Summary

• The first wave of iron ore shipments from Guinea's Morebaya Terminal confirms that the project has officially moved from development to operational status.
• All initial cargoes are destined for major Chinese ports, with some shipments going directly to end users, such as steel giant China Baowu Steel Group Co. Ltd., confirming the project's strategic offtake agreements are in effect.
• The key stakeholders, Rio Tinto PLC and Winning International Group Pte Ltd., are actively chartering large Capesize and Newcastlemax vessels, signaling a large-scale operation from the outset.

The departure of the first iron ore shipments from Guinea's new deepwater port at Morebaya is more than just a milestone — it is a signal that China's multi-decade push for resource security is entering a

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