The agreement forms the third long-term charter contract for a bulk carrier that Tokyo-based NYK has secured with a European power supplier.

In June this year, NYK Bulkship Europe agreed a 10-year charter contract with Enel, Italy’s largest electric company, for shipments using two post Panamax bulkers.

As a result of the recent rise in petroleum prices, many electricity suppliers around the world are focusing on fossil fuels such as coal, which is abundant and cost-efficient. The transport of coal is expected to increase as a result of this shift.

In order to further expand their overseas business activities, NYK established the Capesize & Panamax Bulker team in April of this year, integrating the two overseas business operations, which had previously been conducted independently.