NYK secures deal with Chinese energy firm

NYK, Japans largest shipping and logistics operation has signed a 12-year contract with Chinese energy firm CLP Guangxi Fangchenggang. NYK will transport coal from Bontang, Indonesia to Fangchenggang, China for Hong Kongs CLP Power subsidiary. A NYK spokesman said, "We are very pleased with the deal. It is the first such contract with a non-Chinese shipping company to carry fuel for a mainland energy provider." CLP Guanngxi is constructing a new thermal power plant in Fangchenggang. Under the agreement NYK will start delivering coal to the plant, employing a new post-Panamax carrier, from the first quarter of 2007. Due to the nations extraordinary hunger for energy to fuel its burgeoning economy, China is currently opening two new coal-fired power plants a week.