Ship Demand to Surge as Ore Cargoes Bust 1.3 Billion Tons
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Australia’s plans to export more iron ore this year than any nation ever is driving up shipping costs by 80 percent. Increased sales from Brazil before year-end means freight rates could go higher still.
Rio Tinto Group and other miners will ship an extra 97.8 million metric tons from Australia, equal to more than 600 cargoes for Capesizes hauling the ore, says Clarkson Plc, the world’s largest shipbroker. Brazil will add another 12.4 million tons, the first expansion since 2011, with shipments accelerating in the second half as the weather improves.