NYK coal contract

Japanese shipowner and operator giant NYK signed 25-year contract to carry coal to Vietnam. Tokyo listed shipping giant NYK (Nippon Yusen Kabushiki Kaisha) clinched a 25-year contract to carry coal Van Phong Power Company which is wholly owned subsidiary of Sumitomo Corporation. Van Phong Power Company has been constructing a new coal-fired power station in Vietnam. NYK (Nippon Yusen Kabushiki Kaisha) will start carrying coal from 2023 and cargo volumes are expected to be up to 3.4 million tons per year. Van Phong Power Company is planning to import coal mainly from Indonesia and Australia. New coal-fired power plant in the Van Phong Special Economic Zone in Vietnam’s Khanh Hoa province. According to calculations, Vietnam’s future supply of electricity may not be adequate to meet the demands of the country’s rapid economic growth. Established in 1885 in Chiyoda, NYK (Nippon Yusen Kabushiki Kaisha) has been trying to maintain and expand long-term contracts in the dry bulk division.