Japan’s Nippon Yusen Signs Iron Ore Pact With China Co

Nippon Yusen KK (NYK) (9101.TO) said Wednesday that it has signed a 25-year charter contract accord to transport iron ore with China’s Beitai Iron & Steel Group Co., riding on the wave of the booming Chinese economy. Under the accord, the Japanese marine transport company will transport a total of 700,000 metric tons of iron ore from Brazil to Dalian, China, per year using its bulk carriers in the first five years starting September. For the remaining 20-year period, Nippon Yusen will introduce a 300,000-ton iron ore carrier to transport 1.2 million tons of iron ore annually. Local media reported that the amount of revenue from the latest deal will total approximately Y50 billion. But a Nippon Yusen spokesman said the figure is speculative and declined to give detailed figures.