The contract kicks off next year. The Japanese marine shipper will transport roughly 2.5 million tons of iron ore a year from Australia to China using 250,000-ton bulk carriers, the daily reported.
Nippon Yusen signed the contract because it expects the shipping market to recover as demand grows for iron ore from China and other emerging countries, the daily said.
With this agreement, Nippon Yusen has long-term contracts with three natural resources majors, including Brazil's Vale SA and the Anglo-Australian Rio Tinto Group, the Nikkei reported. (Reuters)
