USC delivers NYK bulker

Tokyo: Nippon Yusen Kabushiki Kaisha (NYK) has taken delivery of a new 208,014dwt bulk carrier from the Universal Shipbuilding Corporation's Tsu Shipyard. The vessel, named Bao Guo (pictured), will be used to transport iron ore for China-based Baoshan Iron and Steel. The 12 year contract, which began as of last year, will see the vessel transport 600,000 tons of ore from Brazil annually. The vessel was unable to fulfil its delivery obligation for the first year, but expects to meet targets for the rest of the contract period (i.e. 11 years).  [09/11/07]