FMG Names Its Fifth Ore Carrier

Image Courtesy: Fortescue

Australian iron ore company Fortescue Metals Group has named the fifth FMG ore carrier, FMG Matilda, at a ceremony in Guangzhou, China.

As informed, the ceremony marked the construction of the first of four remaining ore carriers in FMG’s eight-vessel fleet at Guangzhou Shipyard International Company.

The 250,000 dwt FMG Matilda will shortly depart on its maiden journey to Herb Elliott Port in Port Hedland, Western Australia. The Hong Kong-flagged vessel currently has a market value of USD 57.28 million, according to data provided by VesselsValue.

“Efficiency improvements through the innovative design of the ore carrier fleet will further increase our iron ore supply competitiveness, helping us to better service the Chinese steel industry,” Elizabeth Gaines, Fortescue Chief Executive Officer, commented.

The FMG ore carrier fleet of eight vessels was first announced in June 2014 and has been designed to complement Fortescue’s port infrastructure and improve load rates, efficiencies and reduce operating costs. The first four ore carriers were constructed at Yangzijiang Shipyard in Jiangsu Province, China.

A financing transaction with China Development Bank Financial Leasing to finance the fleet was announced in November 2016. The transaction represented the largest leasing deal by a major Chinese financial institution to an Australian company, according to FMG.

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