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Business Briefing.
(From Lloyds List)
Kleimar helps Baosteel
CHINA'S largest steel producer Shanghai Baosteel Group Corp and Belgian shipping company Kleimar have signed a contract under which Kleimar will transport 680,000 tonnes of ore from Brazil to Baosteel per year, Baosteel reported recently, writes Sam Chambers in Hong Kong.
China's largest steel mill has been sourcing more and more long term tie ups in a bid to stave off relying on the soaring spot market for capesizes where rates have surpassed $100,000 a day in the past couple of weeks.
AM Best has reaffirmed the ratings for the two syndicates managed by Atrium at Lloyd's.
Syndicate 609, a composite syndicate, retains an A (excellent) financial strength rating and an issuer credit rating of a+, both with a stable outlook.
A M Best praised syndicate 609's business profile, well-diversified portfolio and track record.
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