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Fortescue reports record iron ore shipments

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Dry Bulk,

Australian iron ore miner, Fortescue, reported record performance at its mining, processing and shipping operations in 3Q16 (1QFY17).

The company shipped 43.8 million t of iron ore in 3Q16 (1QFY17), a 5% year-on-year increase and 1% up on the previous quarter. FY17 guidance remains at 165 – 170 million t.

The company also reported mined production of 49.5 million t, 10% up on the previous year, and processing volumes of 43.6 million t, 7% up on the previous year.

“Iron ore and steel markets continued to be supported by infrastructure and housing activity in China during the September 2017 quarter,” the company said in its latest quarterly production report.

“Steel consumption in China remains stable and together with exports resulted in annualised steel production of 809 million t at the end of September.”

Looking ahead, Fortescue will take delivery of the first VLOC of an eight ship order in November. CAPEX on the VLOCs was US$35 million during 3Q16 with an additional US$235 million expected through FY17 and US$180 million in FY18.

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