NYK Secures Long-Term Charter Contract with Maanshan Iron & Steel
December 4 2006
Nippon Yusen Kabushiki Kaisha (NYK; Head office: Chiyoda-ku, Tokyo; President: Koji Miyahara) has secured a ten-year charter contract with Maanshan Iron & Steel Co. Ltd. (Head office: Maanshan, Anhui province, China)* for the transport of iron ore from Brazil and Western Australia. A signing ceremony was held on November 27 at the office of Maanshan Iron & Steel in Maanshan and was attended by Mr. Gu Jian Guo, chairman of Magang (Group) Holding Co. Ltd.;** Mr. Lu Kecong, general manager of Masteel International Trade and Economic Corporation;*** and Mr. Hidenori Hono, managing corporate officer at NYK.
Shipments will begin from September 2007, and during the first five years of the contract, NYK will transport 600,000 tons of iron ore each year, mainly from Brazil to China. During the second five years, NYK will transport 2,000,000 tons of iron ore each year, mainly from Australia to China. NYK will use a newly built 200,000-ton bulk carrier for the transport of this iron ore.
Maanshan Iron & Steel is the fourth iron and steel company in China with which NYK has secured a long-term charter contract, NYK's sixth long-term charter contract for the transport of iron ore to China.
NYK had previously concluded five long-term charter contracts, each with a term of ten or more years, for the transport of iron ore to China with three of China's major steel producers-Baoshan Iron & Steel, ranked first among steel producers in China; the Jiangsu Shagang Group, ranked fifth; and the Beitai Iron & Steel Group, ranked 19th.
NYK intends to continue to proactively grow its other overseas operations, particularly those in China.
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| Term of Contract | 10 years |
|---|---|
| Commencement | September 2007 |
| Carrier | One newly built 200,000-ton bulk carrier (for ten years from 2007) |