FMS 2.50% 8.2¢ flinders mines limited

Freight

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    from AFR - extract of article on Vale's monster ore carriers now being allowed into Chinese ports:

    "Vale the big winner

    Falling oil prices and an oversupply of ships has seen freight rates to China from Brazil and Western Australian fall by around 60 per cent over the last year.
    In absolute terms the big winner has been Vale.
    Shipping to China from Brazil is now only $US6.50 a tonne more expensive than from WA.
    A year ago, the differential was closer $US17 a tonne.
    Vale's pitch to being the world's lowest cost iron ore producer won't be known until the end of this month, when its quarterly production numbers are released.
    It currently sits at number three, behind Rio and BHP. Vale is expected to provide some insight into how the bigger ships will lower its cash costs, giving the market an idea if it will claim bragging rights for being the lowest cost producer.
    Rio's latest set of numbers will take some beating.
    The Anglo-Australian miner told the market last week that its cash costs had fallen to just $US17 a tonne.
    That leaves plenty of room for healthy margins even as with the iron price hovering around $US62 a tonne and forecast to go lower.
    The Australian Financial Review

    so I was wondering just how this would impact on FMS ???
    we get charged rail and port fees by RTA.
    so when does title of FMS I/o change? ie who pays the shipping, and so who gets the benefit of lower shipping costs?

    (I know I should know the answer to this)
 
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