Tokyo: Japanese shipping giant Nippon Yasen Kabushiki Kaisha (NYK) has signed an contract with India based Tata Steel to form a new shipping company that will be active in the dry bulk and break bulk cargo sectors. The 50:50 joint venture is likely to operate using short term time charters (as ship prices are at an all time high) and may be indicative of a trend in the market for tie ups between shipping companies and steel producers. Arcelor Mittal is reported to be negotiating with the Shipping Corporation of India (SCI) for a similar agreement. [06/12/06]
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