Mitsui OSK Lines (MOL) – which claims to be the world largest operator of Capesize bulk carriers - has announced the completion of the 225 000-tonne iron ore carrier Tom Price.
The ship’s name is derived from the Tom Price mine in Western Australia’s Pilbara region, operated by Rio Tinto, one of the world’s largest mining companies.
The bulker will transport iron ore, mainly from Australia, under a long-term contract with Rio Tinto.
Although the bulker fits the Capesize category of vessels (over 200 000 deadweight (dwt) tonnes), and is therefore amongst the giants in this trade, she is somewhat dwarfed by the world’s largest – the 400 000-t mega-ships being built for Vale, the Brazilian mining colossus.
The Vale Beijing is one of the first of almost three dozen huge bulk carriers commissioned by Vale, which sees the bigger vessels reducing its costs so it can compete better with Australian rivals BHP Billiton and Rio Tinto which are closer to China - the main market for iron ore.
But Chinese shipowners – along with Greek and Japanese the world’s major bulk carrier operators - want Beijing to keep the new mega vessels (VLOCs) out, fearing Vale, the world’s biggest iron ore miner, will use them to monopolise the dry bulk shipping market at their expense.
As an argument, the China Shipowners’ Association (CSA) said the 400 000-t Valemaxes could pose a safety threat.
However, the Tom Price will be able to fulfill her role without any similar interference.
