World News
Costamare Bulkers Transfers Trading Book to Cargill in Deal Including Bunkering
Dry bulk shipping firm Costamare Bulkers has struck a deal with Cargill covering its trading book, vessel charters and a new bunkering partnership.
Under the deal, Costamare will transfer the majority of its trading book, including chartered-in vessels, cargo transportation commitments and derivative positions, to Cargill, the firm said in a press release on Monday.
The company will also charter four Supramax vessels to the commodities firm for four to six months.
A key part of the agreement is a bunkering services deal with Seascale Energy, Cargill's joint bunkering venture with Hafnia, covering Costamare's owned and operating fleet.
Seascale Energy was officially launched in May.
Costamare and Cargill will also collaborate on vessel efficiency and decarbonisation projects, while exploring co-investments in dry bulk assets and other opportunities in the sector.
"The Agreement allows us to reduce our exposure in the volatile trading business and generate more stable and predictable earnings, while at the same time maintaining our operating platform under CBI as an integral part of our business model," Gregory Ziko, CEO of Costamare Bulkers Holdings, said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 490.50 | 2.00 | 694.00 | 5.00 |
| Rotterdam | 451.00 | 3.00 | 678.00 | 1.00 |
| Houston | 471.50 | 11.50 | 677.50 | 2.50 |
| Fujairah | 487.50 | 1.00 | 731.50 | 0.00 |
| Global 20 Ports Average | 516.50 | 2.00 | 767.50 | 1.00 |
| Global 4 Ports Average | 475.00 | 3.00 | 695.50 | 0.50 |
| Global Average Bunker Price | 556.50 | 3.00 | 801.50 | 6.50 |
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Oct 02The deal covers a bunkering agreement with Seascale Energy- Cargill's joint bunker venture with Hafnia.