CNR expands bulk contract with TORM - correct link
News Release
TORM A/S
July 19, 2011
Hellerup, 19 July 2011 – TORM’s Contract of Affreightment (COA) on Handymax with the high-end
steel producer China Nickel Resources Holdings Company Ltd. (CNR) has been expanded
significantly.
“CNR has grown into a significant partner for TORM in the dry bulk segment. We are delighted that
we have been able to increase our activities with a valued partner in the region, and we look forward
to a closer cooperation in the years to come,” Alex Christiansen, head of TORM’s Bulk Division,
says.
The additional 51 cargoes are part of the existing COA which runs until the end of 2015. The COA
now includes three monthly shipments of cargoes of coal and iron ore from Indonesia to China. The
initial contract included 124 cargoes. The total contractual volume of the geared/grabbed Handymax
vessels with CNR is now close to 9 million metric tons for the coming four and a half years.
“The expansion is due to our client’s satisfaction with our level of flexibility on adjusting various
laycans in CNR’s tight shipping schedule and our problem-solving abilities in close dialogue with
customers,” Alex Christiansen says. “It is also a testament to the value of our local presence in
Singapore, which will be further strengthened with Michael Bonderup as head of our bulk activities in
that region.”
This type of agreement goes hand in hand with TORM’s strategy of getting closer to our clients and
our long-term strategy of becoming an integrated freight service provider. At the same time this
contract expansion supports TORM’s goal of seeking cover at attractive rates for dry bulk, while the
outlook for bulk remains challenging.
For further information, please contact: Alex Christiansen, Senior Vice President, Bulk Division
(+45 3917 9330)
steel producer China Nickel Resources Holdings Company Ltd. (CNR) has been expanded
significantly.
“CNR has grown into a significant partner for TORM in the dry bulk segment. We are delighted that
we have been able to increase our activities with a valued partner in the region, and we look forward
to a closer cooperation in the years to come,” Alex Christiansen, head of TORM’s Bulk Division,
says.
The additional 51 cargoes are part of the existing COA which runs until the end of 2015. The COA
now includes three monthly shipments of cargoes of coal and iron ore from Indonesia to China. The
initial contract included 124 cargoes. The total contractual volume of the geared/grabbed Handymax
vessels with CNR is now close to 9 million metric tons for the coming four and a half years.
“The expansion is due to our client’s satisfaction with our level of flexibility on adjusting various
laycans in CNR’s tight shipping schedule and our problem-solving abilities in close dialogue with
customers,” Alex Christiansen says. “It is also a testament to the value of our local presence in
Singapore, which will be further strengthened with Michael Bonderup as head of our bulk activities in
that region.”
This type of agreement goes hand in hand with TORM’s strategy of getting closer to our clients and
our long-term strategy of becoming an integrated freight service provider. At the same time this
contract expansion supports TORM’s goal of seeking cover at attractive rates for dry bulk, while the
outlook for bulk remains challenging.
For further information, please contact: Alex Christiansen, Senior Vice President, Bulk Division
(+45 3917 9330)