MOL Cape Signs Long-term agreement for iron ore carriers with Rio Tinto

Mitsui O.S.K. Lines, Ltd. 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, the company reports.

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.

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