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

Keywords: Tags  Rio Tinto, freight service, Mitsui OSK Lines, iron ore, MOL Cape, Weilyn Loo

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

Under the terms of the contract, MOL Cape (Singapore) Pte Ltd., a unit of the Japanese shipping firm, will provide several 200,000- to 250,000-deadweight-tonne carriers to move a maximum of 8.5 million tonnes of iron ore annually to main Chinese ports, MOL said Feb. 15.

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

A version of this article was first published by AMM sister publication Steel First.

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