Dry Cargo

Rio Tinto to up iron ore shipments this year

Providing some cheer to hard pressed dry bulk owners who have seen the Baltic Dry Index plummet to levels never seen before, miner Rio Tinto has said it will increase iron ore production and shipments this year.

Rio Tinto said yesterday it plans to ship 350m tonnes of iron ore this year, including from mines it co-owns, a 4% increase over 2015.

“We will continue to focus on disciplined management of costs and capital to maximise cash flow generation throughout 2016,” Rio Tinto chief executive Sam Walsh said in a statement.

Iron ore stockpiles at Chinese ports are set to break through the 100m tonne mark shortly, a new report from Citi this week predicted.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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