Nippon Yusen Kabushiki Kaisha (NYK) has agreed to a 24-year charter contract with Bao Steel Co. Ltd. for the transport of iron ore from Brazil to Majishan, China. Shipments will begin from the end of 2007, and during the first four years of the contract, NYK will transport 800,000 tons of iron ore each year. For the subsequent 20 years of the contract, from the middle of 2010, NYK will use a new 300,000-ton bulk carrier, built by Nantong COSCO KHI Ship Engineering Co. Ltd. (NACKS), for the transport of 1,200,000 tons of iron ore each year. This 300,000-ton bulk carrier will be the first Capesize bulk carrier order by NYK from NACKS. This contract will be the fourth long-term contract of more than ten years between NYK and Bao Steel. NYK had previously entered into three long-term charter contracts with Bao Steel for the transport of iron ore to China; a 180,000-ton bulk carrier is used to fulfill the requirements of the first contract, a 200,000-ton bulk carrier is used for the second, and a 230,000-ton bulk carrier is used for the third.