More bad news for dry bulk owners came from Bloomberg yesterday with news that Rio Tinto Group, the world’s second-largest mining company, will almost double the amount of commodities shipped on vessels it owns or hires to get iron ore and coal.
Rio Tinto is set to ship 300m tons a year by 2015, up from 155m tons in 2010. Shipments on vessels it operates may rise to between 60 percent and 70 percent of commodities sold within five to seven years from less than half now, Rio Tinto said.?Dry bulk shipping is having to come to terms with another mining giant, Vale, building up a huge fleet of very large ore carriers with the first slew delivering this year.
Rio Tinto is set to ship 300m tons a year by 2015, up from 155m tons in 2010. Shipments on vessels it operates may rise to between 60 percent and 70 percent of commodities sold within five to seven years from less than half now, Rio Tinto said.?Dry bulk shipping is having to come to terms with another mining giant, Vale, building up a huge fleet of very large ore carriers with the first slew delivering this year.