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For Immediate Release
IMC–MOL To Form Joint Venture To Own And Operate
VLOCs
Singapore, 31 March 2008 – IMC Shipping
Limited has signed an agreement with Mitsui O.S.K. Lines
(MOL) to form a joint-venture to acquire, own and operate
Very Large Ore Carriers (VLOCs). Each company will make
an initial injection of a converted VLOC (from a Very
Large Crude Carrier – VLCC) into the joint venture.
Currently, one of the VLCC vessels is already undergoing
conversion and expected to begin operations as a VLOC
in the third quarter of 2008. The other vessel will enter
the yard for conversion in May 2008.
Signing the agreement in Singapore on 26 February 2008
were Mr Saburo Koide, Executive Vice President of MOL,
and Mr Hirotaka Harima, Chief Executive Officer of IMC
Shipping Limited.
The joint-venture is expected to strengthen both parties’
existing positions in this growing shipping segment and
in key trading routes to support Asia’s rapid industrialization
especially in the ever-growing iron ore trade between
Brazil and China. The robust trade in bulk cargoes in
recent years has largely been driven by the increased
demand from Asia for large dry bulk cargoes and this joint-venture
is well positioned to tap on this growth.
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