September 29, 2007 -Kawasaki Kisen Kaisha, Ltd., Tokyo (hereinafter "K" Line) is proud to announce that an agreement was reached with JSW Steel Limited, a Mumbai-based company of O. P. Jindal, an Indian group, for a 15-year consecutive voyage charter (CVC) of a Panamax or Post-Panamax type coking coal carrier.
Outline of the charter agreement is as per below:
Agreement: Consecutive voyage charter of coking coal carrier for 15 years commencing from 2nd quarter of 2008
Services: Marine transportation of coking coal from Australia, South Africa, and China to India
Vessel: A Panamax or Post-Panamax type coking coal carrier
JSW Steel Limited is the number two private-owned steel company in India, with crude steel production of approx 4 million MT per year, and is importing approx 4 million MT of coking coal. This CVC is the second long-term contract with JSW Steel Limited, with which a 7-year COA was signed last year, and is the third one including a CVC for Indonesian thermal coal signed in June 2007 with JSW Energy Limited, another company within JSW group.
In line with "K" Line Vision 2008 +, the newly implemented mid-term management plan, "K" Line is accelerating its activities in overseas markets, and the fixture of this agreement is a fruit of such activities. "K" Line will further actively involved in Indian market, a fast growing economy with expectation of substantial growth.
(from left to right: Mr. V. P. Garg, JSW Steel Ltd. Vice President (Commercial), Mr. Eiichi Suzuki, "K" Line Vice President)