Iron ore cargoes diverted from the Middle East as conflict intensifies
Katharine Gemmell
Iron ore shipments are being disrupted by the worsening conflict in the Middle East. Some cargoes diverted mid-voyage to East Asia as war chokes one of the world’s most critical shipping lanes.
Benchmark iron ore futures surged more than 4 per cent toward $US110 a tonne in Singapore. Elevated freight and bunker rates because of the war have also raised the cost of shipments.