Geneva-based Chinese grain trader COFCO International’s global head of freight Alessio La Rosa has left his position. Geneva-based Chinese grain trader COFCO International is one of the world’s biggest charterers. COFCO International hauls around 50 million tonnes of cargo per year. Chinese grain trader COFCO International’s global head of freight Alessio La Rosa will join fertilizer producer EuroChem. COFCO International’s global head of freight Alessio La Rosa has worked in shipping for nearly 24 years. EuroChem is one of the biggest suppliers of chemical fertilizers. COFCO International’s global head of freight Alessio La Rosa will join EuroChem’s Dubai office on 1 March 2023. Alessio La Rosa worked at COFCO International for seven (7) years. Geneva-based Chinese grain trader COFCO International is the Chinese state-owned food giant Cofco Corporation’s trading arm. 17-January-2023
Geneva-based Chinese grain trader COFCO International chartered in 2008 built kamsarmax bulk carrier 82K DWT MV Bettys Dream for around $25,000 per day for a year from Istanbul-based shipowner Zihni Group. Currently, kamsarmax bulk carrier long period deals are around $24,375 per day which means a premium over average panamax bulk carrier earnings in the spot market. 11-February-2022
Geneva-based Chinese grain trader COFCO International resumes concentrating on LNG as a marine bunker to carry grains from South America to China. Chinese state-owned food giant Cofco Corporation’s trading arm COFCO International has been examining LNG and other kinds of clean energy as bunker choices for the ships under COFCO International’s management as a consequence of tightening environmental rules. Furthermore, COFCO International has been examining such as wind power and electricity. COFCO International concentrates on LNG-fuelled ships even though it has shied away from signing any firm commitment so far. China state-owned financiers such as ICBC Financial Leasing have demonstrated interest in LNG-fuelled newbuilding ships. Chinese state-owned food giant Cofco Corporation’s trading arm COFCO International normally hires panamax and supramax bulk carriers. COFCO International revealed that it is much more challenging to find bunkering ports for LNG-fuelled ships for panamax and supramax bulk carriers. Bunkering LNG-fuelled ships have stayed limited due to the absence of infrastructure. COFCO International aims to haul grains from the East Coast South America (ECSA) to China, a fixed course where LNG bunkering facilities can be materialized effortlessly. On other routes, chartering arm of COFCO International aims to operate ships at slow speed to decrease GHG (Greenhouse Gas Emissions). Furthermore, Cofco International is optimizing steaming speeds and embracing AI (Artificial Intelligence) to forecast ship positions and enhance operational efficiency. Geneva-based Chinese grain trader COFCO International is one of the world’s biggest charterers. COFCO International hauls around 50 million tonnes of cargo per year. 2-July-2019
Geneva-based Chinese grain trader COFCO International, chartering arm of Cofco Corporation, precautions of the soft dry market ahead. COFCO International, one of the world’s biggest bulk carrier charterers, has announced what the company defines as its eco charter plan while anticipating soft freight circumstances ahead. COFCO International Ship Chartering has been enthusiastic for fuel-efficient ships in its fleet of chartered-in ships. COFCO International Ship Chartering has eco-ships in the fleet for economical and environmental motivations. Usually, COFCO International Ship Chartering charters in fuel-efficient eco-friendly maximum three-year-old ships. COFCO International Ship Chartering charters in from Japanese or Chinese shipowners for five years or more. Usually, long-term ship charters are linked to new building ships. COFCO International Ship Chartering charters in around 2,000 ships to ship 50 million tonnes of cargo per year. COFCO International has been spending premiums for the newbuilding ship charters compared with ships without scrubbers. 29-April-2019
Geneva-based Chinese grain trader COFCO International was established in 2014 by Chinese state-owned food giant Cofco Corporation. Chinese state-owned food giant Cofco Corporation is a conglomerate that monopolizes China’s food markets. Cofco Corporation aims to create an international powerhouse, therefore Cofco Corporation has acquired Nidera and Noble Group’s agribusiness. On the other hand, COFCO International has also been developing its third-party international trading company. Geneva-based Chinese grain trader COFCO International charters approximately 2,000 ships to haul 50 million tonnes of cargo per year. Out of 50 million tonnes of cargo per year, COFCO International hauls 40 million tonnes of grain cargo and 10 million tonnes of coal, iron ore, and agricultural by-products. Geneva-based Chinese grain trader COFCO International particularly charters in panamax and supramax bulk carriers for grain freight. Furthermore, COFCO International charters in a slight number of capesize bulk carriers. Chinese state-owned food giant Cofco Corporation’s trading and ship chartering arm COFCO International has a team of 45 in Geneva and Singapore offices. Furthermore, COFCO International has operational employees in Istanbul. Currently, Geneva-based Chinese grain trader COFCO International is concentrating on short-term charters than long-term contracts. According to COFCO International estimation the new-building cost of a kamsarmax at $28 million. Nevertheless, with FFA (Forward Freight Agreement) values being approximately $9,000 per day. Therefore, it would exclusively be justified to order kamsarmax new building in the $21 million range. According to COFCO International, the beginning of the South American grain export season has sustained revenues of panamax and supramax ships. Freight markets are predominantly relying on iron ore and coal cargoes. Wheat shipping from Russia decreased in 2019, while Australian supply stays undisturbed. As for soybean, Chinese imports have been struck by lower domestic conditions for animal feed as an outbreak of African swine fever. According to COFCO International, currently, China is the world’s biggest soybean consumer. China imposed a 25% tariff on soybean imports from the US in July 2018, China has raised soybean imports from Brazil. 27-April-2019
Chinese state-owned food giant Cofco Corporation’s trading arm COFCO International stated that newbuilding bulk carrier costs are too high for ship investments. One of the world’s biggest bulk carrier charterers COFCO International showed little interest in ship investments as low values in FFA (Forward Freight Agreements) may point to weak charter rate conditions forward. Geneva-based Chinese grain trader COFCO International stated the company expects a sustainable return for any ship investments. There is remarkably low long-term demand from charterers. Since Q4 2018, FFA (Forward Freight Agreements) values have weakened by over 20% across ship segments. In contrast, new-building ship price tags have increased due to steel prices and yards under pressure from their banks not to fetch loss-making deals. According to Chinese state-owned food giant Cofco Corporation’s trading arm COFCO International, currently, there is a significant mismatch between ship prices and FFA (Forward Freight Agreements) values. According to Geneva-based Chinese grain trader COFCO International, the weakness in freight markets has mainly resulted from lower Chinese coal and soybean imports and disruptions to Brazilian and Australian iron ore exports. On the other hand, panamax and supramax bulk carriers’ revenues have rebounded as the grain export season of South America commences, capesize bulk carriers’ rates are still plagued by lower-than-normal iron ore shipments. According to Geneva-based Chinese grain trader COFCO International, currently, the Brazilian soybean export volumes are declining every month. 11-April-2019
Geneva-based Chinese grain trader COFCO International joins ABCD’s digital shipping initiative for the use of blockchain and AI in shipping dry bulk cargoes. ABCD of the shipping industry that represents Archer Daniels Midland (ADM), Bunge, Cargill and Louis Dreyfus Co (LDC). In October 2018, Archer Daniels Midland (ADM), Bunge, Cargill, and Louis Dreyfus Co (LDC) has declared a strategy to systematize data and digitalize global agricultural shipping transactions. COFCO International joined Archer Daniels Midland (ADM), Bunge, Cargill and Louis Dreyfus Co (LDC) plan in order to build a reliable, safe, and effective platform and reconstruct global agricultural trade operations. AI (Artificial Intelligence) project intends to drive more all-embracing safety, dependability, efficiency also clarity by digitizing manual, paper-based processes attached to agreements, receipts, and payments, with a more contemporary, digitally based method. Chinese grain trader COFCO International and ABCD joint venture is endeavoring to diminish the time regularly consumed on old-fashioned paper and data processing. In 2017, COFCO International marketed over 100 million tons of commodities with earnings of $34 billion. 25-December-2018