Japanese shipping company Nippon Yusen Kaisha (NYK Line) has concluded a 20-year contract with Anglo Australian mining giant Rio Tinto for the transport of iron ore from Western Australia to China, in the first long-term deal concluded between the sides.
According to the agreement, shipments will begin from 2013, using a 250,000 DWT vessel. The annual volume of iron ore to be shipped is about 2.7 million mt.
In addition to the 20-year contract, a three-year contract with a 170,000 DWT capesize bulker from April 2010 has been concluded.