Latest news with #Platts
Yahoo
5 days ago
- Business
- Yahoo
First-of-Its-Kind Platts Milling Wheat Marker Released by S&P Global Commodity Insights
The Marker provides a comprehensive price assessment that includes wheat from all the key Black Sea ports and reflects typical buying practice in the most important export region. LONDON, June 2, 2025 /PRNewswire/ -- Platts, part of S&P Global Commodity Insights, the leading independent provider of information, data, analysis, benchmark prices and workflow solutions for the commodities and energy markets, today launched the Platts Milling Wheat Marker, the first daily spot market price assessment of its kind designed to deliver a transparent and robust benchmark for milling wheat trade in the Black Sea region. The aim of the price assessment is to address the market's need for a key reference point for assessing and planning purchases based on the diversity of available supply routes. "Through the Milling Wheat Marker, we are providing a common reference point to reflect the price of wheat available from the world's most important export region," said Piero Carello, Head of Agriculture and Food Pricing at S&P Global Commodity Insights. "This market-first assessment enhances transparency and better facilitates decision making, especially in market environments where buyers may need to pivot to alternative supply sources in response to disruptions on specific routes." The Platts Milling Wheat Marker is underpinned by the Platts Market-on-Close price assessment methodology and reflects the end-of-day value, as determined by buyers and sellers in the open markets, for 12.5% protein milling wheat shipped on handysize vessels. The Black Sea region plays a crucial role in the global wheat market, accounting for 38% of global wheat exports during the marketing year 2023-2024 (July-June), according to S&P Global Commodity Insights data. The region's four largest exporters shipped a total of 83.8 million metric tons of wheat, with Russia contributing 54.7 million metric tons, Ukraine 18.6 million metric tons, and Romania and Bulgaria 10.5 million metric tons. This area is a key supplier to major global wheat buyers, particularly in the Middle East and Africa, where domestic supply falls short of demand. The Platts Milling Wheat Marker is determined using the most competitive values from Platts' three relevant wheat assessments: Free on Board (FOB) Russia for 12.5% protein wheat, FOB Ukraine for 11.5% protein wheat, and FOB Constanta-Varna-Burgas for 12.5% protein wheat. The Constanta-Varna-Burgas assessment includes the shipping ports of Constanta in Romania and Varna and Burgas in Bulgaria, crucial for the EU's agricultural exports from the Black Sea. A quality normalization is applied to the Ukraine 11.5% assessment to account for its lower protein content, ensuring that the marker reflects like-for-like market dynamics. As a leading price reporting agency, Platts serves as a key source of benchmark price assessments in the physical commodity markets. Since 2014, Platts has been evaluating Black Sea grains, and these price assessments are frequently recognized in the market as an important reference. The Platts Milling Wheat Marker daily assessments and monthly averages will be published on Europe Grain Assessments (PAA1440) and Europe Grain Monthly Averages (PAA1612), available in Platts Daily Grains and on Platts Connect. Additional calculations, including Ukraine's monthly average difference and daily normalization assessments, can also be accessed on Platts Connect. The subscriber note can be accessed here. For more information, access the Platts Global Grains and Oilseeds Specifications Guide. Media Contacts Global/EMEA: Paul Sandell, + 44 (0)7816 180039, Kathleen Tanzy, +1 917-331-4607, Melissa Tan, +65-6597-6241, About S&P Global Commodity InsightsAt S&P Global Commodity Insights, our complete view of global energy and commodities markets enables our customers to make decisions with conviction and create long-term, sustainable a trusted connector that brings together thought leaders, market participants, governments, and regulators and we create solutions that lead to progress. Vital to navigating commodity markets, our coverage includes oil and gas, power, chemicals, metals, agriculture, shipping and energy transition. Platts® products and services, including the most significant benchmark price assessments in the physical commodity markets, are offered through S&P Global Commodity Insights.S&P Global Commodity Insights is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information visit View original content to download multimedia: SOURCE S&P Global Commodity Insights
Morocco World
21-05-2025
- Business
- Morocco World
Platts Announces Key Changes to Morocco Phosphate Rock Pricing System
Doha – Platts, part of S&P Global Commodity Insights, has proposed major changes to its FOB Morocco phosphate rock assessment methodology. The modifications will take effect on July 3. The initiative specifically targets better alignment with Morocco's phosphate market structure. Under Moroccan Mining Code (law No. 33-13), state-owned OCP maintains exclusive legal rights to extract, process and sell all phosphate rock in the country. OCP operates primarily through quarterly supply contracts with its international buyers. The core of Platts' proposal shifts the assessment basis completely. The new published price would exclusively represent quarterly contract prices established between OCP and its verified customers. Importantly, spot market transactions would no longer factor into the price assessment. The name change reflects this fundamental shift in methodology. The assessment will be renamed from 'Phosphate Rock FOB Morocco, 68-72 BPL' to 'Phosphate Rock FOB Morocco CP, 68-72 BPL' – with 'CP' explicitly indicating 'Contract Price.' In practical terms, Platts would directly collect and verify contract prices agreed between OCP and its various buyers. These prices would be published without additional analysis or editorial adjustments from Platts. This marks a departure from present practice. Currently, Platts assesses prices based on its market analysis of both quarterly contracts and spot deals to determine a representative tradable value. For continuity, the revised price assessment will maintain its existing publication channels and database code (FPRMA04). Market participants can submit feedback on this proposal until June 3 Morocco: A phosphate powerhouse Morocco holds a dominant position in global phosphate markets. The North African country possesses approximately 70% of the world's phosphate rock reserves, according to recent reports. This places the nation far ahead of any competitors in terms of resources. Morocco's phosphate reserves exceed 50,000 million tons, dramatically surpassing China's 3.2 billion tons, despite China being the world's largest producer. The strategic mineral is primarily found in regions like Khouribga, Oued Eddahab-Lagouira, and Youssoufia. While China leads global production with 90 million tons in 2023, Morocco ranks second with 35 million tons. The country is the world's leading exporter of raw phosphate and fourth largest exporter of fertilizers. In 2021, Morocco supplied 54% of all fertilizers in Africa. Phosphate is a sedimentary rock formed millions of years ago through the accumulation of organic matter at the bottom of oceans. The largest global deposits are found in Morocco, which is also among the world leaders in phosphate extraction. The country benefits from its strategic location with access to both the Atlantic Ocean and Mediterranean Sea. Its advanced port infrastructure, including the Tanger Med Port (Africa's largest), enhances export capabilities. Morocco also possesses important reserves of other valuable minerals including lead, zinc, silver, copper, and gold. The Moroccan government has implemented significant reforms to modernize the mining sector, including the Mining Law 33-13 of 2015 and the Morocco Mining Plan 2021-2030. These reforms aim to improve institutional efficiency and ensure environmental sustainability of mining activities. Essential resource with global impact Phosphate serves crucial roles across multiple industries. It is the natural source of phosphorus, which provides approximately one-quarter of plants' nutrient requirements for growth and development. The rock is processed to produce one of the three most commonly used macronutrients in fertilizers, alongside nitrogen and potassium. Phosphate can also be transformed into phosphoric acid used in food, cosmetics, and electronics. The mineral is critical to global food security, serving as a key ingredient in the production of essential agricultural fertilizers. It also plays a vital role in manufacturing iron and lithium phosphate, a key component in lithium-ion batteries used in electric vehicles (EVs) and energy storage systems. Mining contributes 10% of Morocco's GDP, with phosphate accounting for 90% of this sector. Exports of phosphate and derivatives reported a 34% decline in 2023, reaching MAD 76 billion ($7.6 billion), primarily due to falling international fertilizer prices. With substantial investments in fertilizer production and the development of the Jorf Industrial Accelerator Zone, created specifically for EV battery production, Morocco is positioning itself as a key player in green technology markets. This industrial zone has initial investments of $2.3 billion and promises to generate thousands of jobs while attracting international investments. Tags: Moroccan phosphatesMorocco's OCP Group
Ya Biladi
20-05-2025
- Business
- Ya Biladi
Phosphate prices from Morocco to follow contract-based reporting
Platts, a company that tracks global commodity prices and is part of S&P Global Commodity Insights, has announced plans to change how it reports the price of phosphate rock from Morocco. The change will take effect on July 3, 2025, the company said in a press release on Monday. Currently, Platts calculates the price based on both long-term contracts and one-time (spot) sales. Under the new methodology, however, it will rely exclusively on prices agreed in quarterly contracts between Morocco's state-owned company OCP and its international customers. One-time or short-term deals will no longer be included. This proposal aims to «better reflect the characteristics of the phosphate rock market in Morocco», Platts said. In Morocco, phosphate rock is entirely controlled by OCP, the government-owned company. According to Moroccan law (Law No. 33-13), OCP holds exclusive rights to extract, process, and sell phosphate. It typically signs supply contracts every three months. Because of this centralized structure, Platts believes it is more accurate to report only the official contract prices confirmed directly by OCP and its buyers. The company will no longer include editorial estimates or analysis, it will simply publish the confirmed figures. As part of the same proposal, the price assessment will be renamed Phosphate Rock FOB Morocco CP, 68-72 BPL. «CP» stands for Contract Price, and FOB (Free On Board) means the price includes transport to the port in Morocco but not the shipping costs to the buyer's destination, the statement concluded.
Cision Canada
07-05-2025
- Business
- Cision Canada
LABRADOR IRON ORE ROYALTY CORPORATION - RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2025
TORONTO, May 7, 2025 /CNW/ - To the Holders of Common Shares of Labrador Iron Ore Royalty Corporation The Directors of Labrador Iron Ore Royalty Corporation ("LIORC" or the "Corporation") present the first quarter report for the period ended March 31, 2025. Financial Performance In the first quarter of 2025, LIORC's financial results were negatively affected by lower sales tonnages of pellets and concentrate for sale ("CFS"), and lower iron ore prices and pellet premiums. Royalty revenue for the first quarter of 2025 of $35.6 million was 36% lower than the first quarter of 2024 and 37% lower than the fourth quarter of 2024. Equity earnings from Iron Ore Company of Canada ("IOC") were $3.3 million in the first quarter of 2024 compared to $34.3 million in the first quarter of 2024. Net income per share for the first quarter of 2025 was $0.33 per share, which was a 64% decrease from the same period in 2024 and a 33% decrease from the fourth quarter of 2024. The adjusted cash flow per share for the first quarter of 2025 was $0.31 per share, which was 37% lower than in the same period in 2024 and 63% lower than the fourth quarter of 2024. While adjusted cash flow is not a recognized measure under IFRS Accounting Standards, the Directors believe that it is a useful analytical measure as it better reflects cash available for dividends to shareholders. Iron ore prices were lower in the first quarter of 2025 as the European steel market remained weak due to soft demand and high producer stocks and China dealt with slowing economic growth, in part due to its problematic property sector. According to the World Steel Association, global crude steel production in the first quarter of 2025 was flat relative to the first quarter of 2024. This is consistent with the longer-term trend that has seen no growth in China crude steel production over the last 5 years (2019-2024), compared to an average growth of 4% per year over the five years prior (2014-2019). On the supply side, expectations are for an increase in seaborne supply in 2025 despite lower shipments in the first quarter. While shipments from Vale in the first quarter were affected by seasonal rainfall in Brazil, volumes remained within the normal range for this time of year, and as the rainy season ends volumes are expected to rise through the second quarter. Additionally, Samarco continues to ramp up production following the commissioning of their new concentrator. Shipments from major Australian miners, which had been negatively impacted in the first quarter by storms, are now operating at high levels as producers work to make up for lost volumes. IOC sells CFS based on the Platts index for 65% Fe, CFR China ("65% Fe index"). All references to tonnes and per tonne prices in this report refer to wet metric tonnes, other than references to Platts quoted pricing, which refer to dry metric tonnes. Historically, IOC's wet ore contains approximately 3% less ore per equivalent volume than dry ore. In the first quarter of 2025, the 65% Fe index averaged US$117 per tonne, a 1% decrease from the prior quarter and a 14% decrease from the average of US$136 per tonne in the first quarter of 2024. The monthly Atlantic Blast Furnace 65% Fe pellet premium index as quoted by Platts (the "pellet premium") averaged US$35 per tonne in the first quarter of 2025 was down 12% from an average of US$40 per tonne in the same quarter of 2024, as soft demand and high producer stocks resulted in EU pellet imports being approximately 30% lower than the annual average in 2024. The demand for direct reduction ("DR") pellets was more stable, with the Middle East and North Africa region continuing to be the largest consumer of DR pellets. However, the influx of new supply has caused prices to consistently fall below the main market reference. The Platts Direct Reduction 67.5% Fe pellet premium (the "DR pellet premium") averaged US$54 per tonne in the first quarter of 2025, down 9% from an average of US$59 per tonne in the same quarter of 2024. Based on sales as reported for the LIORC royalty, the overall average price realized by IOC for CFS and pellets, FOB Sept-Îles, net of freight charges was approximately US$110 per tonne in the first quarter of 2025, compared to approximately US$133 per tonne in the first quarter of 2024. Iron Ore Company of Canada Operations Operations IOC concentrate production in the first quarter of 2025 of 4.3 million tonnes was 10% lower than the same quarter of 2024 and 13% lower than the fourth quarter of 2024. Total mine material moved in the quarter increased by 30% over the same quarter last year, as a result of the use of additional haul trucks, an increase in haul truck availability and higher contractor movement of material. However, the increase in material moved was more than offset by a higher strip ratio, resulting in a reduction in ore delivered to the concentrator. In addition, concentrate production in the first quarter of 2025 was negatively impacted by a lower weight yield, mainly driven by a lower spiral plant yield due to changes in the mining sequence (due to ore and loading unit availability), and a lower crude iron content. IOC saleable production (CFS plus pellets) of 3.9 million tonnes in the first quarter of 2025 was 11% lower than the same quarter of 2024. Pellet production of 2.3 million tonnes was 8% lower than the corresponding quarter in 2024, mainly due to induration machine #2 refractory repairs, plant reliability issues, and a lower amount of feed from the concentrator. CFS production of 1.6 million tonnes was 16% lower than the same quarter of 2024 mainly due to a lower amount of concentrate production referred to above. Sales as Reported for the LIORC Royalty Total iron ore sales tonnage by IOC (CFS plus pellets) of 3.2 million tonnes in the first quarter of 2025 was 26% lower than the total sales tonnage for the same period in 2024 and 24% lower than the fourth quarter of 2024. The decrease in IOC sales tonnage was largely a result of inventory availability and timing of vessels. Pellet sales tonnages were 12% lower than the same quarter of 2024 and 7% lower than the fourth quarter of 2024. CFS sales tonnages were 43% lower than the same quarter of 2024 and 43% lower than the fourth quarter of 2024. Outlook Rio Tinto's 2024 guidance for IOC's saleable production (CFS plus pellets) remains at 16.5 million to 19.4 million tonnes. This compares to 16.1 million tonnes of saleable production in 2024. IOC continues to focus on upgrading its capital assets through increased capital expenditures. As reported in the 2024 Annual Report, IOC's capital expenditures for 2025 are forecasted to be US$342 million, down from US$376 million in 2024. The outlook for iron ore pricing in the second quarter remains uncertain. Currently the market is in a wait-and-see mode, as geopolitical developments involving US and reciprocal tariffs are evolving rapidly and continue to significantly impact market conditions. While China exports very little crude steel to the US, increases in US tariffs on imports from China could indirectly impact China's steel sector, as China exports large volumes of manufactured goods to the US with substantial embodied steel inputs. A material reduction in these exports could reduce Chinese demand for steel, depressing steel prices and mill profitability, in turn placing downward pressure on iron ore prices. The World Steel Association, which typically releases a bi-annual short-range outlook for steel demand in April has decided to defer providing an outlook at this time, stating that it believes that the imposition of tariffs by the US administration could render such a report outdated. In April 2025, the 65% Fe index averaged US$112 per tonne or 4% lower than the average in first quarter of 2025. US tariffs could also directly affect IOC current sales arrangements. Currently about 11% of IOC's product is sold into the US. This is mainly in the form of DR pellets. IOC also sells DR pellets into Europe and the Middle East/North Africa. The implementation of import tariffs on iron ore from Canada would significantly affect trade flows, prompting US direct reduction iron ore producers to seek alternative supply sources to mitigate the increased costs of Canadian ore. In such a circumstance IOC should be able to successfully reposition DR pellet sales to the Middle East/North Africa. LIORC has no debt and at March 31, 2025, had positive net working capital (current assets less current liabilities) of $22 million, which included the first quarter net royalty payment received from IOC on April 25, 2025 and the LIORC dividend in the amount of $0.50 per share paid to shareholders on the next day. Respectfully submitted on behalf of the Directors of the Corporation, John F. Tuer President and Chief Executive Officer May 7, 2025 Management's Discussion and Analysis The following discussion and analysis should be read in conjunction with the Management's Discussion and Analysis section of Labrador Iron Ore Royalty Corporation's ("LIORC" or the "Corporation") 2024 Annual Report, and the financial statements and notes contained therein and the March 31, 2025 interim condensed consolidated financial statements. Overview of the Business The Corporation's revenues are entirely dependent on the operations of IOC as its principal assets relate to the operations of IOC and its principal source of revenue is the 7% royalty it receives on all sales of iron ore products by IOC. In addition to the volume of iron ore sold, the Corporation's royalty revenue is affected by the price of iron ore and the Canadian – U.S. dollar exchange rate. The first quarter sales of IOC are traditionally adversely affected by the general winter operating conditions and are usually 15% – 20% of the annual volume, with the balance spread fairly evenly throughout the other three quarters. Because of the size of individual shipments, some quarters may be affected by the timing of the loading of ships that can be delayed from one quarter to the next. Financial Highlights (1) This is a non-IFRS financial measure and does not have a standard meaning under IFRS. Please refer to Standardized Cash Flow and Adjusted Cash Flow section in the MD&A. The lower revenue, net income and equity earnings from IOC achieved in the first quarter of 2025 as compared to 2024 were mainly due to lower sales tonnages of pellets and CFS, as well as lower iron ore prices and pellet premiums. The first quarter of 2025 sales tonnages (CFS plus pellets) were lower by 26%, predominantly due to lower availability of inventory and timing of vessels. CFS sales tonnages were 43% lower than the same quarter in 2024, and pellet sales tonnage were 12% lower. The lower pellet and CFS sales tonnages resulted in royalty income of $35.6 million for the quarter as compared to $56.0 million for the same period in 2024. First quarter 2025 cash flow from operations was $24.7 million or $0.39 per share compared to $30.0 million or $0.47 per share for the same period in 2024. Equity earnings from IOC amounted to $3.3 million or $0.05 per share in the first quarter of 2025 compared to $34.3 million or $0.54 per share for the same period in 2024. Operating Highlights (1) For calculating the royalty to LIORC. (2) Excludes third party ore sales. (3) Totals may not add up due to rounding. (4) The Platts index for 65% Fe, CFR China. (5) The Platts index for 62% Fe, CFR China. (6) The Platts Atlantic Blast Furnace 65% Fe pellet premium index. IOC sells CFS based on the 65% Fe index. In the first quarter of 2025, the 65% Fe index averaged US$117 per tonne, a 14% decrease from the average of US$136 per tonne in the first quarter of 2024, as the European steel market remained weak due to soft demand and high producer stocks and China dealt with slowing economic growth, in part due to its problematic property sector. On the supply side, expectations are for an increase in seaborne supply in 2025 despite lower shipments in the first quarter. The monthly pellet premium averaged US$35 per tonne in the first quarter of 2025 was down 12% from an average of US$40 per tonne in the same quarter of 2024, as soft demand and high producer stocks resulted in EU pellet imports being approximately 30% lower than the annual average in 2024. Based on sales as reported for the LIORC royalty, the overall average price realized by IOC for CFS and pellets, FOB Sept-Îles, net of freight charges was approximately US$110 per tonne in the first quarter of 2025 compared to US$133 per tonne in the first quarter of 2024. The decrease in the average realized price FOB Sept-Îles in 2025 was a result of lower CFS prices and lower pellet premiums. The following table sets out quarterly revenue, net income, cash flow and dividend data for 2025, 2024 and 2023. Due to seasonal weather patterns the first and fourth quarters generally have lower production and sales. Royalty revenues and equity earnings in IOC track iron ore spot prices, which can be very volatile. Dividends, included in cash flow, are declared and paid by IOC irregularly according to the availability of cash. (1) "Adjusted cash flow" (see below). (2) Includes $41.5 million IOC dividend. (3) Includes $20.3 million IOC dividend. (4) Includes $21.8 million IOC dividend. (5) Includes $19.9 million IOC dividend. (6) Includes $30.5 million IOC dividend. Standardized Cash Flow and Adjusted Cash Flow For the Corporation, standardized cash flow is the same as cash flow from operating activities as recorded in the Corporation's cash flow statements as the Corporation does not incur capital expenditures or have any restrictions on dividends. Standardized cash flow per share was $0.39 for the quarter (2024 - $0.47). The Corporation also reports "Adjusted cash flow" which is defined as cash flow from operating activities after adjustments for changes in amounts receivable, accounts payable and income taxes recoverable and payable. It is not a recognized measure under IFRS. The Directors believe that adjusted cash flow is a useful analytical measure as it better reflects cash available for dividends to shareholders. The following reconciles standardized cash flow from operating activities to adjusted cash flow. Liquidity and Capital Resources The Corporation had $19.0 million in cash as at March 31, 2025 (December 31, 2024 - $42.3 million) with total current assets of $62.2 million (December 31, 2024 - $95.1 million). The Corporation had working capital of $21.9 million as at March 31, 2024 (December 31, 2024 - $34.1 million). The Corporation's operating cash flow was $24.7 million and the dividend paid during the quarter was $48.0 million, resulting in cash balances decreasing by $23.3 million during the first quarter of 2025. Cash balances consist of deposits in Canadian dollars with a Canadian chartered bank. Amounts receivable primarily consist of royalty payments from IOC. Royalty payments are received in U.S. dollars and converted to Canadian dollars on receipt, usually 25 days after the quarter end. The Corporation does not normally attempt to hedge this short-term foreign currency exposure. Operating cash flow of the Corporation is sourced entirely from IOC through the Corporation's 7% royalty, 10 cents commission per tonne and dividends from its 15.10% equity interest in IOC. The Corporation normally pays cash dividends from its free cash flow generated from IOC to the maximum extent possible, subject to the maintenance of appropriate levels of working capital. The Corporation has a $30 million revolving credit facility with a term ending September 18, 2026 with provision for annual one-year extensions. No amount is currently drawn under this facility (2024 – nil) leaving $30.0 million available to provide for any capital required by IOC or requirements of the Corporation. John F. Tuer President and Chief Executive Officer Toronto, Ontario May 7, 2025 Disclosure Controls and Internal Control over Financial Reporting The President and CEO and the CFO are responsible for establishing and maintaining disclosure controls and procedures and internal control over financial reporting for the Corporation. Two directors serve as directors of IOC and IOC provides monthly reports on its operations to them. The Corporation also relies on financial information provided by IOC, including its audited financial statements, and other material information provided to the President and CEO and the CFO by officers of IOC. IOC is a private corporation, and its financial statements are not publicly available. The Directors are informed of all material information relating to the Corporation and its subsidiary by the officers of the Corporation on a timely basis and approve all core disclosure documents including the Management Information Circular, the annual and interim financial statements and related Management's Discussion and Analysis, the Annual Information Form, any prospectuses and all press releases related to the disclosure of quarterly and annual financial statements and the declaration of dividends. An evaluation of the design and operating effectiveness of the Corporation's disclosure controls and procedures was conducted under the supervision of the President and CEO and CFO. Based on their evaluation, they concluded that the Corporation's disclosure controls and procedures were effective in ensuring that all material information relating to the Corporation was accumulated and communicated for the three month period ended March 31, 2025. The President and CEO and the CFO have designed internal control over financial reporting to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS. An evaluation of the design and operating effectiveness of the Corporation's internal control over financial reporting was conducted under the supervision of the President and CEO and CFO. Based on their evaluation, they concluded that the Corporation's internal control over financial reporting was effective as of March 31, 2025. In making this assessment, management used the criteria specified in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. The preparation of financial statements requires the Corporation's management to make estimates and assumptions that affect the reported amounts of the assets, liabilities, revenue and expenses reported each period. Each of these estimates varies with respect to the level of judgment involved and the potential impact on the Corporation's reported financial results. Estimates are deemed critical when the Corporation's financial condition, change in financial condition or results of operations would be materially impacted by a different estimate or a change in estimate from period to period. By their nature, these estimates are subject to measurement uncertainty, and changes in these estimates may affect the consolidated financial statements of future periods. No material changes in the Corporation's internal control over financial reporting occurred during the period beginning on January 1, 2025 and ended on March 31, 2025. Forward-Looking Statements This report may contain "forward-looking" statements that involve risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Words such as "may", "will", "expect", "believe", "plan", "intend", "should", "would", "anticipate" and other similar terminology are intended to identify forward-looking statements. These statements reflect current assumptions and expectations regarding future events and operating performance as of the date of this report. Forward-looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly, including iron ore price and volume volatility; the performance of IOC; market conditions in the steel industry; fluctuations in the value of the Canadian and U.S. dollar; mining risks that cause a disruption in operations and availability of insurance; disruption in IOC's operations caused by natural disasters, severe weather conditions and public health crises, including the COVID-19 outbreak; failure of information systems or damage from cyber security attacks; adverse changes in domestic and global economic and political conditions; changes in government regulation and taxation; national, provincial and international laws, regulations and policies regarding climate change that further limit the emissions of greenhouse gases or increase the costs of operations for IOC or its customers; changes affecting IOC's customers; competition from other iron ore producers; renewal of mining licenses and leases; relationships with indigenous groups; litigation; and uncertainty in the estimates of reserves and resources. A discussion of these factors is contained in LIORC's annual information form dated March 11, 2025 under the heading, "Risk Factors". Although the forward-looking statements contained in this report are based upon what management of LIORC believes are reasonable assumptions, LIORC cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this report and LIORC assumes no obligation, except as required by law, to update any forward-looking statements to reflect new events or circumstances. This report should be viewed in conjunction with LIORC's other publicly available filings, copies of which can be obtained electronically on SEDAR+ at LABRADOR IRON ORE ROYALTY CORPORATION INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME For the Three Months Ended March 31, (in thousands of Canadian dollars except for per share information) 2025 2024 (Unaudited) Revenue IOC royalties $ 35,568 $ 55,983 IOC commissions 320 430 Interest and other income 280 246 36,168 56,659 Expenses Newfoundland royalty taxes 7,114 11,197 Amortization of royalty and commission interests 1,656 1,622 Administrative expenses 794 831 9,564 13,650 Income before equity earnings and income taxes 26,604 43,009 Equity earnings in IOC 3,263 34,324 Income before income taxes 29,867 77,333 Provision for income taxes Current 8,466 13,336 Deferred (20) 4,670 8,446 18,006 Net income for the period 21,421 59,327 Comprehensive income for the period $ 21,421 $ 59,327 Basic and diluted income per share $ 0.33 $ 0.93 LABRADOR IRON ORE ROYALTY CORPORATION INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the Three Months Ended March 31, (in thousands of Canadian dollars) 2025 2024 (Unaudited) Net inflow (outflow) of cash related to the following activities Operating Net income for the period $ 21,421 $ 59,327 Items not affecting cash: Equity earnings in IOC (3,263) (34,324) Current income taxes 8,466 13,336 Deferred income taxes (20) 4,670 Amortization of royalty and commission interests 1,656 1,622 Change in amounts receivable 13,236 (3,541) Change in accounts payable (2,912) 400 Income taxes paid (13,842) (11,445) Cash flow from operating activities 24,742 30,045 Financing Dividend paid to shareholders (48,000) (28,800) Cash flow used in financing activities (48,000) (28,800) (Decrease) increase in cash, during the period (23,258) 1,245 Cash, beginning of period 42,300 13,192 Cash, end of period $ 19,042 $ 14,437 LABRADOR IRON ORE ROYALTY CORPORATION INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY Accumulated other Common Share Retained comprehensive (in thousands of Canadian dollars except share amounts) shares capital earnings loss Total (Unaudited) Balance as at December 31, 2023 64,000,000 $ 317,708 $ 347,927 $ (6,303) $ 659,332 Net income for the period - - 59,327 - 59,327 Dividend declared to shareholders - - (28,800) - (28,800) Balance as at March 31, 2024 64,000,000 $ 317,708 $ 378,454 $ (6,303) $ 689,859 Balance as at December 31, 2024 64,000,000 $ 317,708 $ 330,966 $ (5,742) $ 642,932 Net income for the period - - 21,421 - 21,421 Dividend declared to shareholders - - (32,000) - (32,000) Balance as at March 31, 2025 64,000,000 $ 317,708 $ 320,387 $ (5,742) $ 632,353 The complete consolidated financial statements for the first quarter ended March 31, 2025, including the notes thereto, are posted on and
Yahoo
02-05-2025
- Business
- Yahoo
S&P Global Commodity Insights Launches Low-carbon Methanol Marine Fuel Price Assessments for Shanghai and Rotterdam
Price Points Guide Trading and Investment Decisions for Shipping and Decarbonization Industries SINGAPORE and LONDON and NEW YORK, May 2, 2025 /PRNewswire/ -- Platts, part of S&P Global Commodity Insights, the leading independent provider of information, data, analysis, benchmark prices and workflow solutions for commodities and energy transition markets, today announced the launch of Shanghai low-carbon methanol marine fuel (MMF) assessments, the first in Asia, effective May 2. Platts has also launched Rotterdam low-carbon methanol marine fuel assessment on May 2, adding to the depth and coverage of Platts alternative marine fuels markets. The two new Shanghai low-carbon MMF assessments come six months after Platts debuted the first-ever in Asia, Singapore low-carbon methanol marine fuel price assessments. Esther Ng, Platts Global Methanol Pricing Lead, S&P Global Commodity Insights said, "We are pleased to announce the launch of Platts first-ever low-carbon methanol marine fuel assessments for China. Shanghai is the world's busiest container port, and sustainable methanol has already been supplied and bunkered in the port. These assessments aim to provide price transparency for shipowners as the maritime industry marches towards net zero in 2050. Similarly, the publication of Rotterdam low-carbon MMF assessments by Platts will offer the shipping and decarbonization industries valuable price points to guide their trading and investment decisions." Olivier Maronneaud, Global Research Lead for Methanol and Plastic Circularity, S&P Global Commodity Insights said, "Legislation supporting low carbon bunker fuel has been implemented in Europe and has achieved substantial progress at the global level with the latest IMO MEPC 83 meeting in April. Combined with initiatives from stakeholders including governments, port authorities and ship owners, liquidity for low carbon methanol as bunker fuel is anticipated to increase in the coming months and years." The International Maritime Organization's Marine Environment Protection Committee in April voted to charge shipowners penalties for maritime greenhouse gas emissions starting from 2028. Just like FuelEU Maritime regulations, IMO's proposed measures are wide-reaching as they will impact the cost of transporting fuel, chemicals, and consumer goods. ShanghaiChina is estimated to have 200,000 mt/year of biomethanol and eMethanol capacity in 2025 and will have 1.5 million mt/year by 2028, according to data from S&P Global Commodity Insights Analytics. The first Chinese molecules for spot trading are expected to be available in mid-2025, with the Shanghai port shaping up as a leading Chinese low-carbon methanol trading hub. The Platts Shanghai low-carbon MMF assessments will aid shipowners, low-carbon methanol producers, bunker traders and investors with price transparency in an important and emerging production center of low-carbon methanol. RotterdamThe Port of Rotterdam is Europe's largest port and bunker hub. In 2022, it set up the Green and Digital Shipping Corridor with Singapore to reduce emissions from large container vessels on the 15,000-kilometer route by at least 20% by 2030, by enabling the use of low- and zero-carbon shipping fuels. From January 2025 to 2029, under the FuelEU Maritime regulation, the shipping industry will need to deliver a 2% GHG intensity saving against the FuelEU Maritime fossil fuel comparator, with targets stepping up every five years to 80% GHG savings in 2050. Platts' publication of Rotterdam low-carbon MMF assessments will provide the maritime and low-carbon methanol industry useful price points for trading, procurement and investment decisions. The assessments are as follows: Platts Low-carbon methanol FOB Shanghai Platts Low-carbon methanol marine fuel Delivered Shanghai Platts Low-carbon methanol marine fuel Delivered Rotterdam ($/mt) Platts Low-carbon methanol marine fuel Delivered Rotterdam (Euro/mt) The assessments reflect market prices of the product with sustainability documentation stating a carbon intensity or an equivalent greenhouse gas saving when compared with the fossil fuel comparator, as per the prevailing Renewable Energy Directive. The subscriber note can be accessed here while a full description of the Platts assessment methodology can be found here. Platts at S&P Global Commodity Insights has been covering the chemicals market for more than 40 years and has an extended suite of aromatics, olefins, polymers, solvents and intermediates price assessments regionally and globally. Platts provides an in-depth coverage and analysis of alternative marine fuels, including LNG, ammonia and bio-bunkers. Media Contacts: Americas/ EMEA: Kathleen Tanzy + 1 917-331-4607, Asia/ EMEA: Melissa Tan + 65-6597-6241, About S&P Global Commodity Insights At S&P Global Commodity Insights, our complete view of global energy and commodity markets enables our customers to make decisions with conviction and create long-term, sustainable value. We're a trusted connector that brings together thought leaders, market participants, governments, and regulators and we create solutions that lead to progress. Vital to navigating commodity markets, our coverage includes oil and gas, power, chemicals, metals, agriculture, shipping and energy transition. Platts® products and services, including leading benchmark price assessments in the physical commodity markets, are offered through S&P Global Commodity Insights. S&P Global Commodity Insights maintains clear structural and operational separation between its price assessment activities and the other activities carried out by S&P Global Commodity Insights and the other business divisions of S&P Global. S&P Global Commodity Insights is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world's leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information visit View original content to download multimedia: SOURCE S&P Global Commodity Insights Sign in to access your portfolio
