Following the plunge in dry bulk freight market, shipping companies are banking on increased iron ore exports from Brazil to China and India to shore up freight rates, reports the Hindu Businessline. Hauling ore from Brazil to China will cost almost double than that from Australia. So in the current situation, ship-owners feel an increased flow of iron ore from Brazil, the world’s second largest producer, could boost the rates, as hauling the ore from there to China cost almost double than that from Australia. Brazil accounts for almost 25% of the global market share of iron ore’s trade volume. Brazil is home to one of the largest mining companies, Vale S.A. Brazil’s Ministry of Industry, Development and Foreign Trade had, last month, said iron ore exports from the country had increased by over 17 per cent in December to cross 37 million tonnes (mt), compared with the year-ago month. Vale increased output is reflected in Brazilian iron ore exports for December. The volumes from Brazil surged to 37.39 million tons in December, which is a huge 44% month-over-month. Shivakumar, Group CFO of Great Eastern Shipping hoped that Brazil is able to sell their iron ore more competitively than the Australians, because Brazilian iron ore to China is the best possible thing to happen to dry bulk shipping.
By James Regan, Reuters If Australian miners are worried about the dramatic decline in iron ore prices, it doesn't show. At an annual gathering of many of the world's biggest and smallest iron ore producers here the mood is upbeat - as if the heftiest one-day fall in ore prices since the global financial crisis never happened. "Iron ore mining isn't tennis, it's a contact sport," said David Flanagan, chairman of Atlas Iron Ltd
China's Qingdao port said on Wednesday it is investigating whether iron ore warehouse receipts were fraudulently used multiple times to raise finance from different banks, Xinhua news agency reported. The probe is focussed on one trader with iron ore receipts, the Chinese news agency said. It follows a broad investigation earlier this year by Chinese authorities into the use of iron ore as collateral in financing deals.
Brazilian miner Vale SA posted a sharp decline in profit from the previous quarter as lower iron ore prices undermined record production of the steel-making ingredient. Vale, the world's largest producer of iron ore, reported second-quarter net income of $1.43 billion, down 43 percent on the previous quarter and below the average analyst estimate of $1.89 billion in a Reuters survey. "It was a very challenging environment where the price of our most important product has dropped by
Iron ore shipments to China from Western Australia's Port Hedland, the world's biggest terminal for shipments of the steelmaking raw material, rose 3.3% from February to 31.2 million mt in March. While the rise is partly attributable to fewer shipping days in February, it also underscores efforts by Australian miners to displace China’s domestic production of iron ore. It also indicates that demand remained strong despite weakness in the market.
Essar Ports Ltd. (EPL) today announced the taking over of Vishakhapatnam Port Trust’s (VPT) Iron Ore Handling Complex on a Build-Operate-Transfer (BOT) basis, for a period of 30 years. Essar Vizag Terminals Ltd. (EVTL), a wholly owned subsidiary of EPL, will comprise three berths (two outer harbour berths and one inner harbour berth) with a combined capacity of 23 Million Tonnes per Annum (MTPA) which will be developed in two phases.
According to a London report issued Aug. 14, dry bulk freight rate index climbed by 2.5% on Friday at Baltic Mercantile and Shipping Exchange, a moderate rise for two consecutive days. Royal Bank of Scotland (RBS) indicated in its report that China's bulk commodity import will slow down, and that China's bulk material import is predicted to drop from record high and slacken afterwards, according to Financial Times, Aug. 17.
JFE Holdings Inc.’s shipbuilding unit is reportedly aiming to win orders for as many as five iron ore carriers, according to a report on www.businessweek.com. Iron-ore carriers including Nippon Yusen K.K. and Mitsui O.S.K. Lines Ltd. are expanding dry-bulk fleets to tap demand for the steelmaking material. Exports of the ore from Australia, the world’s largest shipper, are forecast to rise at an average annual rate of 7 percent to 2015
Iron-Ore carrier daily rates rebound as China spends US$158-billion. Iron-ore ships are poised to earn more than operating costs for the first time this year as rates rally on speculation Chinese steel mills will accelerate imports because of a 1 trillion-yuan ($158 billion) building program, reports Bloomberg Business News. Capesizes, each carrying 160,000 metric tons of ore, will earn $12,500 a day in the fourth quarter
Brazilian mining giant Vale and the China Merchants Group (CMES) signed an expanded framework deal for strategic co-operation on iron ore shipments. Vale has agreed to sell four large iron-ore carriers to CMES. The world's largest producer of iron ore said in a statement the details of the contract had not yet been finalized and will be released in the coming months. "No price has yet been disclosed for the four vessels
U.S.-flag Great Lakes freighters (lakers) moved 10.8 million tons of dry-bulk cargo in May, their highest total for that month since 2008. The surge is at least partially attributable to the fact that no ice delays were experienced this May.
The dry bulk market has been devastating so far in 2015. However, June has somehow reversed it all in less than three weeks if judged by the Baltic Dry Index (BDI). June has delivered what May was unable to – keeping the momentum going
Royal Boskalis Westminster N.V. has been awarded three dredging-related contracts on the African subcontinent with a combined value of approximately EUR 75 million. In Angola, Boskalis has been awarded a contract by Angola LNG Ltd. for dredging activities related to maintaining the access
Mega-ore carrier Valemax Yuan Zhuo Hai, which is owned by China Ore Shipping, has arrived Dongjiakou Port in Qingdao for unloading iron ore. This is the first entry of such a bulk carrier tonnage in the sea port of China for the past two years.
Essar Ports Limited today announced its unaudited results for the full year and quarter ended March 2015. Key Highlights: · Essar Ports takes over the Vizag Iron Ore outer harbor terminal with 2 berths on 14th May 2015
Despite a modest recovery in earnings anticipated over the next two years, the dry bulk shipping market is not expected to return to profitability until 2017, says the latest edition of the Dry Bulk Forecaster, published by global shipping consultancy Drewry.
U.S.-flag Great Lakes freighters (lakers) moved 6.7 million tons of dry-bulk cargo on the Great Lakes in April, a decrease of nearly 6 percent when compared to the month’s 5-year average. Another brutal winter again spawned heavy ice formations Lakeswide that slowed the vessels that
Brazilian miner Vale said on Tuesday it agreed to sell four large iron ore carriers to China Merchants Energy Shipping Co (CMES) , as it looks to raise cash in the midst of an iron ore price slump. The world's largest producer of iron ore said in a statement the details of the contract
Brazilian miner Vale has completed the sale of four other large iron ore carriers to China Ocean Shipping Company (Cosco), which was agreed last September. This transaction is related to the agreement signed with Cosco on September 12, 2014.
China Shipping Development (CSD) and Cosco have established a joint venture (JV), China Ore Shipping Pte., in Singapore to purchase four 400,000 dwt ore carriers from Vale and operate them. CSD and Cosco’s bulk shipping division Cosco Bulk Shipping holds 49% and 51% equity
An LR 1300 with super lift equipment and an LR 1160 crawler crane will strengthen the fleet of Viking Cranes. The Tallinn-based company with branch offices throughout the Baltic States and Scandinavia has signed the contract at the occasion of the customer days of Liebherr Nenzing
Dry bulk shipping firm Golden Ocean reported first-quarter earnings below forecasts on Thursday and said its market had gone from "bad to worse" with market conditions not seen in three decades. Golden Ocean, controlled by shipping tycoon John Fredriksen
Grain shipments through the St. Lawrence Seaway are up 7 per cent this season, continuing the pace set last year when ships carried the largest volume of grain through the navigation system in 14 years. According to The St. Lawrence Seaway Management Corporation
Shipments of iron ore on the Great Lakes and St. Lawrence Seaway totaled 6.6 million tons in May, an increase of 53 percent compared to ice-impacted April, and 4 percent better than a year ago and the month’s 5-year average, according to the Lake Carriers’ Association (LCA)
Brazilian steelmaker Usiminas intends to cancel its iron ore shipment contract with the Sudeste Port, a private terminal near Rio de Janeiro, the port said on Friday. The statement did not say how much Usinas Siderurgicas de Minas Gerais SA, as the company is formally known