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
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)
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
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.
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
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
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., 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.
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.
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
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
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".
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
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:
Grains inspectors who began a strike on Wednesday in Argentina's pivotal Rosario export hub will extend it for a second day if there is no progress on their demand for higher salaries, a senior union official said. Other unions are also threatening labor actions
U.S. agribusiness Cargill Inc said it will build a grain handling facility in West Memphis, Arkansas, to purchase corn, sorghum, soybeans and wheat that the company could ship down the Mississippi River to U.S. Gulf Coast export terminals.
Canadian grain marketer CWB said on Monday it has agreed to buy Great Sandhills Terminal Ltd, a farmer-owned 20,000-tonne grain handling facility in Leader, Saskatchewan, for $16.3 million. The deal, subject to regulatory and shareholder approvals, is expected to close by Sept. 1
As a polar vortex snarled North America's railroads and upended freight flows this winter, everyone from agricultural giant Cargill to Dow Chemical rushed to secure the next-best form of hauling goods: trucks. In what trucking executives described as an unprecedented bidding frenzy
Industry and Federal Leaders Demonstrate Need for Maritime Infrastructure Investment at WISTA Annual General Meeting At its Annual General Meeting in New Orleans last week, members of WISTA USA (Women’s International Shipping &Trading Association) were urged to support investment in
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
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
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
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
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.