ôKö Line signs first long-term bulk contracts with Baosteel
Japan’s 'K' Line has signed its first-ever long-term bulk transport contracts with China's largest iron and steel manufacturer, Baoshan Iron & Steel Co. Ltd.
The first of two contracts will start later this year for a period of three years with a new 185,000 deadweight ton carrier transporting about 500,000 tons of iron ore from Brazil to China. The second, 10-year agreement, will start in the second half of 2008 with a new 200,000-dwt ship moving about 2.4 million tons of iron ore from Western Australia to China.
'K' Line has transported iron ore to Baosteel under short-term agreements since 1994.
' 'K' Line ranks the involvement in the fast-growing Chinese market as one the most important management issues,' the Japanese carrier said in a statement. 'The conclusion of the contracts is a part of such management strategy, and 'K' Line will continue active involvement in the coal and iron ore transportation business in the Chinese market.'