From what I can see is that Top Fair is sitting in the queue at Port Hedland and has been doing so for a couple of days.
You need to remember that the Mn ore is sold by E25 is FOB, so all port costs, loading is paid by E25. Whilst the Manganese ore price is normally listed CIF China, this means that OMH pays the actual shipping cost and unloading.
The Supramax charge for shipping is for both directions since it comes empty.
Top Fair is already 15 days since it left its last port and its still sitting in the queue, this is where a lot of money goes down the drain.
The problem I see for E25 is that its a borderline operation and always will be. The trucking 1200kms (round trip) is the real problem and theres nothing that can be done about it. Rail is the only way to go, even the old Horseshoe manganese mine which BYH is now drilling had a railway line back in 1927. Eventually it was taken up when the mine closed.
E25 Price at posting:
$1.08 Sentiment: Sell Disclosure: Not Held
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