NYK Awarded Contract for Long-Term (18-Year) Coal Transport to Korean Electric Power Firm
June 11, 2004
NYK has received notice that on June 11, it was awarded a charter contract for its new coal carrier by Korea East-West Power Co., Ltd. as a result of an international bidding.
The Korean firm is one of five electric power companies that were spun off in 2001 from Korea Electric Power Corporation (KEPCO), South Korea's only state-run electric power corporation. The newly awarded contract marks the first time that such a public corporation of South Korea has entered into a long-term contract with a foreign shipping company.
Under the contract for a period of 18 years from June 2007, NYK's new Cape-size bulk carrier will be chartered for the continuous transport of coal mainly from Australia to Dangjin to meet the coal needs of four new thermal power units, scheduled to go into operation between 2005 and 2007.
NYK is currently pushing ahead with the global expansion of bulk and energy transport in accordance with the medium- and long-term group management vision "Forward 120," which was announced in May last year.
NYK intends to continue to positively develop its overseas business in addition to the domestic business that forms the core of its activities.