Japanese bulker owner NS United (NSU) has sealed a 25-year iron ore transport deal with Vale.

The Brazilian producer will load 40m tons of cargo over the period of the contract of affreightment. Discharge is in China.

NSU will use a new 400,000-dwt eco-type ore carrier, starting in the second half of 2019.

The owner is not currently listed with any newbuildings of that size on order, suggesting it will now head to yards.

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