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Mitsui OSK Line (MOL), the Japanese shipping major whose iron ore fleet now comprises 118 vessels, proposes to augment the fleet size by acquiring 44 more vessels of different capacities. Five of the proposed acquisitions will be of the capacity of 300,000 DWT each, six of 200,000 DWT, 15 of 170,000 DWT, eight 110,000 DWT each and the remaining four 80,000 DWT. The acquisitions will be completed by early 2010.

The company is believed to have already signed long-term contracts for the deployment of half of the proposed new builds and is likely to operate 60 per cent of the new carriers under long-term arrangements. MOL estimates the demand for transportation of raw materials for steel plants to jump in the coming years, more so in China, because the major steel plants are restructuring their operations. Meanwhile, MOL has decided to open on April 16 a new subsidiary in Pakistan to handle its liner, non-liner and consolidated business enterprises.

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