Multi-year contract of affreightment signed for bauxite shipments from Guinea to China
The agreement covers Capesize and Newcastlemax liftings and underpins one of the fastest-growing long-haul dry bulk trades.
A dry bulk operator has signed a multi-year contract of affreightment to carry bauxite from Guinea to China, according to a company statement and broker reports.
The contract covers shipments on Capesize and Newcastlemax tonnage and begins in the first quarter of next year. Annual volumes were not disclosed.
Guinea's bauxite exports to China have grown rapidly and now represent a significant share of Capesize tonne-mile demand from the Atlantic.
Operators have increasingly sought long-term contract coverage on the route to underpin fleet deployment and newbuilding commitments.
The operator said it would deploy a mix of owned and chartered-in tonnage against the contract.
Related coverage
