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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 ++

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

    Anna Golubova
    Monday April 03, 2017 19:09

    Kitco News

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    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

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    Well of course THEY would.
     
  3. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  4. michael59

    michael59 heads up-butts down Platinum Bling

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    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

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  6. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  7. Garyw

    Garyw Silver Member Silver Miner

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    I wonder if they have tried to drag Rare Earth Magnets on the bottom?
     
  8. Goldhedge

    Goldhedge Modal Operator/Moderator Site Mgr Site Supporter

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    Was there a storm out there? Ships don't just sink for no reason.
     
  9. Joe King

    Joe King Gold Member Gold Chaser

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    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
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  10. Flight2gold

    Flight2gold Silver Member Silver Miner Site Supporter ++

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    Cargo shift ?
    Thus causing cracks in the hull or unbalancing and subsequent sinking.
    That is some heavy stuff.
     
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  11. michael59

    michael59 heads up-butts down Platinum Bling

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  12. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  13. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  14. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  15. AgBar

    AgBar Commodore Gold Chaser

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    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.)
     
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  16. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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    :beer:
     
  17. GOLDZILLA

    GOLDZILLA Harvurd Koleej Jeenyus Midas Member

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  18. michael59

    michael59 heads up-butts down Platinum Bling

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    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.
     
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  19. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  20. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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  21. Flight2gold

    Flight2gold Silver Member Silver Miner Site Supporter ++

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    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

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  23. michael59

    michael59 heads up-butts down Platinum Bling

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    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.
     
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  24. the_shootist

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

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    They lost their lives for what....260,000 tons of dirt? It doesn't seem fair!
     
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  25. Joe King

    Joe King Gold Member Gold Chaser

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    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 ++

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    Not nearly enough!
     
  27. michael59

    michael59 heads up-butts down Platinum Bling

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    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 ++

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    ***HINT*** Look under the water.
     
  29. searcher

    searcher Mother Lode Found Site Supporter ++ Mother Lode

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