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.
COPYRIGHT 2007 Freedom Magazines,
Inc. Reproduced with permission of the copyright holder. Further reproduction or distribution is prohibited without permission.
Copyright 2007 Gale, Cengage Learning. All rights
reserved. Gale Group is a Thomson Corporation Company.
NOTE: All illustrations and photos have been removed from this article.
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