CARGILL

Cargill To Deliver Low Sulfur Cargo

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, traders said. They said the rare opportunity to export gas oil to Europe emerged because of multiple factors, including cheaper freight, closed arbitrage to the United States and low prices in the benchmark Singapore market. The price of standard 0.5 percent-sulfur gas oil in Singapore was hovering at $29.50 per barrel compared with July futures on the International Petroleum Exchange at $225 per ton, or $30 per barrel. "The arb to Europe is not really open but because they (Cargill) managed to get such cheap freight, they are able to do it. They also got the cargoes at low premiums," a gas oil trader said. Cargill officials could not be reached for comment. Traders said Cargill had purchased a total of 440,000 barrels of diesel that met the U.S. CARB standard and 240,000 barrels of 0.05 percent-sulfur gas oil

Dry Bulk Charter for Diana Shipping

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

Capesize Holds Steady, Panamax Drops

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.

Atlantic Panamax Earnings Plummet To New Lows

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.

WCI Chairman Issues Statement

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

Caribbean Lacks Resources to Combat Oil Spills: Jamaica

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

Dry Cargo Market Mixed

A one point gain on the Baltic Dry Index to 1,320 disguised some significant differences in freight market movements since the last trading day by the Baltic Exchange on December 24, brokers said. Capesizes appeared to have eased world-wide and there were reports of early vessels still available for employment, but Panamax demand strengthened significantly, especially in the Far East. Brokers said that there was an over-supply of handy sizes on the Continent but that conditions for these

Diana Shipping Takes Delivery of Capesize Bulk Carrier

Diana Shipping Inc. has taken delivery of the 180,235 dwt Capesize dry bulk carrier, to be renamed Aliki, built in 2005 by Imabari Shipbuilding Co., Saijo Shipyard. The agreement to purchase this vessel was originally announced on March 6, 2007. As previously announced, the Company has entered into a time charter contract with Cargill International S.A. for the Aliki for a minimum 46 to maximum 49 month period at an average rate of $48,500 per day

Genco Shipping & Trading Ltd. Takes Delivery of Fourth Capesize Vessel

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

Genco Takes Delivery of New Capesize

Genco Shipping & Trading Limited (NYSE:GNK) has taken delivery of the Genco Hadrian, a 170,500 dwt Capesize newbuilding. The Genco Hadrian is the sixth 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 has commenced a time charter upon delivery of the Genco Hadrian with Cargill International S.A