Brazil Iron Ore Exports Seen Surging in 2024 If Rivers Stay High [BNN Bloomberg (Canada)]
Navios Maritime Holdings Inc. (NM)
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Source: BNN Bloomberg
the rivers, according to one of the biggest logistics companies on the Paraguay- Paraná Hidrovia system. Miners have told Navios South American Logistics they could ship eight million to 10 million tons of iron ore this year through its mineral storage and transshipment facility at Uruguay's Nueva Palmira port, up from 4.1 million tons in 2023, the company's chairwoman said. “There is a good flow of iron ore that will become almost constant,” Angeliki Frangou said in an interview. “The reason for this is you have new participants — companies that don't have” competing mines in other areas of Brazil. The Hidrovia that connects Paraguay, Brazil, Argentina, Uruguay and Bolivia is a key waterway linking soybean, beef and iron-ore producers in South America's hinterland with global markets. However, frequent droughts in recent years have depleted the rivers, sometimes forcing barge convoys to operate at reduced capacity. Read more: Waterways Are Drying Up in Key South American Crop
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