NYK signs 3rd bulk transport contract with Baoshan Iron & Steel

NYK signs 3rd bulk transport contract with Baoshan Iron & Steel    Tokyo-based NYK Line has signed its third long-term bulk transportation contract with Baoshan Iron & Steel, China’s largest iron and steel manufacturer.
   The latest contract, which starts immediately, is for a period of 12.5 years and will involve the movement of 1.7 million tons of iron ore per year from Western Australia to China, rising to 2.3 million tons per year from 2009.
   NYK plans to deploy a bulk carrier currently in operation until the end of 2008 before switching in 2009 to a newly built 230,000-ton bulk carrier.
   In 2003, NYK became the first Japanese shipping company to conclude a long-term contract with Baoshan, also for the transport of iron ore from Western Australia. Then in 2005, NYK entered into another long-term contract with the steelmaker for the transport of iron ore from Brazil. NYK had transported iron ore for Baoshan on spot or short-term agreements.
   Baoshan produced 22.7 million tons of basic steel in 2005.