NYK signs 12-year bulk transport contract with Baoshan Iron & Steel

NYK signs 12-year bulk transport contract with Baoshan Iron & Steel    Nippon Yusen Kaisha (NYK) has signed a 12-year bulk transport contract with China’s largest iron and steel manufacturer.
   The contract, which starts in 2006, will involve the movement of 600,000 tons per year of Brazilian iron ore for Baoshan Iron & Steel. NYK will build a new 200,000-ton class bulk ship to be completed between 2007 and 2008.
   NYK previously transported iron for Baoshan on spot or short-term agreements. NYK recently concluded a 10-year contract with Baoshan to transport iron ore from western Australia.
   Baoshan produces 20 million tons of basic steel a year, compared to the average Chinese steel producer which generates between 8 million and 10 million tons annually.