1. Same story, different day...........year ie more of the same fiat floods the world
    Dismiss Notice
  2. There are no markets
    Dismiss Notice
  3. Week of 6/24/2017 Closing prices & Chg Over Last Wk---- Gold $1256.40 Silver $16.64 Oil $43.01 USD $96.94
  4. "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"
    Dismiss Notice

Search Continues For Cargo Ship Carrying 260,000 Tns Of Iron Ore

Discussion in 'Coffee Shack (Daily News/Economy)' started by Scorpio, Apr 4, 2017.



  1. Scorpio

    Scorpio Скорпион Founding Member Board Elder Site Mgr Site Supporter ++

    Joined:
    Mar 25, 2010
    Messages:
    23,643
    Likes Received:
    24,999
    Trophy Points:
    113
    Search Continues For Cargo Ship Carrying 260,000 Tns Of Iron Ore

    Anna Golubova
    Monday April 03, 2017 19:09

    Kitco News

    Share this article:

    South Korea’s vessel is believed to have sunk in the South Atlantic with 260,000 tonnes of iron ore on board. At least 22 out of 24 crew members are still unaccounted for.

    [​IMG]

    The South Korean government is continuing its search efforts to locate the ship, known as The Stellar Daisy, which went missing over the weekend after making its last contact on Friday.

    The search operations began on Saturday after the vessel’s crew dispatched a distress call, South Korea’s Yonhap news agency quoted the country’s Foreign Ministry as saying.

    The 266,000-ton vessel left Brazil on March 26 and was on its way to China to unload the iron ore for storage and blending.

    Rescue crews are searching the area about 2,500km (1,500 miles) from shore, east of Uruguay. Brazilian and Uruguayan authorities are also helping out with the search efforts, while all other ships in the area are being asked to keep a lookout for survivors.

    Two of the crew members were discovered on a life raft on Saturday, local media reported. All other lifeboats found floating in the area were empty.

    The vessel was operated by South Korean company, Polaris, and had 16 Filipinos and eight South Korean crew members aboard. The sunken ship was the same size as 100 tennis courts.

    The cargo on board the ship belonged to the Brazilian miner Vale SA, which said that the iron ore was insured, according to Reuters. Vale reportedly added that the contents of the vessel were properly stowed.

    By Anna Golubova
    For Kitco News

    [​IMG] agolubova@kitco.com
    www.kitco.com

    Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in precious metal products, commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

    http://www.kitco.com/news/2017-04-0...go-Ship-Carrying-260-000-Tns-Of-Iron-Ore.html
     
  2. GOLDBRIX

    GOLDBRIX God,Donald Trump,most in GIM2 I Trust. OTHERS-meh Site Supporter Platinum Bling

    Joined:
    Apr 4, 2010
    Messages:
    4,996
    Likes Received:
    4,619
    Trophy Points:
    113
    Gender:
    Male
    Well of course THEY would.
     
  3. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    120,307
    Likes Received:
    36,317
    Trophy Points:
    113
  4. michael59

    michael59 heads up-butts down Platinum Bling

    Joined:
    Apr 1, 2014
    Messages:
    5,851
    Likes Received:
    2,501
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    20 years logging
    Location:
    on the low side of corporate Oregon
    I never knew nickel ferrous ore would liquefy but that is one of the thoughts in this ship going under.
     
  5. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    120,307
    Likes Received:
    36,317
    Trophy Points:
    113
  6. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    120,307
    Likes Received:
    36,317
    Trophy Points:
    113
  7. Garyw

    Garyw Silver Member Silver Miner

    Joined:
    Mar 16, 2011
    Messages:
    1,113
    Likes Received:
    834
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    tired and retired
    Location:
    State of Jefferson
    I wonder if they have tried to drag Rare Earth Magnets on the bottom?
     
  8. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

    Joined:
    Mar 28, 2010
    Messages:
    27,106
    Likes Received:
    29,833
    Trophy Points:
    113
    Occupation:
    Tech
    Was there a storm out there? Ships don't just sink for no reason.
     
  9. Joe King

    Joe King Gold Member Gold Chaser

    Joined:
    Mar 31, 2010
    Messages:
    4,005
    Likes Received:
    3,763
    Trophy Points:
    113
    Location:
    Instant Gratification Land
    Rogue wave maybe?
    ...and supposedly there's been a couple hundred bulk carriers lost just since 1980. That's about one every two months.

    By saying "at least" a couple hundred, makes it sound as though they don't even know exactly how many.
    ...and apparently one reason they are rarely investigated is because investigations of ship losses at sea are the responsibility of the nation whose flag said ship flies. So in a time that most ships fly the colors of nations like Panama, Cyprus, Liberia and other open registry nations, it's not too hard to see why most of them are not properly investigated so as to determine an exact cause. Typically, it's just chalked up to flooding.

    Some interesting reading about ore carrier sinkings.
    Inside the lethal world of bulk carriers

    Edited to add: from the PDF:
    Open registries are not eager to investigate the actions of their client companies and thereby risk driving away future business.
     
    Last edited: Apr 6, 2017
    searcher and D-FENZ like this.
  10. Flight2gold

    Flight2gold Silver Member Silver Miner Site Supporter ++

    Joined:
    May 12, 2010
    Messages:
    1,351
    Likes Received:
    1,665
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    pilot
    Location:
    Florida
    Cargo shift ?
    Thus causing cracks in the hull or unbalancing and subsequent sinking.
    That is some heavy stuff.
     
    searcher likes this.
  11. michael59

    michael59 heads up-butts down Platinum Bling

    Joined:
    Apr 1, 2014
    Messages:
    5,851
    Likes Received:
    2,501
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    20 years logging
    Location:
    on the low side of corporate Oregon
  12. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    120,307
    Likes Received:
    36,317
    Trophy Points:
    113
  13. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    120,307
    Likes Received:
    36,317
    Trophy Points:
    113
  14. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    120,307
    Likes Received:
    36,317
    Trophy Points:
    113
  15. AgBar

    AgBar Commodore Gold Chaser

    Joined:
    Mar 30, 2010
    Messages:
    1,984
    Likes Received:
    1,371
    Trophy Points:
    113
    Occupation:
    Physicist
    Location:
    Rust Belt, New York State
    First, my heart goes out to the crew and their families.

    ...but I do have to ask: is it really economical to ship iron ore all the way from Brazil to China? Does China not have its own local ore supplies? Or are they buying foreign and keeping their domestic supplies in reserve? (Honest questions. I have no idea.)
     
    Flight2gold and michael59 like this.
  16. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    120,307
    Likes Received:
    36,317
    Trophy Points:
    113
    :beer:
     
  17. GOLDZILLA

    GOLDZILLA Harvurd Koleej Jeenyus Midas Member

    Joined:
    Apr 1, 2010
    Messages:
    6,811
    Likes Received:
    5,970
    Trophy Points:
    113
  18. michael59

    michael59 heads up-butts down Platinum Bling

    Joined:
    Apr 1, 2014
    Messages:
    5,851
    Likes Received:
    2,501
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    20 years logging
    Location:
    on the low side of corporate Oregon
    2004 and chins are hungry for scrap: http://www.nytimes.com/2004/03/13/b...l-keeps-us-scrap-dealers-scrounging.html?_r=0

    and, you can figure this one out: http://www.scrapmonster.com/china-scrap-prices

    And, yep..U gots me here also: http://www.scrapregister.com/scrap-prices/china/9

    and, here is the wsj in 2015: https://www.wsj.com/articles/the-big-business-of-u-s-scrap-takes-a-hit-1433669402

    Oh hell here is a search page: https://search.yahoo.com/yhs/search...0&p=comparitive+scrap+iron+purchases+of+china

    What I do remember is, is that our scrap used to just pour into china boatload after boat load. There were no contracts or order as they were just buying it and using it. then things changed and the ships were hanging in the ocean at moor and the chin were/started offering pennnies to the pound. And, then it just quit.

    So it would seem to me that they/chins are getting it where they can like a good ho and at, at what reduced price they can get it at. Darn, i sure hope that makes sense.
     
    Flight2gold likes this.
  19. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    120,307
    Likes Received:
    36,317
    Trophy Points:
    113
  20. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    120,307
    Likes Received:
    36,317
    Trophy Points:
    113
    michael59 likes this.
  21. Flight2gold

    Flight2gold Silver Member Silver Miner Site Supporter ++

    Joined:
    May 12, 2010
    Messages:
    1,351
    Likes Received:
    1,665
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    pilot
    Location:
    Florida
    The Chinese always seem to be hungry for boatloads of raw materials.
    I don't think they can pull it out of the ground fast enough.
     
  22. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    120,307
    Likes Received:
    36,317
    Trophy Points:
    113
  23. michael59

    michael59 heads up-butts down Platinum Bling

    Joined:
    Apr 1, 2014
    Messages:
    5,851
    Likes Received:
    2,501
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    20 years logging
    Location:
    on the low side of corporate Oregon
    poor saps...bet some of them just got their cards....

    It's a hell of a note when you leave port and just have the thing sink. I mean damm with a wooden ship you could have at least pulled a board loose; at leas tried.
     
    searcher likes this.
  24. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

    Joined:
    May 31, 2015
    Messages:
    13,377
    Likes Received:
    13,142
    Trophy Points:
    113
    Occupation:
    Architect
    Location:
    Cow Hampshire
    They lost their lives for what....260,000 tons of dirt? It doesn't seem fair!
     
    searcher likes this.
  25. Joe King

    Joe King Gold Member Gold Chaser

    Joined:
    Mar 31, 2010
    Messages:
    4,005
    Likes Received:
    3,763
    Trophy Points:
    113
    Location:
    Instant Gratification Land
    That's just one of the risks of the job. Everyday, people somewhere die on the job. Unfortunately, that day was their turn.

    May they rest in peace. candle.gif


    BTW, anyone know what a job like that pays?
     
  26. the_shootist

    the_shootist I self identify as a black '69 Camaro Midas Member Site Supporter ++

    Joined:
    May 31, 2015
    Messages:
    13,377
    Likes Received:
    13,142
    Trophy Points:
    113
    Occupation:
    Architect
    Location:
    Cow Hampshire
    Not nearly enough!
     
  27. michael59

    michael59 heads up-butts down Platinum Bling

    Joined:
    Apr 1, 2014
    Messages:
    5,851
    Likes Received:
    2,501
    Trophy Points:
    113
    Gender:
    Male
    Occupation:
    20 years logging
    Location:
    on the low side of corporate Oregon
    back in the day when I contemplated it, it paid about $800 a month. And, that was many, many moons ago.
     
  28. nickndfl

    nickndfl Midas Member Midas Member Site Supporter ++

    Joined:
    Jan 7, 2011
    Messages:
    10,550
    Likes Received:
    7,910
    Trophy Points:
    113
    Location:
    Florida
    ***HINT*** Look under the water.
     
  29. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    120,307
    Likes Received:
    36,317
    Trophy Points:
    113
  30. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    120,307
    Likes Received:
    36,317
    Trophy Points:
    113
    Last edited: May 28, 2017
  31. 90%RealMoney

    90%RealMoney Midas Member Midas Member

    Joined:
    Apr 22, 2011
    Messages:
    4,459
    Likes Received:
    3,464
    Trophy Points:
    113
    Location:
    Left Flank, Oceana...Locked and Loaded!




    Sad story
     
    Irons likes this.
  32. Irons

    Irons Deep Sixed Site Supporter Mother Lode

    Joined:
    Mar 30, 2010
    Messages:
    22,201
    Likes Received:
    27,648
    Trophy Points:
    113
    Ore carriers are like the fainting goats of the ship world. The bottoms of Lake Michigan and Lake Superior are littered with the feckers.

    .
     
    Last edited: May 30, 2017
    searcher and andial like this.
  33. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    120,307
    Likes Received:
    36,317
    Trophy Points:
    113
    MV STELLAR DAISY Loss Casts Shadow Over Fleet of Vale Iron-Ore Carriers

    May 30, 2017 by Bloomberg


    [​IMG]
    A VLOC belonging to South Korea’s Polaris Shipping. Photo credit: Polaris Shipping
    By R.T. Watson (Bloomberg) — A second vessel contracted to haul iron ore for Brazilian miner Vale SA was delayed for repairs following the loss of a similar ship that mysteriously sank en route to China leaving 22 people presumed dead.

    The Stellar Queen departed Vale’s port terminal in northeastern Brazil on May 7 carrying almost 300,000 metric tons of ore, according to the Rio de Janeiro-based company’s website. However, the ship then stayed anchored in a nearby bay for nearly three weeks after the commandant discovered cracking on the main deck and decided to delay the voyage until repairs could be made, the Maranhao state port authority said last week by email. The port authority finally authorized the ship’s departure on May 26.

    Korean Register, the agency responsible for regularly surveying the Stellar Queen, said last week the ship underwent a survey and was being repaired in Brazil at the request of the owner. Vale declined to comment on the delays.

    A third vessel carrying Vale iron ore, the Stellar Unicorn, was also forced to have repairs after a crack was discovered on the outer hull of a tank in April, its owner said at the time. That vessel was surveyed before moving on to China for discharge, according to Korean Register.

    All three vessels are more than 20-year-old dry-bulk carriers owned and operated by Polaris Shipping Co. and all were converted from crude-oil tankers. Seoul-based Polaris didn’t respond to requests for comment.

    Very Large Ore Carriers
    The Stellar Daisy went missing about 1,700 miles (2,700 kilometers) off the coast of Uruguay while carrying 260,000 tons of Vale iron ore, Polaris said in a statement in April. All but two members of the crew are presumed dead. Polaris hasn’t officially said what caused the accident.

    The Stellar ships are so-called Very Large Ore Carriers, or VLOCs, that were converted from crude-oil carriers. Polaris, which calls itself the largest VLOC company, said in April it had initiated an internal inspection of all 18 VLOC vessels in its fleet, and would subject each to an independent inspection.

    “Polaris Shipping is fully committed to ensuring the safety of its VLOC converted fleet and their crews following the loss of the Stellar Daisy,” the company said on its website.

    The press office from Vale, which also uses giant so-called Valemax ships to transport ore, said that investigations into the Stellar Daisy’s sinking are being conducted by the competent authorities.

    ‘Ripple Effect’
    The conversion of single-hull crude carriers into VLOCs “was an attractive option as it extended the assets’ life by at least 10 years, especially during the mid- to late-2000s, when dry bulk rates were elevated,” according to BI senior analyst Lee Klaskow.

    “A number of issues with Polaris Shipping’s fleet could have a ripple effect on dry bulk rates if not swiftly rectified,” Klaskow said in a May 14 note.

    Polaris was reportedly planning an initial public offering this year, Klaskow said, but now “any offering will likely be pushed out until the issues facing its fleet are addressed.” The company didn’t respond to a request for comment on IPO plans.

    The disappearance of the Stellar Daisy and news reports of inspections on other VLOCs has raised concern about similar ships.

    “It’s my opinion that all converted VLOCs, regardless of owner, should not be used until a very thorough examination of all of these vessels in circulation is first completed,” Jeffrey Landsberg, a dry-bulk shipping researcher and consultant for Commodore Research, said last week by email.

    © 2017 Bloomberg L.P

    http://gcaptain.com/vloc-stellar-daisy-loss-casts-shadow-over-fleet-of-vale-iron-ore-carriers/
     
  34. southfork

    southfork Mother Lode Found Mother Lode

    Joined:
    Mar 31, 2010
    Messages:
    13,173
    Likes Received:
    10,446
    Trophy Points:
    113
    Pirates perhaps, ship unloaded then cut up for scrap , only 2 survivors, part of the coup perhaps.
     

Share This Page