Cargill to Close London Shipping Office Amid Freight Slump
- Baltic Dry Index falls to lowest since at least 1985
- China's slowing economic growth hurts frieght demand
This article is for subscribers only.
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 Thursday in a statement. “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.”