BHP, Woodside investors jittery over $29 billion petroleum merger | Hellenic Shipping News Worldwide
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BHP, Woodside investors jittery over $29 billion petroleum merger
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China demand powers Fortescue shipments to record, beats annual estimate | Hellenic Shipping News Worldwide
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Maritime Activity Reports, Inc. July 29, 2021
Port Hedland - Australia - Credit: Adwo/AdobeStock
Australia s Fortescue Metals Group Ltd on Thursday narrowly beat its full-year estimate for iron ore shipments after a record fourth quarter, as strong demand from top consumer China offset the impact of bad weather.
The world s fourth-largest iron ore miner fared better than rivals Rio Tinto and BHP, whose June quarter output dropped because of weather disruptions in Western Australia.
Despite those disruptions, surging prices of the steelmaking ingredient and robust demand from China are expected to drive bumper earnings at miners, with Rio reporting a record first-half performance on Wednesday. Clearly these guys do a good job at managing their operations, said portfolio manager Andy Forster of Argo Investments in Sydney. They obviously have some capital spending to do going forward, but given the volume of cash that they are generating they can all be very