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Metallurgical coal boosts US exports in November

Steel News - Published on Thu, 19 Jan 2012

Argus reported that capesize rates fell sharply again over the past week as bad weather in a number of major iron ore and coal-loading areas cut into cargo supplies.

Voyage rates for coal shipments from the Atlantic basin plunged to their lowest levels since August.

Coal exports from Australia Newcastle port were restricted by heavy rain and high wind with ships forced out of the port by thunderstorms. Average waiting times for vessels to load coal at Newcastle rose to 15.39 days from 12.49 days a week earlier.

Brazil has also been affected by bad weather. Investment bank Dahlman Rose said there were no Capesize fixtures booked for Brazil loading last week because the weather caused a force majeure declaration on up to 11-12 iron ore Capesize cargoes.

A year ago the Capesize market faced similar loadings problems as the La Nina weather system caused major flooding and disrupted coal and iron ore mining production.

Coupled with cargo disruptions, the Capesize market is facing another year of massive fleet supply growth with up to 300 ships scheduled for delivery.

Data from UK shipbroker Simpson, Spence and Young showed that in 2011, nearly 250 Capesizes were delivered and while scrapping of older tonnage accelerated to record levels of about 70 ships removed, this was not enough to offset fleet growth.

(Sourced from Argus)

Posted By : admin on Thu, 19 Jan 2012
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