A $275m very large ore carrier (VLOC) order from Australian mining heavyweight Fortescue Metals Group (FMG) has created a buzz of optimism in the market.
While rival Vale’s much larger VLOC campaign has proven costly to both the company and the freight market, shipping sources and mining experts believe FMG’s 260,000-dwt quartet is a positive development.
“I think Fortescue probably has undertaken the right move,” said Matt Hope, a metals and mining analyst at Credit Suisse.
