Japanese shipping company Mitsui O.S.K. Lines (MOL) has held a naming ceremony for the Shinzan Maru, a newbuilding iron ore carrier, at Imabari Shipbuilding.

The ceremony took place at Imabari's Hiroshima Shipyard on Oct. 27, 2016.

The new vessel, featuring a length of 320 meters and a width of 55 meters, will sail under a long-term transport contract between MOL and Japanese steel manufacturer Kobe Steel.

The 215,790dwt Shinzan Maru represents the third generation of vessels to sail under the same name, MOL revealed.

MOL said that the newbuilding features a design with improved fuel efficiency and energy-saving technologies such as a heat recovery system that can use mid- and low-temperature heat sources from 70 °C to 250 °C.

The ship is said to represent "the next generation safety-conscious vessels," adopting the integrated navigation system.

Market value of the Shinzan Maru currently stands at US$46.04m, showed data provided by VesselsValue.