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.
