Bulk carrier FEDERAL MOSEL berthed in Zhenjiang, China yesterday.
Going by its carrying capacity, it probably had a load of about 35,000 tonnes, (of which 15,000 tonnes was held over at PLL’s request from last year.
If we assume 20,000 tonnes belonged to CY 2025, another 60,000 tonnes should be shipped before the end of this quarter, (this to meet the forecast that 75% of this years spod would be shipped in the June quarter.
This explains what is happening to 80,000 tonnes for the half year but what about the rest?
The half year production from NAL should be close to 120,000 tonnes, (not including what may have been left from last year).
There may be a simple explanation about where that missing amount has gone to, (the quarterly report should tell us).
In the meantime, I will continue to watch the shipping movements out of Quebec to see where the spod from NAL is going, (or not going).
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