Despite iron ore movement staying resilient amid the global coronavirus pandemic, key Capesize freight rates to move iron ore from Brazil and Australia to China tumbled to multiyear lows on Wednesday. A noticeable drop in long haul voyages — which accounted for sizable tonnage volume — saw the freight to move 170,000 mt (plus/ minus 10%) of iron ore from Tubarao, Brazil, to Qingdao, China, assessed at $8.40/wmt, a level last witnessed on June 1, 2016. The shorter Port Hedland-Qingdao route hit $3.95/wmt, the lowest since February 14, 2017.
Capesize rates fell as long haul voyages are decreasing. But Australia is not the cause, as IO shipments are up 7%, yoy, for April, 2020.Fewer long haul voyages force Capesize ship rates to multiyear lows
Australia’s Port Hedland iron-ore shipments to China up 10.6% in April
Pilbara Ports Authority has delivered a total monthly throughput of 61.8 million tonnes (Mt) for the month of April 2020. This throughput was a five per cent increase compared to the same month in 2019. The total throughput for the 2019/20 financial year to date is 586.3Mt, an increase of three per cent from the same time last year. The Port of Port Hedland achieved a monthly throughput of 45.7Mt, of which 45.2Mt was iron ore exports. The monthly throughput represents a seven per cent increase from April 2019.
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