DB-Weekly Voyage First Iron Ore Shipment Loaded from Simandou Mine in Guinea-20251208

Last week, it was reported that the first commercial shipment of iron ore from theSimandou iron ore mine in Guinea was loaded and is on its way to China. Notably,it took several weeks to load iron ore onto barge vessels before loading on to thelarger, Newcastlemax vessel. This highlights some of the expected inefficiencieswithin the loading phase of the supply chain. Based on shipbroker commentary, itis likely that the start up at Simandou has pushed Capesize rates higher over the lastfew weeks. Average Capesize spot TCE rates now stand over $34,000/day, up 3%week-over-week.