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Iron Ore Shipments Fall 7%

Global iron ore shipments have fallen 7% y/y, during the first seven weeks of 2025, amid supply disruptions and weak Chinese import demand. Australian cargoes have fared the worst, down 10% y/y while shipments from Brazil have weakened by 5% y/y. “The comparatively stronger Brazilian shipments are boosting average sailing distances, but tonne mile demand is nonetheless estimated to have taken a 6% fall y/y,” says Filipe Gouveia, Shipping Analysis Manager at BIMCO. The weakness of iron ore shipments this year has intensified this past week in particular. A cyclone forced Australia’s largest iron ore port to close for three days, causing Australian shipments to drop 55% y/y. Brazilian shipments have also slowed, partly due to a fire in Vale’s facilities in port Tubarão. During the previous weeks, global iron ore shipments fell 1% y/y. “The weakening in iron ore shipments has contributed to a slump in freight rates. So far this year, the Baltic Dry Index (BDI) has on average been down 44% y/y. Furthermore, the capesize segment has performed even worse, with rates taking a 55% y/y hit,” says Gouveia. Iron ore is the largest dry…

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Houthis Claim First Launch of Hypersonic Missile Targeting MSC Ship

The Houthis military and spokesperson claim that they launched a hypersonic missile for the first time to target an MSC containership far out in the Gulf of Aden. This comes after several days of increased activity and additional claims that the militants are also launching a new, faster, and sleeker attack boat. The Houthi spokesperson Yahya Saree revealed the identity of the missile that targeted the Israeli ship MSC Sarah V in the Arabian Sea for the first time. He said that the missile possesses advanced technology, is accurate in hitting, and reaches long ranges because it is locally made. Observers are raising new concerns based on the distance of the reported attack. The MSC Sarah V (67,795 dwt registered in Liberia) was 280 miles southeast of Nishtun, in eastern Yemen near Oman. The vessel sailed on Monday near Yemen’s Socotra Island, bound for Abu Dhabi. While the Houthis have always claimed a direct hit, the U.K. Maritime Trade Organizations said it received a report from the master of a “proximity” explosion. They said there were no injuries or damage, and the vessel was proceeding. The Houthis have previously staged a few…

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Master Faces Jail Time and Fines After Crew Reports MARPOL Violation

The master of a UAE-owned product tanker (PS Dream), Abdurrahman Korkmaz, has pleaded guilty to obstruction and violating ship pollution prevention laws in a Louisiana court. The criminal case against both the master and the shipping companies stems from the report of a crewmember who two weeks before the vessel reached New Orleans, reported the incident to the U.S. Coast Guard. This individual and another crewmember blew the whistle and provided evidence, including photos and videos showing oil being pumped overboard and trailing behind the tanker to the Coast Guard. The crew-supplied evidence was presented in court as a key part of the prosecution. Korkmaz faces up to six years in prison and a $250,000 fine for his role in ordering the dumping of oil-contaminated waste into the ocean during the voyage to New Orleans. According to documents and statements filed in court, Korkmaz ordered his crew to pump overboard from the residual oil tank which contained oily waste. A portable pump placed inside the tank and connected to a long flexible hose was used to discharge directly into the ocean without any required pollution prevention equipment or monitoring. The…

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