Disclaimer

The articles excerpted on this site report on the state of the industry as seen by mainstream media, and do not necessarily reflect the opinion of the officers of the ILWU Coast Longshore Division.

Iron-Ore Rout Seen Ending Biggest Ship Rally in a Year: Freight

STX Pan Ocean

A major player in bulk shipping is Korea's STX Pan Ocean, one of the three owners of EGT in Longview, WA.

Steelmaker demand for iron ore, the biggest source of cargoes for commodity carriers, is weakening, threatening to end the most profitable shipping rates in almost a year.

A measure of the combined earnings of the Bloomberg Dry Bulk Shipping Pureplay Index will retreat 51 percent this year, according to analysts’ estimates compiled by Bloomberg. STX Pan Ocean Co., the biggest member of the gauge, will report a loss of $33.8 million, compared with net income of $94.95 million in 2010, according to the mean of seven estimates. Shares of the Seoul-based company fell 35 percent this year.

More in Business Week

Share

Find other news on this topic by clicking on the tags and category key words above.