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 cargoes are also crucial.