Wednesday, December 23, 2009

NYK Concludes Long Term Shipping Contract with Rio Tinto

Work for Bulk Freighter for 20 Years
Shipping News Feature

JAPAN / AUSTRALIA – Japanese shipping line Nippon Yusan Kaisha (NYK) has concluded a 20-year contract with Rio Tinto, one of the world’s largest mining companies, for the transport of iron ore from Western Australia to China.

Shipments will begin from 2013 using a 250,000 DWT vessel. The annual volume is expected to be about 2.7 million tons. In addition to the 20-year contract, a three-year contract with a 170,000 DWT Capesize bulker from April 2010 has also been concluded between the two companies.

The agreement is the first long-term deal between NYK and Rio Tinto which, according to NYK “greatly strengthens the partnership between the two companies.”