HK-listed China Shipping Devt signs iron ore transport deal with Baosteeladmin
China Shipping Development Co Ltd (SHA 600026; HK 1138) said it has signed two long-term iron ore shipping contracts with Baoshan Iron & Steel Co Ltd (Baosteel) (SHA 600019), the country’s largest steel producer.
According to a statement filed with the Shanghai Stock Exchange, the company will ship iron ore along the coast of China for Baosteel from April 1, 2007 to March 31, 2010, with annual shipments volume of about 6 mln tons.
Under another contract with a 15-year term and valid from 2010, the company plans to use several its vessels to carry iron ore between Australia and China.
(1 usd = 7.8 hkd)