Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Wednesday, 8 March 2017

Stormy February; records in March

Supply disruption

While around the rest of the country we were grappling with outlandish temperatures, up in the Pilbara extreme weather put a stop to shipping operations on more than one occasion in February. 

According to Pilbara Ports, during the month shipping operations at Dampier and Port Hedland were suspended for 23 hours, and 27 hours and 30 minutes respectively, due to adverse weather conditions.

February is a short month anyway, but even accounting for this iron ore exports for the month totalled 35.6Mt, a decrease of 3 per cent from the previous year, according to the port statistics. 

Record shipment in March

While a couple of days of bad weather may be reported as bad news, the mood at Port Hedland is more likely to be upbeat.

After all on 1 March the greatest ever shipment of iron ore left the Port of Port Hedland on the vessel HL TUBARAO.

The Fortescue Metals Group (ASX: FMG) loaded vessel departed the port on Wednesday morning with a total of more than 270,000 tonnes, with a record sailing draft of 19.95 metres.

Given that there are 31 days in March the last time I checked, there could be a serious rebound in cargo tonnage to be reported next month.