NYK signs contract to ship Iron Ore from Brazil to China
Tokyo-based Nippon Yusen Kaisha (NYK) today signed a 12-year contract with Chinese steel producer Shanghai Baosteel International Economic & Trading Co. Ltd. (Baoshan Iron & Steel) to transport iron ore from Brazil to China. Financial details were not disclosed.
Under terms of the agreement, NYK will transport approximately 600,000 tons of iron ore annually from Brazil to China with shipments commencing the beginning of next year.
In 2003, NYK and Baoshan Iron & Steel entered into a 10-year contract for shipments of iron ore from Western Australia.
Baoshan Iron & Steel produced 21.5 million tons of basic steel in 2004.