Cargill Inc said on Tuesday its quarterly earnings fell 28 percent, making it one of the largest companies yet to demonstrate how big commodity market disruptions this year have hurt its bottom line. Minneapolis-based Cargill, a top global commodities trader, was hit by a triple-whammy of unexpected events, including a surge in energy prices in January, rail backlogs, and the rejection of U.S. corn shipments by China. The problems are likely to have also hit Cargill peers such as Archer Daniels Midland Co and Bunge Ltd, which are due to report financial results in the coming weeks. The coldest winter in 30 years catapulted regional U.S. natural gas prices to record highs, while power markets gyrated as producers struggled to keep supplies flowing to consumers. The harsh weather also snarled rail transport for products as diverse as coal, grain and ethanol. "In North America, we had record harvests and this extreme weather, so that created a backlog," Cargill spokeswoman Lisa Clemens said about the rail disruptions. "We couldn't move grain or deliver products as fast as we would otherwise." Cargill, one of the world's largest privately held companies, reported net earnings of $319 million for the third quarter ended Feb. 28, down from $445 million a year earlier. Revenue was $32 billion, nearly even with a year earlier.
Cargill Inc. is in the process of shipping the first low-sulfur gas oil or diesel cargo from Southeast Asia to Europe. Traders said the company had chartered a tanker called the Young Lady, which is on its maiden clean products voyage, to lift a total of 680,000 barrels of gas oil from the Malacca II refinery in June. The Malaysian refinery is the only major refinery in Southeast Asia that can produce high-quality diesel that meets tight United States CARB and European EN590 specifications
Rick Calhoun, President of Cargo Carriers (Cargill) and Chairman of Waterways Council, Inc., released a statement today regarding the state of emergency on the Lower Mississippi River. “The inland waterways navigation system is the most important transportation asset in the United States and is vital to the economic well-being of this country,” Calhoun said. “We urgently call on the Federal government today to take all necessary steps to provide funding for this
Diana Shipping Inc. announces a time charter contract with Cargill for its dry bulk carrier 'M/V Protefs' Diana Shipping Inc.a shipping company specializing in the ownership and operation of dry bulk vessels, announcee that it has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers, the m/v "Protefs, at a gross charter rate of US$9,000 per day
BHP Billiton, Royal Bank of Scotland, Westpac Banking Corporation, Cargill and Minerva Marine recently completed the first trade financed iron ore trade using ESS’s CargoDocs electronic bill of lading and eUCP Presentation solutions. CargoDocs was used on a shipment from Australia to China. In this trade the electronic bill of lading was drafted by BHP Billiton in Shanghai (eliminating the need for separate document instructions)
Three Canadian grain handlers said this week that they will expand facilities to handle the country's crops, after a record-smashing harvest overwhelmed the transportation system. Viterra, owned by Glencore Xstrata PLC, said on Thursday it will spend C$100 million ($92 million) to boost grain shipping through Port Metro Vancouver, while CWB, formerly known as the Canadian Wheat Board, said it is building a second Western Canadian grain elevator.
Capesize rates remained very steady worldwide, but panamax rates were weaker in the Atlantic, brokers said. There were unconfirmed reports that Navix had fixed Belmaj 149,000 dwt delivery Indonesia end-March for a trip via Australia to Japan at $29,000 daily. Cargill booked Bottiglieri tonnage for 54,000 tons heavy grain U.S. Gulf/Japan for end-March at $21.75, having previously failed on subjects with the Bottiglieri re-let Darya Geeth at $22.
Average Atlantic panamax earnings sank to new lows on Monday, quashing hopes that the market had bottomed out, brokers said. "We've given up predicting when the market will stop falling," one Norwegian broker said. "It's not so much of a summer slowdown, (it is) more of a summer shutdown," he added. Brokers said that charterers' offered levels for transatlantic panamax round voyages had now fallen through the $7,000-a-day barrier.
Genco Shipping & Trading Limited (NYSE: GNK) announced that it has taken delivery of the Genco Titus, a 177,000 dwt Capesize newbuilding. The Genco Titus is the fourth vessel to be delivered to the Company under Genco's previously announced agreement on July 18, 2007 to acquire nine Capesize vessels from companies within the Metrostar Management Corporation group. The Company expects to deliver the Genco Titus to its charterer, Cargill International S.A
The Caribbean region, including Jamaica and other small island developing states, lacks the resources to combat a major oil spill, delegates to a regional convention on oil spill prevention and response have been warned. Opening the convention to discuss oil spill prevention, preparedness and response in the Gulf of Mexico, keynote speaker Christopher Cargill, Chairman of the Petroleum Corporation of Jamaica, said that Jamaica and other islands in the region do not have access to vast
No signs identify a barren field in northeastern Brazil that was meant to be the center of one of China's most ambitious agricultural forays into South America. In 2011, Chongqing Grain Group Corp announced plans to build a soy crushing plant
Gasoline barge prices in northwest Europe rose on Friday, boosted by brisk cargo exports as demand builds ahead of the peak summer driving season. "Things are perking up," said one trader. "Big slugs of reformate are heading to Asia again
Canada needs to invest in shipping more grains and oilseeds off the West Coast as harvests get larger, to avoid the massive transportation backlogs that followed last year's record crops, industry officials said on Wednesday. Last year, 19
U.S. agribusiness trader Cargill aims to purchase 100,000 metric tons of certified Ivorian cocoa this season, up slightly from 95,000 metric tons last season, West Africa managing director Lionel Soulard said on Thursday. The mid-crop in the world's top cocoa grower started officially on April
Drought and ensuing low river levels continue to affect the inland industry. Low water between St. Louis and Cairo, Illinois has threatened traffic on the Mississippi River since December. For months, dredging operations have slowed vessels at points along the river's course
Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers, the m/v Sideris GS
Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, announced it has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers
Ardmore Shipping Celebrates Naming of "Ardmore Seavaliant' and 'Ardmore Seaventure'. Ardmore Seavaliant immediately chartered to Cargill, following naming at SPP Shipbuilding. Chemical and product tanker specialist Ardmore Shipping has named the two newest vessels to join its fleet
Product and chemical tanker specialist Ardmore Shipping has taken delivery of the Ardmore Seaventure from SPP Shipbuilding in Korea and immediately delivered the tanker to Cargill on a 12 month time charter arrangement. The Ardmore Seaventure is a 49
Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that it has entered a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk carriers
Diana Shipping Inc. (NYSE:DSX) entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Panamax dry bulk vessels, the m/v Clio. The gross charter rate is US$8,600 per day, minus a 4
Ardmore Shipping Corporation announced results for the three and six months ended June 30, 2013. A summary of the recent and second quarter highlights are as follows: Highlights: The company raised $140 million of gross proceeds in its initial public offering (IPO) of common stock
Diamond S Shipping Group inform they have acquired three modern medium-range clean product tankers from funds managed by CarVal Investors. In the transaction, a group of funds managed by CarVal became a significant investor in the Diamond S clean product tanker business, and Ranjit Ahluwalia
Takes Delivery of the Baltic Lion; Vessel to Commence Spot Market-Related Time Charter. Baltic Trading Limited announced today that it has taken delivery of the Baltic Lion, a 2012-built Capesize vessel. The Baltic Lion is the second of two Capesize vessels to be delivered to the Company under
The conference committee of the 20th annual Hellenic-American and Norwegian-American Chambers of Commerce conference, often called the New York Shipping Conference, announced today the luncheon keynote speakers will be and George Wells of Cargill and Peter Georgiopoulos.