According to reports, Chennai-based shipping company, West Asia Maritime Ltd. (WAM), has signed a memorandum of understanding (MoU) for taking a bulk carrier from Mitsui & Co. of Japan under bareboat charter for $33.527 million. Under the bareboat charter, a vessel charterer has complete possession and control of the ship, including the right to its crew. IHIMU of Japan will build the 56,120 dead weight tonnage (dwt) bulk carrier vessel. The new vessel, which is to be delivered in the first quarter of 2008, has been chartered for more than 12 years and six months and will be trading worldwide for the movement of dry bulk cargoes. Addressing a press conference here on Monday…