Eleven crew members of a Hong Kong-flagged bulk carrier are missing after their ship sank Friday off the coast of Philippines in what appears to be a possible case of nickel ore liquefaction. The Japanese Coast Guard reported Friday it had received a distress call from the 57,000 dwt MV Emerald Star, which was sailing about 280 km east of the northern tip of the … [Read more...]
Nickel Ore Liquefaction Causes Bulker Grounding in Philippines
The liquefaction of nickel ore cargo is being eyed in the grounding of a Singapore-flagged bulk carrier in the Philippines. The Philippines Coast Guard reports that the MV Alam Manis, a 55,652 DWT bulk carrier owned by Malaysian Bulk Carriers, ran aground Friday in the vicinity of Candon City after developing a severe list. The vessel was reported to be carrying … [Read more...]
Dry Bulk Ship Rates Poised for Record Low on Indonesian Ore Ban
By Naomi Christie June 26 (Bloomberg) -- Freight rates for the biggest vessels to navigate the Panama canal are poised to slump to a record because of Indonesia’s ban on exports of nickel and aluminum ore, according to an operator of the ships. The daily rate to hire Panamax ships, which can carry about 70,000 metric tons of commodities including coal and grain, fell to … [Read more...]
China Builds Sulawesi Smelters as Ore Export Ban Cuts Jobs
June 3 (Bloomberg) -- Since Indonesia banned ore exports, the global nickel industry has been rocked by surging prices, Chinese workers like Zhang Qi Guang are building smelters in Sulawesi and business at Eva’s Jewel restaurant has collapsed. Indonesia, the world’s largest producer of mined nickel, halted shipments Jan. 12, sending prices up as much as 56 percent and … [Read more...]
Nickel Is Best Bet for Barclays as Indonesian Export Ban Looms
Dec. 10 (Bloomberg) -- Nickel, the worst performing base metal this year, offers investors the best opportunity for advances in early 2014 as Indonesia is poised to halt the export of mineral ores, according to Barclays Plc. The prohibition in the largest mined producer, set to take effect after Jan. 12, may curb supplies for makers of nickel pig iron in China, analysts … [Read more...]