By Henning Gloystein and Denny Thomas SINGAPORE/HONG KONG, Sept 29 (Reuters) - A Japanese shipper filed for bankruptcy on Tuesday and global trading firm Louis Dreyfus posted lower profits, the latest victims of tumbling energy and raw material prices. The London-listed shares of mining and trading giant Glencore rebounded by around 10 percent, clawing back some … [Read more...]
Baltic Exchange Futures Platform Considering Move Into Commodities
By Jonathan Saul LONDON, June 29 (Reuters) - London's Baltic Exchange is studying a potential foray into commodities and is open to proposals on tie-ups as other exchanges attempt to boost volumes, its chief executive said. Baltex, the Baltic's digital shipping platform, was launched in 2011 as the first central electronic marketplace for freight forward agreements … [Read more...]
Not Even Blowtorches Can Ignite the Worst-Ever Dry Bulk Shipping Market
By Bill Lehane (Bloomberg) -- How bad is the market for shipping commodities across the world’s oceans? Consider that more than 100 vessels will probably be scrapped this year -- a record -- and daily earnings for the industry will still tumble. Having predicted as recently as February that shipping rates this year would jump, forecasters are turning increasingly bearish as … [Read more...]
Noble Group Profit Rises Sevenfold as Commodity Shipments Surge
By Yuriy Humber Nov. 7 (Bloomberg) -- Noble Group Ltd., Asia’s biggest commodity trader by revenue, said third-quarter profit jumped almost sevenfold as it shipped a third more goods. In its first quarterly results since selling control of its food unit, the Hong Kong-based trade house said net income was $153.9 million in the three months ended Sept 30, compared with … [Read more...]
Grain Shippers Trumped by Oil on U.S Rail Lines
By Naomi Christie and Shruti Date Singh Sept. 19 (Bloomberg) -- Shipping companies probably will miss out on exports from the record U.S. grain harvest because the shale-oil boom is clogging up rail lines to ports. While the U.S. will reap the most crops ever, fourth- quarter export cargoes will be 15 percent lower than last year, according to RS Platou Markets AS, a … [Read more...]
Glencore Starts $1 Billion Buyback as CEO Says Commodities Boom Isn’t Over
By Jesse Riseborough Aug. 20 (Bloomberg) -- Glencore Plc’s billionaire Chief Executive Officer, Ivan Glasenberg, underscored his belief in the longevity of the global commodities boom by beating his biggest rivals in handing out surplus cash to investors. Glencore, the third-largest miner by market value, today announced a $1 billion share buyback after first-half profit … [Read more...]
Dry Bulk: Commodities Fall to Six-Month Low as Gains for Year Evaporate
By Maria Kolesnikova Aug. 14 (Bloomberg) -- Commodities fell to a six-month low, erasing almost all of this year’s gains, as oil and grains declined on signs of ample supplies and slower economic growth in China, the biggest consumer of industrial metals and energy. The Bloomberg Commodity Index of 22 raw materials dropped 0.2 percent to 126.001 by 12:11 p.m. in London, … [Read more...]