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Cargill Earnings Hit by Commodity Market Disruptions

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.

Louis Dreyfus Commodities, Cargill win Brazil Port Deal

Louis Dreyfus Commodities and Cargill won an auction on Wednesday to operate a grains area at Santos Port, the first terminal to be leased by the government under a 2012 law meant to bring investment and upgrade infrastructure. Louis Dreyfus Commodities makes up 60 percent of the winning Consortium LDC Brasil BSL, while Cargill has 40 percent, the consortium said. It offered 303 million reais ($80 million), beating another proposal from Agrovia SA.

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

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

First Iron Ore Trade Using CargoDocs Electronic Bills of Lading

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)

Canada Grain Handlers to Expand, Crops Overwhelm System

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.

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

Participants at the Oil Exploration and Exploitation Forum in Kingston 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

Diana, Cargill Enter Time Charter Agreement

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.

SSI Highlights the Rise of the Sustainable Shipper

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

Demand, Bunker Pricing Spurs Asia Dry Bulk-Capesize Rates

File Image: a bulk carrier underway (Credit: BSM)

Owners asking $1 per tonne more on Australia-China rates; Panamax rates climb to two-month high, but remain under pressure. Freight rates for large capesize dry cargo ships on key Asian routes could continue to firm next week on higher cargo volumes and bunker prices

Part of Houston Ship Channel Shut; Tankers Stopped to 4 Refineries

Four Houston-area refineries were unable to receive crude oil from tankers on Tuesday after a portion of the Houston Ship Channel was shut due to a fire aboard an empty tanker, according to the U.S. Coast Guard.   In Texas, Valero Energy Corp's Houston refinery

Harvest Halts as Rains Douse Midwest, Could Impact Barge Loading

File Image (AWO)

Heavy rains and flooding swamped a broad swathe of the northern Midwest this week, halting the harvest of corn and soybeans and forcing the closure of at least two Iowa crop processing plants, traders and farmers said on Friday. Farmers' concerns grew that standing water in fields could damage

Asia Dry Bulk-Capesize Rates to Remain Steady

File Image (Credit BSM)

Owners seeking to push rates higher, close to year-long highs; dry bulk sector to see greater consolidation - BIMCO. Freight rates for large capesize dry cargo ships on key Asian routes are likely to remain steady next week even as owners try to push rates up close to year-highs

Producers, Shippers in North American Food Fight

The North American spat pitting Canada and Mexico against the United States over meat labels has sown confusion among producers and shippers in all three countries, with a trade war potentially just weeks away.   The World Trade Organization on Monday authorized Canada and Mexico

Diana Shipping Enters Time Charter with Cargill

Myrto (Photo: Diana Shipping)

Diana Shipping Inc. announced today that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Cargill International S.A., Geneva, for one of its Kamsarmax dry bulk vessels, the m/v Myrto, a 82,131 dwt ship built in 2013  

U.S. Grain Prices Soar as Floods Shut Waterways

U.S. grain farmers scrambled to find shelter for their crops and handlers hunted for alternative transportation routes, as widespread floods shut waterways from Illinois to Missouri and spurred a surge in physical prices of corn and soybeans.

Capital Product Partners Declare Cash Distribution

Photo Capital Product Partners

Capital Product Partners L.P. a Marshall Islands master limited partnership and an international owner of modern tanker, container and drybulk vessels today announced that its board of directors has declared a cash distribution of $0.2385 per common unit for the fourth quarter of 2015 ended

Cargill to Close London Shipping Unit as Sector Crisis Worsens

Global commodities trader Cargill will close its London shipping office in another sign of the worsening crisis battering the dry freight market, the company said on Thursday.   Financial markets have been in turmoil since the start of the year due to worries over the health of the world

Carbon War Room Launches Shipping Efficiency Advisory Board

Six leaders and influencers from across the shipping industry will join global NGO Carbon War Room’s (CWR’s) Shipping Operation Advisory Board. Their backgrounds span the shipowning, chartering, technical analysis, finance, and academic worlds.  

Shipping Making Progress Towards Sustainability

Image: The Sustainable Shipping Initiative Limited

 The Sustainable Shipping Initiative (SSI) is calling on the wider industry to embrace new finance models to fund clean tech upgrades and back calls for a new international framework for tackling shipping emissions.   SSI has announced the release of the organization's latest annual

Cargill, MV Cargo to Build Grain Terminal in Ukraine

Photographed shaking hands after the signing ceremony are Martin Schuldt of Cargill, Ukraine, and Andrey Stavnitser of MV Cargo. In the background are (left to right) Andreas Rickmers, U.S Ambassador to Ukraine, Geoffrey Py

Cargill and MV Cargo formalized their intention to construct a grain terminal in the port of Yuzhny on the Black Sea coast in Ukraine by signing a Share Purchase Agreement (SPA). The signing ceremony was held in Ukrainian Prime Minister Arseniy Yatsenyuk‘s cabinet office in the presence of

Leadership Changes for Cargill

On March 1, Jan Dieleman assumed the leadership of Cargill’s Ocean Transportation business with its headquarters in Geneva, Switzerland. Dieleman took over the position of Roger Janson who has managed the business successfully since 2011 and now heads Cargill’s Agricultural Supply

Dieleman Takes over as Cargill Shipping Head

Commodities trader Cargill has appointed a new head of its shipping business, weeks after announcing it would close its London freight unit amid a worsening global seaborne market.   The dry bulk sector, which transports commodities such as coal and grain

Argentine Grains Port Workers Return after Brief Strike

A one-day strike at the Rosario grains export hub in Argentina ended on Friday after the government compelled union and company officials to enter into wage negotiations for 15 days, a union leader said.   The strike began at midnight local time and ended around noon after the union agreed

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