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September 5, 2003
MOL Entrusts 24,000dwt Handy Bulker Operation
to
INUI STEAMSHIP CO., LTD.
- Now Japan's Largest Operator-
TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL; President:
Kunio Suzuki) today announced plans to entrust
operation of ten 24,000dwt handy bulk carriers
to INUI STEAMSHIP CO., LTD.(INUI) The addition
of those vessels brings the INUI fleet to
20 ships, making it Japan's largest operator
of 24,000dwt handy bulkers. This service
will start on October 1, 2003.
While ships have generally become larger
in the interest of higher efficiency, the
total number of 24,000dwt handy bulkers (less
than 15 years old) operating worldwide is
only 100. On the other hand, there is a strong
need among customers for ships of this size
due to restrictions at ports. Providing customers
with a broad selection of services will enhance
our service quality as well.
INUI will handle operations, but MOL will
send its own experts to the company to help
ensure top-quality customer service and a
wider scope of operations. MOL will also
continue to handle charter contracts for
these ships.
Handy bulkers in the 24,000dwt range carry
mainly wheat, wood products, and cement.
Wheat and wood products are shipped mainly
from North America and Oceania to Japan,
South Korea, and China, while cement is transported
mainly from Japan and China to Southeast
Asia and North America.
MOL's approach to handy bulker operations:
MOL has organized three operational structures
to meet customer needs:
- 24,000dwt size: Entrust to INUI, to serve
mainly domestic clients. The fleet scale
is 20 vessels.
- 26,000-35,000dwt size: MOL continues to
operate these ships, serving mainly domestic
customers. The fleet scale is about 20 vessels.
- 26,000-28,000 dwt size: MOL participated
in the International Handlybulk Carriers
(IHC) pool as senior partner, mainly to serve
the Chinese market, which is expected to
grow significantly. The fleet scale is about
40 vessels.
Profile of INUI STEAMSHIP CO., LTD.
Representative: CEO Shingo Inui
Head Office: 1-7-4 Nihonbashi-Honcho, Chuo-ku,
Tokyo 103-0023, Japan
Established: April 1904
Paid-in Capital: \1,250 million (MOL's ownership:
17%)
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