, 2006

TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL: President: Akimitsu Ashida) and Sanoyas Hishino Meisho Corporation (Head Office: Osaka; President: Shinichi Kimura) today announced that the companies have jointly developed a 116,000 deadweight-type bulk carrier, and will build two of the ships for launching in 2009 and 2010.

Sanoyas Hishino Meisho has continued to develop the next-generation general purpose bulker, which is larger than the current Panamax ships. MOL and Sanoyas Hishino Meisho have developed the forward-looking 116-type bulker, aiming at the expansion plan of Panama Canal which is slated for completion around 2015.

The new vessels are dubbed "Handy Cape" types, because of her greater versatility compared with larger Cape-size bulkers.

Trade patterns of the world's three major bulk cargoes (iron ore, coal, and grain) are expected to change after the Panama Canal expansion. The Handy Cape bulker can be used at ports where larger-size vessels are restricted to call. MOL and Sanoyas Hishino Meisho expect a strong increase in demand for Handy Cape bulker, designed in advance of the canal project.

Ship Specifications