NYK of Japan has secured an exceptional 10-year iron ore shipment deal from a Chinese steel-maker, a sign of soaring demand for steel and iron ore.
Previously the longest charter has been for two years. The 10-year deal at an undisclosed rate with Shanghai-based Baoshan Iron and Steel (Baosteel), China's biggest steel-maker, is due to begin in 2005, according to Japanese press reports.
NYK
