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"K"Line agrees to long-term capesize charters with Rio Tinto

Tokyo: Japan's Kawasaki Kisen Kaisha has successfully signed two long-term charter agreements for capesize bulk carriers with Rio Tinto. The agreements are as follows:
a) 5-year long-term charter agreement using one capesize bulk carrier from 2011.
b) 15-year long-term charter agreement using one capesize bulk carrier from 2011.
Annual volume shipped: About 3 million tons
In a statement to the press, Rio Tinto said that it "was planning to increase its exports of iron ore, with a focus on exports to China, while "K" Line was seeking to secure a stable source of revenues for its charter business. The two companies have thus recently agreed to sign two new contracts, in order to form a strong, long-term strategic partnership."
Rio Tinto's exports of iron ore are expected to continue to grow, and these agreements will give "K" Line an important role in this growth, by providing reliable shipping services over the long term.  [22/12/09]


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