The Evening Runway with Hongbin Jeong, Roshan Gidwani & Chua Tian Tian (4pm - 7pm)Under the Radar: Cargill on its ocean transportation business; Demand for ocean transportation now vs at the start of the Russia-Ukraine conflict; Signing of long-term charter deal for two dry bulk ships; Opportunities in ocean transportation; Use of wind power for cargo ships to reduce fuel use by 20-30%; Global cargo shipping market to grow to 13.19 billion tonnes in 2028
We’re going to speak to global food corporation Cargill today. And in case you’re wondering - we are not going to talk about commodities.
But instead we’re going to talk about their ocean transportation unit, with the company being one of the world’s biggest ship charterers.
The company is seeing several developments relating to its cargo shipping business of late. It has signed a longer-term charter deal for two dry bulk ships which will be delivered at the end of 2025 and at the start of 2026.
In addition, it is also stepping up a push to resurrect wind power for cargo ships, which Cargill believes could reduce fuel consumption by 20 to 30.
But what do the developments suggest about the demand for shipping services and the longer term opportunities in the global cargo shipping industry, which is expected to grow to 13.19 billion tons in 2028?
On Under the Radar, Drive Time’s finance presenter Chua Tian Tian posed these questions to Lim Ying Ying, Ocean Transportation Lead for Asia Pacific and Managing Director of Cargill Ocean Transportation Singapore.
