Cargill Inc., Minneapolis, announced plans to close the London office of its ocean transportation arm and consolidate its freight activities in Geneva, Switzerland.
The reduction in dry bulk demand led by China and the general slowdown in the global economy led to a significant over supply in the dry bulk freight market at a moment when many new builds are being delivered. This prompted Cargill to adjust its organization to be as efficient as possible, while not compromising relationships with key owners and customers and to maintain the highest safety and operating standards.