Cape Lambert

A major iron ore export port with 185 million tons iron ore capacity on Australia’s north west coast has been absolutely clobbered by the recent category four Cyclone Veronica, FreightWaves can exclusively reveal. Port Walcott’s operational ability is down by nearly 90 percent. Rio Tinto has declared force majeure to its customers. Major miner, Rio Tinto, which operates the port, is mostly staying silent. Dry bulk freight rates are likely to be hit, dry bulk sources say.