MONTREAL, Que.--On the heels of the recent kick-off of the annual Arctic open water season, Baffinland Iron Mines has launched the first regular commercial shipments of iron ore to Europe from Milne Inlet on the north coast of Baffin Island. Steel giant ArcelorMittal has a 50% stake in Baffinland, and European steel mills are the primary destination for the high-grade iron ore from the large Mary River mine.
The iron ore is being transported by a pool of dry bulk vessel operators, including Montreal-based Fednav Ltd. and Scandinavian carriers Nordic Bulk Carriers and Golden Ocean.
Total volume shipped to the end of August has been an estimated 275,000 tons. For the whole start-up season, an industry source suggested that total volume could →