Tubarão Gains, Ponta da Madeira Retreats: Brazil’s Iron Ore Freight Outlook

Brazilian iron ore exports have diverged across major loading systems in 2026. Tubarão has recorded stronger China-bound shipments, while Ponta da Madeira (PDM) has declined amid weaker output at Vale’s Northern System. The difference matters for freight, but cargo growth alone does not establish additional spot Capesize demand: vessel size, contractual coverage and the timing of Atlantic ballast arrivals determine how much export activity reaches the C3 market.

Brazilian terminals | China-bound export divergence Tubarão’s estimated China-bound shipments increased by 6.59 Mt to 40.07 Mt in January–September 2026, up 20% year on year. Ponta da Madeira moved in the opposite direction, losing 9.90 Mt to 78.80 Mt (−11%). Guaíba recorded a more modest increase of 4% to 24.23 Mt, while the wider Itaguaí area declined 6% to 36.07 Mt. The contrast indicates that Brazil’s China trade is not strengthening evenly across its export corridors.

Across all destinations, Tubarão’s iron ore loadings increased by approximately 6.3 Mt (+11%) year on year during January–September 2026, while Ponta da Madeira declined by 10.8 Mt (−9%). Figure 1 highlights the contrasting export performance of Vale’s Southeastern and Northern Systems, with Tubarão recording stronger loading activity amid weaker volumes at Ponta da Madeira.

This story was originally published by Hellenic Shipping News. Read the full story at Hellenic Shipping News →