MOL to Scrap, Lay-up, Bulkers

Press Release
Wednesday, June 13, 2012

MOL slates total of 10-20 'Capesize' bulk carriers for scrapping and cold lay-up

Mitsui O.S.K. Lines, Ltd. (MOL; President: Koichi Muto) today announced plans for scrapping or cold lay-up of 10 to 20 Capesize bulkers in consideration of this fiscal year's worsening market trends. The company scrapped four vessels and temporarily laid up 10 others last year.

Up to now, the company has scrapped Capesize ships that were past 23 years or older, but will now scrap ships that are 15 or older. MOL has plans to scrap five vessels by the end of March 2013 and is considering the disposal of others.

In addition, based on the current Capesize market conditions, MOL believes that the cold lay-up of about 10 ships for six months to one year will help restore an appropriate vessel supply-demand balance in the future. The company has begun selecting vessels and locations for cold lay-ups.

MOL is weighing measures to rejuvenate the fleet and increase vessel quality by accelerating scrapping, aiming to provide the highest quality transport services. It will also meet transport demand for iron and steel raw materials, which are positioned for mid- and long-term growth, and build an unchallenged position as one of the world's largest operators of Capesize bulkers.

The vessels will be scrapped at yards that conform to the "Guidelines to sell vessels for scrapping [recycling] from an environmental viewpoint" stipulated by MOL.

 

 

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

USCG Galveston Unit Change of Command

A change-of-command ceremony will be held Thursday morning, July 24, to see a Coast Guard lieutenant commander and graduate of Houston's Alief Hastings High School, Lt.

Panama Canal to Celebrate 100 Years

To commemorate its centennial, the Panama Canal will host a series of events August 14-15 in Panama City to highlight the impact of the waterway during the past century.

Statoil, Repsol, ExxonMobil Win Colombian Offshore License

Statoil announced today that it has been awarded interest in the COL4 license offshore Colombia in the Caribbean Sea in the 2014 Colombia Licensing Round, along with Respol and ExxonMobil.

Bulk Carrier Trends

Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate

Global Ocean Trade: Latest Shipbuilding Orders

No tankship orders noted the past week by Clarkson Hellas in their latest S&P Weekly Bulletin, but no lack of orders in the dry bulk carrier market, all from Far East shipbuilders.

Scorpio Bulkers Gets $540m Loan for Newbuilds

Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21,

Vessels

Navios Announces VLCC Delivery

Navios Maritime Acquisition Corporation, an owner and operator of tanker vessels, has announced that the Nave Electron, a 2002-built VLCC of 305,178 dwt, was delivered

VIDEO: HMS Queen Elizabeth Floats Out

A timelapse video of HMS Queen Elizabeth floating out of her dock for the first time is now available at http://www.youtube.com/watch?v=P0ZjQz9vEKw. The float out of the 65,

COSCO Corpn. Secures Contracts of $300 mi

COSCO Corporation (Singapore) Limited announced that shipyards, which are subsidiaries of the Company’s 51% owned subsidiary COSCO Shipyard Group Ltd, have secured

 
 
Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Electronics Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 4.6478 sec (0 req/sec)