Fortescue Metals : celebrates naming the ‘FMG Matilda’ in China

Dec 13, 2017

Fortescue Metals Group (Fortescue) has officially named the fifth FMG Ore Carrier 'FMG Matilda' at a ceremony in Guangzhou, China.

Attended by Guangzhou Shipyard International Chairman Mr Han Guang De and Australian Consul-General in Guangzhou Mr Dominic Trindade, the ceremony marked the construction of the first of four remaining ore carriers in FMG's eight-vessel fleet at Guangzhou Shipyard International Company Ltd.

Fortescue Chief Executive Officer Elect Elizabeth Gaines said the fleet represents a major milestone on FMG's journey to becoming the safest, lowest cost and most profitable iron ore producer.

'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,' Ms Gaines said.

'We are proud of our continuing contribution to China's remarkable economic development and 2018 will mark a special milestone as FMG celebrates the 10th anniversary of our first shipment of ore into China.

'We would like to thank Guangzhou Shipyard International and its Chairman Mr Han Guang De for their tremendous contribution to this important project, which is a significant reflection of the ongoing strength of our relationship with China.'

'FMG Matilda' will shortly depart on her maiden journey to Herb Elliott Port in Port Hedland, Western Australia.

Background
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 Co Ltd to finance the fleet was announced in November 2016 and represented the largest leasing deal by a major Chinese financial institution to an Australian company.