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A disputed cargo of 50,000 tonnes of phosphate rock aboard the bulk carrier Cherry Blossom was released after about a year's seizure in South Africa. The cargo had been seized by the Polisario Front over its claim that mining in Western Sahara was illegal, and was ultimately sold for a nominal sum to OCP, which had been bound for New Zealand's Ballance Agri-Nutrients.
The release clears a single cargo of phosphate rock, so the direct supply effect is small, but the case shows ongoing legal risk for Western Sahara phosphate exports that could raise shipping and sourcing costs.
bairdmaritime.comIain MacIntyreJun 18, 2018Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
