setting the record straight....brewster you naught Well here you...

setting the record straight....brewster you naught Well here you go, striaght from the horses mouth, brewster credibility = 0


Hi Phil,

There has been some suggestion on another forum that ADY has secured a shipping contract for the iron ore. I personally thought this would be a requirement of Cometals or any spot buyer since you have always given an FOB price and never mentioned anything about securing ships, port loading facilities seems to be where our commiment ends. Can you please set us straight?

Response From Phillip:

I confirm that we have not been in any negotiations on shipping contracts. You are absolutely correct in that Cometals have a huge shipping and trading section in Singapore/China/New York/London/Europe and can add enormous value through financing steel mills' iron ore acquisition, and handling all their insurance and freight requirements at prices most brokers dream/shudder about.

Cometals were the sole marketing agents for CVRB Brazil up until about 5 years ago and the same guys are there, so what they don't know about sales and shipping is very very small. In addition to their own four mills, they have more than 24 major chinese and japanese iron and steel mill clients.

Shipping is a big component of the sale but it is also the part that if you are not doing it everyday you can lose your bonds singlet in a flash.