Thursday, March 22, 2012

More New Build Bulk Tonnage as Baltic Dry Index Slowly Recovers

MOL Christen New Vessels Destined for Iron Ore Contracts
Shipping News Feature

JAPAN – AUSTRALIA - Despite the Baltic Dry Index still having slumped almost 50% since the start of the year the recent rise continues as it crawls upwards once again with a gain of over 30% against the market low in February. As the BDI moved upward to nudge 900 for the first time since mid plummet in January so Mitsui O.S.K. Lines (MOL) the world’s largest operator of Capesize bulk carriers announced the completion of another two behemoths, the iron ore carriers Tom Price and Ore Sao Luis.

MOL, more famous for container shipping through the green crocodile logo on their boxes, were represented at the naming and delivery ceremonies for the former ship held at the Imari Shipyard of the Namura Shipbuilding Company. The vessel's name is derived from the Tom Price mine in Western Australia’s Pilbara region, operated by Rio Tinto plc, one of the world’s largest mining companies.

The Tom Price with a deadweight tonnage 226,381 nudges 320 metres in length and is destined to of transport iron ore, mainly from Australia, under a long-term contract with Rio Tinto. Among those on hand for the naming and delivery ceremonies were Rio Tinto Executive General Manager Wayne Aitken, who named the vessel and Namura Shipbuilding Chairman Tatsuhiko Namura as our picture shows.

The 297,000 tonne Ore Sao Luis will transport iron ore from Brasil to mainly China, under a long-term contract with Vale and was named and delivered today at the Universal Shipbuilding Corporation’s Ariake Shipyard. Among those present for the naming and delivery were Vale International General Manager, Shipping, Pietro Allevato, who named the vessel, and Universal Shipbuilding Director and Senior Managing Officer Kuniteru Ishikawa.

The ship, even larger than the Tom Price reaches 327 metres in length with a 21.4 metre draft and takes her name from the capital and largest city in Maranhão state in Brasil.