World's biggest iron ore port faces strike, A$100m daily loss

[MELBOURNE] Tugboat crews, including deckhands paid more than some New York bankers, are threatening to disrupt shipments from the world's biggest iron ore port as they negotiate for increased wages and improved conditions.

Australian iron ore miners may collectively lose about A$100 million (S$116.2 million) a day as a result of stoppages at Port Hedland, according to BHP Billiton, the world's largest mining company. The port exports about half of the nation's shipments, forecast to reach A$76.5 billion in the year up to end-June 2015, according to government forecasts.

"Any tightening of supply, particularly at current levels, could see an iron ore price reaction that might offset any short-term revenue losses," said Michael McCarthy, a chief strategist at CMC Markets in Sydney. "It's not an overwhelming negative."