NYK wins iron ore contract with Bao Shan
Nippon Yusen Kabushiki Kaisha said it has won a 24-year charter contract from China's Bao Shan Iron & Steel Co. for transport of iron ore from Brazil to Maanshan, China.
Shipments will begin from the end of 2007, and during the first four years of the contract NYK will transport 800,000 tons of iron ore each year.
For the subsequent 20 years of the contract, NYK will use a new 300,000-ton bulk carrier, built by Nantong COSCO KHI Ship Engineering Co. Ltd., for the transport of 1.2 million tons of iron ore each year. It is the first Capesize bulk carrier NYK has ordered from the shipyard.
This contract is the fourth long-term contract of more than 10 years between NYK and Bao Shan.