Japan-based shipping company Mitsui OSK Lines (MOL) has secured a contract from Vale International for two very large ore carriers (VLOCs).

The 300,000dwt vessels will be constructed at Universal Shipbuilding Corporation.

The carriers will be delivered in 2012-13 and will serve the Vale-China shuttle service, transporting iron ore.

MOL said the long-term contracts will help it develop more stable portfolio strategies as it moves ahead.