Mitsui OSK Lines has announced plans to construct 20 more iron ore carriers to meet rising demand for iron ore transport, bringing its total on order to 53. The plans, which stretch to 2014, will see the delivery of four 300,000dwt ships, two 250,000dwt ships, seven 230,000dwt ships, one 200,000dwt ship, some 27 170,000dwt ships, 10 110,000dwt ships, and two 80,000dwt ships. Already the world's largest operator of iron ore carriers, MOL said that worldwide demand for iron and steel was expected to show stable growth, with countries such as China continuing to produce more crude steel. 'Increased steel production will naturally boost demand for efficient, reliable transport of raw materials.' The company said it had already concluded mid-and long-term contracts for 40% of the 53 newbuilding vessels, and eventually 60% of the new ships will sail under mid- or long-term arrangements. MOL's operated iron ore carrier fleet amounted to 125 vessels, including Capesize and Panamax types as of 31 March 2008. The fleet will total around 160 by the end of March 2014, including about 135 Capesize vessels and about 25 Panamax ships.
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