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First Capesize awaits iron ore from Guinea's Simandou

  • Market: Freight, Metals
  • 10/11/25

The first Capesize that will carry iron ore from the new Simandou project in Guinea in west Africa is currently offshore and waiting to be loaded.

The 203,195 deadweight tonne Winning Youth, owned by Singapore-based Winning International, will be the first vessel to carry Simandou iron ore and is anchored at Morebaya, to the south of capital Conakry, sources have said.

The official inauguration of the mine is set to take place on 11 November, and the loading of the Winning Youth is likely to take place shortly afterwards.

Winning International-led Winning Consortium Simandou is developing blocks 1 and 2 of the Simandou deposit, while Rio Tinto SimFer is developing blocks 3 and 4. Winning Consortium Simandou plans to reach capacity of 60mn–80mn t/yr, according to Winning International. Rio Tinto SimFer expects "project production ramping up over 30 months and reaching 60mn t/yr at the SimFer mine by 2028," the company said.

Simandou could reshape the global Capesize market, with its impact depending on which market share it displaces — Australian or Brazilian. If Australian, Capesize tonne miles may soar, pushing freight rates higher. But the initial effect might be limited, as the project is expected to load only a small number of cargoes in 2025, according to participants.

By Andrey Telegin

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04/12/25

Glencore to raise global copper production by 2035

Glencore to raise global copper production by 2035

Sydney, 4 December (Argus) — Global metals producer Glencore expects to increase its copper output to 1.6mn t by 2035, on the back of mine expansions, but faces short-term copper challenges. It plans to produce 1.1mn t of copper in 2029, up from 850,000-875,000t in 2025, Glencore told investors in a capital markets day presentation on 3 December. It will then further increase production to around 1.6mn t by 2035, the company added. Glencore's copper growth will come largely from the planned mine developments and restart projects (see table) over the next few years, including the 2028 reopening of its Alumbrera mine in Argentina. Development work at the company's Collahuasi mine — a joint venture with UK-South African producer Anglo American and Mitsui-owned producer Japan Collahuasi — in Chile will also support its growth plan. The project will increase Glencore's long-term output but has dampened its short-term production outlook. The company cut its 2026 copper production guidance to 810,000–870,000t on 3 December, from 930,000t in February, because of mine plan changes at the site. Total production at Collahuasi fell by 31pc on the year in July-September, from 431,200t to 297,000t, because of lower ore grades, data from Chilean copper commission Chochilco show. The mine will operate at a reduced rate in 2026 because of development work, Anglo American told investors on 29 October. Glencore also cut the upper bound of its 2025 copper production guidance from 890,000t to 875,000t in late October because of operational and ore grade issues. It expects to produce at the lower end of its 850,000–875,000t range over the year. The company mined 583,500t of copper in January-September, down by 17pc on the year. By Avinash Govind Glencore Copper Projects Project Location Date Production (Average LOM, '000t) Alumbrera Restart Argentina 1H 2028 75 Collahuasi - LG stockpile leeching Chile 2028 22 Antapaccay - Coroccohuayco Peru 2H 2029 148 MUMI - Sulphides Democratic Republic of Congo 2031 97 Agua Rica Argentina 2H 2031 156 NewRange - stage 1 USA 2031 18 Collahuasi - New concentrator Chile 2H 2033 142 El Pachon Argentina 2034 338 NewRange - stage 2 USA 2037 55 Antapaccay district Peru 2037 201 *LOM: Life of mine Source: Glencore Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Vancouver Aframax rates decline

03/12/25
News
03/12/25

Vancouver Aframax rates decline

Houston, 3 December (Argus) — An increase of Aframaxes on the Pacific side of the Americas positioning towards Asia-Pacific lowered eastbound rates out of Vancouver, as well as rates for short-haul voyages to the US west coast. The rate to ship 80,000t of crude, or about 550,000 bl of Cold Lake, from Vancouver to China fell to $3mn lumpsum on Wednesday, down by $400,000 from the start of December. That rate, the lowest in more than a month, was equivalent to $5.54/bl for Cold Lake. Suncor put the Esteem Cowboy on subjects for that rate and route loading from 19-20 December. The deal followed a pair of Aframaxes put on subjects earlier in the week for the same route at $3.25mn. There were approximately 34 Aframaxes available to load out of Vancouver over the next 20-24 days, according to analytics platform Vortexa. That was up from 22 Aframaxes available from the same point in November. Even with rates falling, demand has kept levels buoyed above where they averaged during the summer months. Canadian heavy waterborne crudes are more competitively priced into China so far in December than grades from the Mideast Gulf. The Vancouver-China Aframax rate dipped below $2mn in June, held above that level for most of July, and hovered just below that level through most of August. The rate for a USWC-bound voyage was also lower this week compared with last week, though levels remain higher from the dip seen in the middle of November. The Vancouver-USWC Aframax rate has hovered at Worldscale (WS) 250 since 1 December, equivalent to $3.13/bl for Cold Lake, after holding at WS255 since 19 November. The rate for that route dipped to WS230 in the middle of November but rose through the rest of that month, pushed up as the number of available Aframaxes were siphoned away by Asia-Pacific-bound voyages. Direct transpacific shipments remove vessels from the west coast North America market for about 45 days. Charterers' preferences shifted in 2024 to ship crude directly from Vancouver to destinations in Asia-Pacific, as opposed to traveling down the US west coast to discharge onto a very large crude carrier (VLCC) in the Pacific Area Lightering (PAL) zone. But even with US-China port fees on pause for virtually a year, that will likely remain the preference. The direct route saves time and, with VLCC rate still firm, remains cost-effective. By David Haydon Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US services PMI rises in November

03/12/25
News
03/12/25

US services PMI rises in November

Houston, 3 December (Argus) — Economic activity in the US services sector, the biggest part of the economy, expanded further in November, as business activity and new orders rose, the Institute for Supply Management (ISM) reported today. The purchasing managers index (PMI) for services rose to 52.6 in November, up from 52.4 in October, marking the fifth consecutive month above 50, which is the divide between expansion and contraction. Still, the 12-month average of 51.7 was the lowest since August 2024. The business activity/production index rose in November by 0.2 points to 54.5. The new orders index slipped to 52.9, down by 3.3 percentage points from October but above its 12-month average. The backlog of orders approached expansion with a PMI at 49.1, up from 40.8 in October. The prices index fell to 65.4 in November, down from 70 the prior month, signaling slowing gains. The continued expansion in the business activity and new orders indexes and the rising backlog of orders "are positive signs of an emerging recovery for the services sector", ISM said. "On the downside, tariffs and the government shutdown continue to be noted by survey respondents as impacting both demand and costs." The employment PMI rose to 48.9 from 48.2 in October, signaling a slowing contraction. The supplier deliveries index rose by 3.3 points to 54.1, indicating slower deliveries by suppliers, "likely due to air traffic disruptions from the government shutdown and customs impacts related to changing tariffs," ISM said. A higher supplier delivery reading indicates slower deliveries, typically a sign of rising demand and an improving economy. By Bob Willis Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Idemitsu, Kanematsu start biofuel supply for ships

03/12/25
News
03/12/25

Idemitsu, Kanematsu start biofuel supply for ships

Osaka, 3 December (Argus) — Japanese refiner Idemitsu and trading house Kanematsu have started supplying biofuel mixed with fatty acid methyl ester (Fame) for oceangoing ships, to help reduce greenhouse gas (GHG) emissions in the maritime sector, the companies said today. In October, Idemitsu began bunkering cleaner fuel oil, which includes up to 24pc of Fame, for oceangoing ships, using Kanematsu' storage and shipping facilities in southern Japan's Kokura, a spokesperson at Idemitsu told Argus on 3 December. Under this partnership, Kanematsu procures Fame and blends it with fuel oil supplied by Idemitsu. The Fame mixture will cut GHG emissions by around 20pccompared with conventional fuel, Kanematsu said. Idemitsu aims to deliver a total of 5,000t of bio-blended fuel by March 2026, including supply for domestic vessels. This is equivalent to the amount of fuel consumed by a 300,000 dwt vessel during about 50 days of operation, the company added. The start of their commercial operations comes after Idemitsu's demonstration in northern Hokkaido , where it tested bunkering operations for coastal vessels with fuel containing 24pc Fame in 2023-24. Idemitsu is also gearing up to develop a supply chain for low-carbon methanol for vessels, aiming to start methanol bunkering from the April 2026-March 2027 fiscal year. By Motoko Hasegawa Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Australia loads more lithium in Nov on stronger prices

03/12/25
News
03/12/25

Australia loads more lithium in Nov on stronger prices

Singapore, 3 December (Argus) — Australian lithium loading tonnage edged up in November against October, according to data compiled by Argus , likely hitting the second-highest monthly volume this year on the back of stronger spodumene prices. Total bulk lithium shipments out of Australian ports were estimated around 402,300t in November, higher than a relatively weak October that followed a record level in September , according to data from vessel tracking firm Kpler compiled by Argus . The vast majority of the shipments are likely spodumene. China is historically Australia's primary spodumene consumer. Bunbury port and Port Hedland were estimated to have loaded near 155,700t and 122,000t of lithium, up by 21pc and 2.5pc on the month, respectively. Lithium producers such as PLS, Mineral Resources (MinRes), Covalent Lithium as well as the country's Greenbushes mine — run by Australian mining group IGO alongside major Chinese firm Tianqi Lithium and US-based producer Albemarle — transport their spodumene to the two ports for export. Australian lithium producer Liontown Resources' Kathleen Valley project sits near the Geraldton port, which was estimated to have shipped out more than 44,500t of lithium in November. Esperance port loaded about 61,400t of lithium, up by 87pc on the month. MinRes' Mount Marion operation, which is 50pc-owned by major Chinese lithium producer Ganfeng, sends its spodumene to Esperance for export. The Port of Fremantle shipped out more than 18,600t of lithium, according to Kpler data. As of 3 December, Australian ports are expected to load at least 271,400t of lithium in the month, the latest Kpler data show. This suggests a potentially stronger December loading volume, given the comparatively lower figure reported in early November. Argus -assessed prices for 6pc grade lithium concentrate (spodumene) rose from $920–980/t cif China on 4 November to $1,170–1,235/t on 2 December. Chinese salt plants were active in securing sufficient feedstock for the first quarter of 2026 and were in no hurry to finalise spodumene prices despite price uptrend. By Joseph Ho Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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