Freight rates soar as Russia-Ukraine tensions threaten manganese miners’ margins

The increase in political tensions between Russia and Ukraine has driven up fuel prices, which has resulted in a jump in quotes for the shipment of manganese ore from South Africa to China, and this will probably be passed on to ore producers needing to ship material, sources told Fastmarkets on Wednesday February 23. Shipping lines have been quick to raise their rates for the Port Elizabeth to Tianjin route, which is used by manganese ore producers, in response to escalating tensions between Russia and Ukraine that have resulted in Western sanctions on a number of Russian banks and high-net-worth individuals.