Australian mining company BHP Billiton has raised its production guidance for its iron ore mines in Western Australia by 5% for its fiscal year ending June 30.
BHP Billiton announced the production growth forecast simultaneously with the release of its half-year financial results, having already reported record iron ore production in the last six months of 2012.
The increased output forecast imply total production this fiscal year will reach 167mt, up from an earlier forecast of 159mt.
This means approximately one additional capsize vessel will be loading at BHP Billiton's berth's in Australia's Port Hedland every week, which could give capsizes operating on the Australia to China trade a boost.