VLCC rates up as tonnage in Atlantic rises

The battle lines are drawn. The protagonists are the mining companies which produce iron ore and the consumers, the steelmakers, in particular China. Iron ore is by far the largest bulk commodity shipped by sea. Australia and Brazil are the largest producers at about 22 million tonnes each per month. China is the largest consumer at about one million tonnes per day. They are arguing over an increase in the price of the commodity.