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Nippon Yusen wins coal transport order in S Korea

TOKYO - Major shipping company Nippon Yusen KK has won an international tender to transport coal to the power plant of a South Korean electric utility for 18 years starting in 2007.

The deal, estimated at about 15 billion yen (US$135 million), marks the first time a Japanese shipping concern has concluded a long-term contract with a South Korean power company.

Nippon Yusen will build a bulk carrier ship to transport coal from Australia to South Korea, with deliveries beginning in June of 2007.

The South Korean company is Korea East-West Power Co, a wholly owned subsidiary of Korea Electric Power Corp.

Both Japanese and South Korean shipping firms participated in the tender.

East-West Power Co issued the tender because it plans to double the power generation capacity of its coal-thermal power plant in Dangjin, central South Korea, by the end of 2007, sources said.

(Asia Pulse/Nikkei)

Jun 15, 2004

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