Iron ore exports from Australia's Port Hedland at all-time high
Total shipment of 497m tonnes in 2016 indicates increase in global supply despite bearish forecasts
Singapore
IRON ore cargoes from Australia's Port Hedland, the world's biggest bulk export terminal, jumped to an all-time high of almost half a billion tonnes last year, offering fresh evidence of burgeoning global supply at a time when bearish forecasts for the commodity are stacking up.
Exports from the port - which handles material for BHP Billiton Ltd, Fortescue Metals Group Ltd and Roy Hill Holdings Pty - climbed 5 per cent to 46.1 million tonnes in December to set a monthly record, according to Pilbara Ports Authority figures on Tuesday. For all of last year, shipments were 497 million tonnes, up from 479 million tonnes in 2016, according to Bloomberg calculations.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Energy & Commodities
Sri Lanka approves power deal with India's Adani Group
BP profits drop to US$2.7 billion, refinery outage offsets higher output
Aramco to pay US$31 billion dividend as Saudi posts budget deficit
PetroVietnam announces new oil discoveries with initial reserves of 100.5 million barrels
European oil giants consider shifting their listings to the US
ExxonMobil sees Hess arbitration dragging into 2025, CEO says