Aussierogue - fully agree with you. It's not force majeur and FMG relying on the the unforeseen circumstances clause in the COAs to get out of paying the high freight rates. The freight rates were agreed when the freight market was high. The freight market has now totally colapsed (See the baltic Index) and FMG and their Chinese customers don't want to pay the agreed rates. Freight is now dirt cheap and can be got for the cost of bunkers. A change in market conditions (decreased freight cost) is not claimable as an unforseen circumstance. If the ore is still being shipped, even though under different delivery terms, then the ship owner is entitled to carry it. If FMG do not make the ore available to the shipowner then the ship owners can claim compensation up the the full payment of freight. As there is a number of freight contracts with different owners in place we will hear a lot more.
Aussierogue - fully agree with you. It's not force majeur and...
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