Brazilian iron ore logjam easing?

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Via FreightWaves:

According to chief executive officer Birgitte Ringstad Vartdal, “Golden Ocean’s first-quarter results reflect a weaker market environment brought about by disruptions in the iron-ore trade.”

She explained on the conference call with analysts, “Going into 2019, there was strong conviction in the market. Additional tons of iron ore were to come from Brazil and that’s why I [previously] guided on a production increase of between 25 million and 30 million tons from the year before.”

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About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.