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Cargill shuts London shipping office, saying sector in worst shape since 1980s
GRAIN handling giant Cargill Inc plans to close its London shipping office and consolidate some of its operations in Geneva as the freight market slumps to the lowest in three decades.
Shipping "is in its most distressed position since the mid-1980s, a situation that looks likely to continue for the foreseeable future," Minneapolis-based Cargill said, Bloomberg reports.
"The reduction in dry bulk demand led by China and the general slowdown in the global economy have led to a significant oversupply in the dry bulk freight market."
The London office has 10 employees. The ocean- transportation unit manages more than 500 dry bulk vessels and ships more than 220 million tonnes of dry bulk commodities annually. Closely held Cargill is one of the world's biggest agriculture companies.
Shipping "is in its most distressed position since the mid-1980s, a situation that looks likely to continue for the foreseeable future," Minneapolis-based Cargill said, Bloomberg reports.
"The reduction in dry bulk demand led by China and the general slowdown in the global economy have led to a significant oversupply in the dry bulk freight market."
The London office has 10 employees. The ocean- transportation unit manages more than 500 dry bulk vessels and ships more than 220 million tonnes of dry bulk commodities annually. Closely held Cargill is one of the world's biggest agriculture companies.
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