NYK nets long-term contract to bring iron ore from Brazil to China

NYK nets long-term contract to bring iron ore from Brazil to China NYK Line said Tuesday it has agreed to a 20-year contract with Rio de Janeiro-based Companhia Vale do Rio Doce to transport Brazilian iron ore.
   The contract calls on the Japanese carrier to transport about 1.3 million tons of iron ore from Brazil to China, starting in 2011. NYK will use a new 300,000-ton iron ore carrier shuttle to be built at Nantong COSCO KHI Ship Engineering Co. in China.
   'This is the first long-term contract between NYK and CVRD and the first transportation contract using a new generation ship of 300,000 tons,' NYK said in a statement.
   In order to respond to strong demands of iron ore from China, CVRD set a target to secure an efficient means of transportation. Annually, CVRD produces roughly 260 million tons of iron ore and exports about 200 million tons. Total sales in 2006 were $22.5 billion.