BRS Shipbrokers has published the 12 November 2026 edition (Issue 242) of its weekly newsletter on the dry bulk shipping market.
This week’s topic looks at the combined effect of weaker prices and rising shipping costs on Brazilian iron ore miners’ margins. Against third-quarter earnings reports, producers such as Vale reported a 39% year-on-year decline in iron ore fines EBITDA: the average realised price fell from USD 94.4/t in 3Q25 to USD 85.1/t in 3Q26, while average freight costs rose by about 21%, from USD 18.8/t to USD 22.8/t. Brazilian iron ore loadings totalled 283.1 million tonnes in the first nine months of 2026, down 2.3% year on year, and the third-quarter seasonal uplift was much smaller than in previous years.
The newsletter notes that the implications differ by commodity. For Guinean bauxite, which is more sensitive to freight costs, lower rates could bring marginal cargoes that had become uneconomic back into the market, whereas for major iron ore producers the immediate benefit is more likely improved earnings than a sharp increase in volumes. In the Cape market, if high freight rates persist on long-haul cargoes, they could strengthen the competitiveness of Australian iron ore given its shorter shipping distance.
The edition also includes dry bulk commentary across the Capesize, Panamax and Supramax segments, an analysis of Asia’s thermal coal market and LNG imports, market news headlines, Panamax and Supramax reported fixtures, and fleet statistics. For shipbuilding and ship repair companies, the newsletter provides a benchmark on freight rate dynamics and tonnage demand, useful for anticipating repair and technical service needs for existing vessels.
Romanian version: BRS Shipbrokers – Buletin săptămânal Dry Bulk: marjele producătorilor de minereu de fier, sub presiunea creșterii costurilor de transport (Issue 242)