Nordea: Strong iron ore numbers for second quarter

The second quarter brought a significant increase in iron ore production, but an oversupply of tonnage keeps dry bulk shipping from reaching a solid rate level, writes Nordea.

Even though the first six months of 2012 ended with an increase in the amount of iron ore produced, the large number of dry bulk ships at sea is still preventing rate increases from taking place, writes Nordea in the bank’s Shipping Weekly report.

Second quarter production for major manufacturers of iron ore shows a 6.8 percent increase in output compared to second quarter of 2011, while the output of this quarter was up 12 percent from the first quarter. The first quarter, though, is a seasonally weak quarter, writes Nordea.

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