NYK says it has entered into a 24-year charter contract with Bao Shan Iron & Steel Co. of Shanghai for the transport of iron ore from Brazil to Maanshan, China.
Shipments are scheduled to begin from the end of 2007, and during the first four years of the contract, NYK is to 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, for the transport of 1,200,000 tons of iron ore each year.
The agreement marks the fourth long-term contract of more than 10 years between the two.
