NYK Signs Long-Term Contract With Wuhan Iron and Steel
November 30, 2007
Nippon Yusen Kabushiki Kaisha, a provider of shipping and transportation services, has signed a 23-year contract with Wuhan Iron and Steel for the transport of iron ore.
Under the agreement, approximately 52 million tons of iron ore mined in western Australia will be shipped primarily to Beilun, Ningbo, in China’s Zhejiang province.
Shipments will begin near the end of 2007, and for the first three years of the contract, Nippon Yusen Kabushiki Kaisha (NYK) will provide service by using existing bulk carriers. An over 230,000-ton iron-ore carrier will then go into service for the transport of this ore.