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NYK concludes first long-term iron ore deal with Rio Tinto

NYK concludes first long-term iron ore deal with Rio Tinto

Tokyo: NYK reports that it has concluded a 20-year contract with Rio Tinto, one of the world's largest mining companies, for the transport of iron ore from Western Australia to China. This is the first long-term deal between NYK and Rio Tinto, 'greatly strengthening the partnership between the two companies,' it says.

Shipments will begin from 2013 using a 250,000dwt vessel. The annual volume is expected to be about 2.7 million tons. In addition to the 20-year contract, a three-year contract with a 170,000dwt Capesize bulker from April 2010 was concluded.

NYK is one of the world's leading transportation companies and at the end of March 2009 operated 779 major oceangoing vessels, as well as fleets of planes, trains, and trucks. The company's shipping fleet included 154 containerships, 289 bulk carriers, 57 woodchip carriers, 112 car carriers, 80 tankers, 33 LNG carriers, three cruise ships, and 51 other ships.  [21/12/09]