Monday, November 29, 2010

Two New Giant Bulk Freight Vessels For MOL

300,000 Tonne Ore Carriers to Join Fleet
Shipping News Feature

JAPAN –BRAZIL – Perhaps better known for the box carrying crocodile which adorns their shipping containers Mitsui OSK Line (MOL) are in fact also one of the world’s largest Capesize dry freight bulk operators so it was no surprise when Vale International SA, part of Vale SA, the largest iron ore producer in the world selected the Japanese company for their latest contract.

MOL freely admit that they view long term contracts with stable and large iron ore mining companies as a source of secure cash flow stability allowing the company to develop more stable portfolio strategies as it moves ahead. Vale’s anticipated production of 311 million tonnes of ore in 2011 and their position as the largest private sector company in Latin America certainly puts them in that bracket.

On Friday the two companies signed a long term contract for two very large ore carriers (VLOCs) on November 18. Two 300,000 DWT-class new build vessels, which will be constructed at Universal Shipbuilding Corporation and are slated for completion in 2012 and 2013, will serve the Vale-China shuttle service, transporting iron ore for 25 years. The two new ships join MOL’s already formidable fleet of five similar sized ships employed in similar trade.

Photo: L to R. Vale International S.A. General Manager Shipping Mr. Pietro Allevato; Mitsui O.S.K. Lines, Ltd. Managing Executive Officer Kenichi Nagata; Vale International S.A. Director Shipping & Distribution Mr. Gurinder Singh; Mitsui & Co., Ltd. General Manager Ship & Marine Project Division Mr. Takashi Nishino