Iran has ramped up its campaign to import wheat, buying more than 800,000 tonnes in two weeks in what some traders said was a drive to ensure adequate supplies for a possibly tense period after Friday’s election. This is the first presidential poll since a disputed 2009 contest led to months of unrest in the […] Read more
Iran ramps up wheat buying to secure post-election supplies
ADM says unwittingly used sanctioned Iran ship in grain trade
Archer Daniels Midland (ADM) said it unwittingly used a vessel controlled by a sanctioned Iranian shipping firm last year to transport grain in what was an effort by Tehran to hide the ship’s ownership. The Islamic Republic of Iran Shipping Lines (IRISL) has faced Western and U.N. sanctions for years, based on accusations of transporting […] Read more
Libya pays extra for food imports, sellers fear disarray
Libya is having to pay extra for food imports and traders say some foreign firms are diverting shipments elsewhere due to fears — dismissed as unfounded by Tripoli — that growing disarray in the country could delay payments. The North African state, much of which is desert, is a big food buyer and has stepped […] Read more
Shipping slump seen extending into 2013
The global shipping slump is expected to last well into 2013 as a glut of vessels and a growing credit squeeze will challenge even the toughest companies in the seaborne sector, Moody’s Investor Service said on Wednesday. Shipping companies, especially in the oil tanker and dry bulk sectors, already hit by worsening economic turmoil, weak […] Read more
Russian Wheat Seeks To Conquer Fresh Markets
Reading Time: 3 minutes Russian wheat exporters aim to ramp up sales to new markets such as South America due to their cheap price edge, which may also give a boost to freight rates which are struggling with a ship glut. Millions of tonnes of low-priced Russian wheat have surged onto global markets since Russia ended a near year-long […] Read more
Japan-bound grain ships reported unable to unload
At least nine vessels carrying grain bound for Japan are unable to discharge their cargoes due to problems at the country’s ports hit by last week’s earthquake and tsunami, trade sources said Wednesday. Concerns about delays or cancellations to Japanese shipments sent benchmark corn and wheat futures contract prices lower in Chicago on Wednesday. Japanese […] Read more
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