High Shipping Costs Are Here to Stay, Says Bloomberg
By Henry Ren (Bloomberg) Stubbornly high shipping expenses for businesses are getting sealed into contracts for the next 12 months, forcing companies to pass the extra costs on to consumers....
SAO PAULO, April 3 (Reuters) – Brazilian miner Vale SA said on Monday that 260,000 tonnes of fine iron ore on a South Korean ship that sank in the South Atlantic had been insured.
Vale said in an email that the cargo, which belonged to the Brazilian miner, was bound for China for storage and blending when the ship operated by South Korea’s Polaris Shipping, Stellar Daisy, sank off Uruguay’s coast.
Vale said the cargo had been stowed in accordance with international norms. (Reporting by Roberto Samora; Writing by Brad Haynes; Editing by Daniel Flynn)
Full Coverage: Stellar Daisy Sinking
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