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.
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
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, the m/v Calipso. The gross charter rate is $8,100 per day, minus a 4.75% commission paid to third parties, for a period of minimum 21 months to maximum 25 months.
Charterers’ future procurement decisions will be driven by an increasing drive to improve sustainability within shipping supply chains. The Sustainable Shipping Initiative (SSI), a pioneering coalition of companies from across the global shipping industry focused on uniting commercial growth with sustainable behaviours, is demonstrating how charterers are becoming a powerful force in driving sustainable shipping standards and becoming a catalyst for instigating industry change beyond
Diana Shipping Inc. specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Cargill International S.A., Geneva, for one of its Panamax dry bulk vessels, the m/v Leto
Capital Product Partners (CPP) has taken delivery of a new panamax containership, which will commence a five-year timecharter to CMA CGM. It also has won a timecharter from Cargill, and another two have had their charters to Capital Maritime extended.
Port workers in Argentina's Rosario grains export hub will kick off a strike on Tuesday to demand salary improvements and union rights, the local port chamber said on Saturday. The strike, which is set to start at midnight local time (0300 GMT) on Tuesday "will take place in such a
Port workers who run Argentina's Rosario grains hub met on Monday with export companies for wage talks aimed at avoiding an open-ended strike that labor leaders had announced for Tuesday, a union official said. A strike at Rosario would slow soy and corn exports in the middle of Argentina's
Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 175,000 metric tons of Russian wheat for shipment Sept. 11-20. Mamdouh Abdel Fattah, the vice-chairman of GASC, gave the following breakdown of the purchase:
Canadian grain marketer CWB said on Thursday it will build a third grain elevator on the western Prairies, as the former Wheat Board pieces together a crop-handling network. Winnipeg-based CWB will build an elevator that can store 42,000 tonnes of grain near Pasqua, Saskatchewan
When Denmark's Novozymes first wondered in 2000 how its mass-produced enzymes could be used to make advanced biofuel, the industry did not exist and only now is the fruit of its labour emerging after years of being lampooned as a "fantasy fuel".
Approximately 50,000 tonnes of sugar were stored in a warehouse affected by fire in the Teag terminal in Brazil on Monday, Cargill Inc said in a statement. The terminal, a joint venture between Cargill and Biosev , the sugar unit of Louis Dreyfus Commodities , has storage capacity of 110
The U.S. Senate Subcommittee on Surface Transportation and Merchant Marine Infrastructure, Safety, and Security held a hearing on U.S. ports today titled "Keeping Goods Moving." The hearing comes during a labor standoff between shipping companies and port workers that shut down 29 West
The agro-industrial concern Cargill has won the 5th Port Community Award. The agro-industrial concern with branches in Amsterdam and Rotterdam also won a prize in the category shipping companies/ship’s agents/agents during the festive awards ceremony
A fire at a fuel-storage facility at the Port of Santos, the largest port in Brazil, burned for a sixth day on Tuesday, restricting access to trucks delivering grains and other goods. Firefighters on Monday managed to extinguish the flames at a facility run by Ultracargo
Trucks will be able to access a blocked entrance at Santos, Brazil's largest port, at night while firefighters finish extinguishing a blaze at a nearby fuel-storage facility, city and port authorities said. The more flexible rules will provide some relief for grain exports that have
Pressure grew on Friday for a resolution to wage talks between exporters and striking crushers in Argentina's Rosario grains hub, with another powerful union threatening to launch its own industrial action on Monday that would paralyze exports.
Diana Shipping has entered into a time charter contract with Hong Kong - based China Shipping Bulk Carrier, for one of its Panamax dry bulk vessels, the m/v Calipso. The "Calipso" is a 73,691 dwt Panamax dry bulk vessel built in 2005
Grain shipments through the St. Lawrence Seaway are up 7 per cent this season, continuing the pace set last year when ships carried the largest volume of grain through the navigation system in 14 years. According to The St. Lawrence Seaway Management Corporation