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December 1, 2003
MOL Will Order 30 New Cape-Size Bulkers to
Meet Increasing Demand for Iron Ore Transport
TOKYO - Mitsui O.S.K. Lines, Ltd. (MOL: President:
Kunio Suzuki) today announced plans to expand
its fleet with 30 Cape-size bulkers (over
100,000 tons) to meet expanding and diversifying
worldwide needs for iron ore transport, especially
for customers in China, Japan, and South
Korea. This move reflects one of the major
management strategies of the company's mid-term
management plan MOL next - allocating management
resources in the fields of natural resource
and energy transport, where significant growth
is expected.
Summary of new fleet
*Launch: 2004 - 2007 First half
*Number of bulkers by type:
| Type 230 (230,000 deadweight tons) |
1 |
| Type 200 (200,000 deadweight tons) |
15 |
| Type 170 (170,000 deadweight tons) |
8 |
| Type 150 (150,000 deadweight tons) |
1 |
| Type 90-110 (90,000 - 110,000 deadweight
tons) |
5 |
| Total |
30 |
* MOL has already signed long-term transport
contracts for 20 of 30 bulkers listed above
(two will serve Baoshan Iron and Steel Co.,
Ltd. of China in an agreement announced on
November 17).
*Charter plan: Ten (type 170) Cape-size bulkers
will be chartered under mid and long term
contracts in addition to the above 30 new
bulkers, from the second half of 2003.
Production volume of raw steel has been expanding
on a global scale. In particular, import
volumes of iron ore have risen tremendously
in China, and more growth is expected.
MOL is committed to providing a fleet of
bulk carriers that can meet customer needs
in Japan and overseas. With this move, the
company is expanding and improving its fleet
to accommodate an expected drastic increase
in trade volume. MOL's annual transport capacity
will expand from about 80 million tons to
100 million tons by expanding its fleet from
the current 60 to more than 80 carriers.
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