MOL Cape Signs Long-Term Iron Ore Transport Deal with a Leading International Mining Group, Rio Tinto

By MarEx 2013-02-15 11:51:00

Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced that its group subsidiary MOL Cape (Singapore) Pte. Ltd. (MOL Cape) has concluded 20-year Freight Service Agreement for 200,000-ton-plus class iron ore carriers with Rio Tinto.

Based on the contract, MOL Cape will place several large-scale carriers to transport iron ore mainly from Australia to China.

MOL Cape has independently developed business in Singapore. Conclusion of the long-term contract with Rio Tinto will contribute to the company’s stable earnings, and further consolidate the foundation for business expansion in the nation.

The MOL Group continually strives to offer safe, reliable ocean transport services using its advanced safe operation system to meet continually expanding demand for resource transport.

[Outline of contract]
Type of contract:      Freight Service Agreement
Vessels to be placed: Large-scale bulk and iron ore carriers in the 200,000 - 250,000 DWT range
Cargo:                             Iron ore in bulk
Main loading ports:    Western Australia (Dampier, Port Walcott)
Unloading ports:       Main ports in China
Transport volume:    About 8.5 million tons at the maximum

[Outline of MOL Cape]
Company name:       MOL Cape (Singapore) Pte. Ltd.
Founded:       April, 2009
Shareholder:  MOL 100%
Business:           Ownership and operation of dry bulk carriers (mainly Capesize), and other services related to vessel operation

The products and services herein described in this press release are not endorsed by The Maritime Executive.