Cargill Dumps Shipping Arm

Wednesday, November 08, 2000
Cargill has announced a change in shipping strategy, following the sale of its last four remaining Panamax bulk-carriers, and from here on will charter in ships for all its cargo requirements. "The widespread trend towards consolidation and size within the ship owning segment implies one either gets bigger or scales back," said Vice President of Cargill International Tom Intrator in a statement. "And in our case we have chosen the latter." Cargill will continue to retain a strong time-chartered fleet, numbering nearly 150 vessels, and its commitment to this strategy is illustrated by the fact that the last four ships were sold with an agreement to charter them back for five years. That fact alone assured the ships fetched $1-2 million above prevailing market rates. Intrator says the company's focus will now be on logistics management. "It's in this area that our risk management skills, supply chain expertise and commodity knowledge give us a distinct advantage," he said. Cargill's shipowning activities date back to the 1960s.
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Goldenport Bleeds in Red

Goldenport Holdings Inc reported a net loss of USD14.7 million in the first six months of 2015, significantly wider than the USD1.4 million net loss a year earlier

Strong Returns for Sovcomflot

Russia’s biggest shipping company PAO Sovcomflot (SCF Group) surpassed its own expectations and went forward on both revenue and net profit in the first six months.

CSDC Profts Soar

The bulker and tanker unit of state conglomerate China Shipping Group, China Shipping Development Co (CSDC) has delivered a first half performance which saw its profit spike,

Finance

China Merchants Profit up 29pct

While China’s ports continue to face growth pressure, the country’s largest port operator is reaping the rewards of years of investments in overseas projects.   China

Baltimore Port Shipments Hit New Record

Helen Delich Bentley Port of Baltimore's public terminals shipped a record 9.74 million tons of general cargo in the 2015 fiscal year ending June 30, it said Monday.

Alaska Marine Lines Reduces Fuel Surcharge

Alaska Marine Lines, a marine transportation company providing barge service to and from Alaska and Hawaii, informs it has filed with the U.S. Surface Transportation

 
 
Maritime Contracts Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.7891 sec (1 req/sec)