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Rio Tinto signs 20-year iron ore shipping contract with Mitsui OSK Lines

Rio Tinto has signed a 20-year freight service agreement with Japan’s Mitsui OSK Lines (MOL) to transport iron ore from Australia to China.

February 15, 2013
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Under the contract, MOL Cape (Singapore) Pte Ltd, a unit of the Japanese shipping firm, will place several large-scale carriers of 200,000-250,000 deadweight tonne to carry iron ore from Western Australia to main Chinese ports with a maximum transport volume of 8.5 million tonnes, MOL said on Friday February 15.

The value of the deal was not disclosed, but MOL said the conclusion of the long-term contract with Rio Tinto will contribute to stable earnings.