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
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
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
Shares of shipbuilders and automakers were lower in late morning trading as investors react belatedly to the possible increase in steel prices, reports indicated Hyundai Heavy Industries was down 4,500 won or 1.2 percent at 380,000 won, Samsung Heavy Industries was off 600 won or 1.9 percent to 30,400 won and Daewoo Shipbuilding & Marine Engineering fell 300 won or 0.8 percent to 39,300 won. Hyundai Motor was down 1,300 won or 1.9 percent at 67,600 won and Kia Motors down 50 won or 0
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.
Reuters reported that BHP Billiton’s Australian iron ore mines have recommenced work at full operation following a cyclone that battered coastal regions and closed major shipping terminals this week. “Port Hedland, the world's biggest iron ore terminal and used by BHP to export nearly 200 million metric tons of the steel-making material annually, sustained only minor damage from Cyclone Christine and reopened late on Tuesday,” Reuters said.
Reuters - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose on Monday. The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose 19 points to 1,562. The Baltic's capesize index rose 43 points or 1.4 percent to 3,023 points. Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal
Freight shipping prices have plummeted to a historic low, fueled by a long-standing problem of too many ships and lower demand from China, as per a report in AFP. However, the economists say that this is not a serious warning sign on the global economy.
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged down slightly on Monday as rates for panamax vessels fell. The overall index, which gauges the cost of shipping resources including iron ore, cement, grain, coal and fertiliser
Korea’s dry bulk shipping company Daebo International Shipping has reportedly filed an application for rehabilitation proceedings with a court in South Korea. Daebo is the third dry bulk shipping company to file for bankruptcy protection this month following China’s
Unfazed by the tough market conditions that the shipping industry is faced with, Malaysian Bulk Carriers Bhd (Maybulk) said it will move forward with fleet renewal activities. Maybulk is building five new ships to expand its fleet size to 27 vessels by 2018
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three decades as rates for all the four vessel types continued to flounder. The overall index
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, continued its slide on Monday, hitting a new near-three decade low as rates for all four vessel segments fell. The overall index, which factors in average daily earnings of capesize
Shipping costs plunged to almost the lowest on record following tumbling demand for coal in China and weakening growth in the nation’s iron ore purchases, reports Bloomberg. The Baltic Dry Index, which tracks freight rates for ships carrying raw materials
Peter Georgiopoulos’s Genco Shipping & Trading Ltd., an operator of dry-bulk cargo ships, steamed into the No. 3 berth on the Top 10 List for 2014 when it filed for chapter 11 protection on April 21, 2014, in the Southern District of New York with nearly $3 billion in assets and $1
The Baltic Exchange's main sea freight index slid to an all-time low on Monday as sluggish cargo demand especially from China battered sentiment, according to data on Monday from the Baltic Exchange in London. The overall index was down 5 points, or 0
China has amended its port rules to allow fully loaded 400,000-deadweight tonnes (dwt) dry bulk cargo ships to dock at the country’s mainland ports. The ban affected the type Valemax ships, cargo ships built by Vale with capacity of 400 thousand tons.
China has amended rules around ships it will allow to berth at mainland ports, paving the way for Brazilian miner Vale to ship iron ore in its giant 400,000 deadweight tons (DWT) carriers. Vale's mega ships, the world's biggest bulk ore carriers
Dozens of iron ore and coal carriers idled as Baltic dry index falls to all-time low. A second dry cargo shipper has filed for bankruptcy following a collapse in freight rates that has forced many companies to idle vessels used to haul iron ore
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, hit another record low on Wednesday as demand for vessels fell ahead of the Lunar New Year holiday. The overall index, which gauges the cost of shipping resources including iron ore, cement
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, edged up slightly on Thursday on higher rates for panamaxes and smaller vessels. The overall index, which gauges the cost of shipping resources including iron ore, cement, grain
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose for the second consecutive day on Friday on higher rates for capesizes and smaller vessels. The overall index, which gauges the cost of shipping resources including iron ore, cement