tty iron ore price will surprise on the upside, page-25

For those who don't know, CIF means Cost, Insurance and Freight. So if you sell CIF China, it means that you pay the cost of the goods, the freight and marine insurance.
The CIF price for spot iron ore in China is around US$200/ton. You need to remember the cost of freight on a small ship like panamax will cost US$50/ton
Check the Baltic Index to work out freight. Most shareholders don't realise that ship owners charge for both ways since they come back empty.
http://shipping.capitallink.com/baltic_exchange/stock_chart.html
TTY can only use panamax ships until the Port is dredged.
Panamax ships have a displacement around 65,000 tons.