These include four 300,000 dwt ships, two of 250,000 dwt, seven 230,000 dwt and 27 170,000 dwt “standard” Capesizes. “Increased steel production will naturally boost demand for efficient, reliable transport of raw materials” a spokesman told Fairplay. The Tokyo based operator, who achieved a profit of over $1.8Bn for fiscal 2007, said that the orders are in addition to a substantial number of other bulk newbuildings that have already been contracted. Due to redeliveries and disposals the total size of MOL’s ore carrier fleet is expected to increase from 125 vessels to 160 by the end of 2014. Carrying capacity will increase substantially due to VLOC orders. Long term employment cover – in many cases COAs from Chinese steel makers – has already been concluded for 40% of the newbuildings. Eventually 60% of the ships will be operated on medium or long term contracts.
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