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A $7 million shipment of about 50,000 tonnes of phosphate rock bound for New Zealand will not be delivered after the carrying company withdrew from a South African court case. The vessel was held at Port Elizabeth in May over a dispute about whether the rock was mined illegally in Western Sahara.
OCP withdrew from the proceedings.
The loss of a cargo to New Zealand removes a small volume of phosphate from its planned destination and adds sourcing risk for Morocco-origin rock. The price effect is limited, as the volume is small relative to global trade.
nzherald.co.nzMatthew TheunissenJul 14, 2017Not 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.
