A ship laden with Brazilian iron ore was this week making its way northwards along the Chinese coast following a call at Subic Bay in the Philippines, nearly two months after leaving the original Brazilian loadport of Tubarao.

But, as far as is publicly known, the 402,000-dwt Shandong Da Ren (ex-Vale Malaysia, built 2013) has nowhere it can legally call in China and must therefore be presumed to be heading for South Korean or Japanese discharge ports.

That