Vale ups iron ore export forecasts

In a boost for capesize owners, Brazilian mining giant Vale yesterday upped its full year iron ore export forecast to between 323m and 330m tons, up from earlier predictions of 310m to 320m tons.

The news is juxtaposed against a time when iron ore prices are at two-year lows.

Cape rates have enjoyed a very solid September, currently sitting on figures hovering around the $28,000-a-day mark.

Analysts at Signal, a Greek shipping analytics firm, reported yesterday that the cape market in the South Atlantic is beginning to tighten.

“The combination of fewer ballasters and improved cargo flow of shipments from key markets like Brazil to China has likely contributed to the upward momentum in the C3 rates, signalling a potential shift towards a more favourable freight environment for owners,” stated a dry bulk update from Signal.

Source: Splash 247

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