Business Services Industry
Long term
Latin Trade, August, 2007
It's never been a better time to own ridiculously large cargo ships. The Chinese industrial machine is racing against itself, sloughing off naysayers in a bid to bring its millions from poverty and farming into the world of high-rises and new cars. That means iron for steel, which is driving big deals in Brazil.
Nippon Yusen Kabushiki Kaisha (NYK Line), a Japanese shipper, signed a 20-year contract with Brazilian mining giant Companhia Vale do Rio Doce to transport Brazilian iron ore. The contract is to transport approximately 1.3 million tons of iron ore annually from Brazil to China, starting in 2011. Vale also signed a 25-year shipping contract with Bergesen Worldwide, a global shipping company. That contract calls for four ships to be built scheduled for operation by 2011.
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