JAPANESE shipping company Mitsui OSK Lines Ltd said it has signed a sixth long-term transport contract with top Chinese mill Baoshan Iron & Steel Co for a 225,000-ton ore carrier.

It said the new carrier will be launched in late 2011 or early 2012. The ship will carry iron ore from Western Australia to Shanghai under a 25-year contract. Mills are seeking long-term contracts to import iron ore as dry bulk freight rates climb to record highs. MOL also has contracts with Baosteel for three 200,000-ton coal and iron ore carriers that started service in January, March and April 2007, a 230,000-ton type vessel that will be launched in early 2009, and a 300,000-ton type carrier that will also go into service in early 2009.