A dry bulk cargo shipped by Cargill last week broke new ground in the sector, as the financial transaction was performed through blockchain technology. This marks the first kind of this transaction, according to bank HSBC, reports the Financial Times.
The Vice President of Logistics at one of the world's largest companies, Cargill, attacks container carriers for their poor service. "The gap you talk about, between supply and demand, is the size of the gap in service, between what the customer expects and what you supply," says John McCauley.
US-based trading house Cargill, which operates the world's largest dry bulk fleet, and carrier Fjord Line have joined the Trident Alliance, an international cooperation working for the enforcement of sulfur requirements.
At least 1,000 dry bulk vessels will need to be scrapped in order to secure balance between supply and demand in the dry bulk market, projects chief analyst at trading house Cargill, which controls a fleet of 500 bulk vessels.
Revenue at the major trading house declined 11 percent in the third quarter of the fiscal year 2015/2016, though the adjusted operating profit improved. Lower commodity prices and challenging shipping markets are cited as factors.
In the midst of the worst crisis ever for the global dry bulk industry, one of the world's absolutely largest players, Geneva-based Cargill's Ocean Transportation with over 500 ships in the fleet, is replacing its CEO. Roger Janson will take a new position.