Global agri-business giant Cargill plans to close the London office of its ocean transportation arm and consolidate its freight activities in Geneva.

“The decision was taken in the light of the challenges being faced by the freight market, which is in its most distressed position since the mid-1980s, a situation that looks likely to continue for the foreseeable future,” the company said in a statement on 21 January.

“The reduction in dry bulk demand led by China and the general slowdown in the global economy have led to a significant over-supply in the dry bulk freight market at a moment when many new builds are being delivered. This has led to a need for Cargill to adjust its organisation to be as efficient as possible.”

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Cargill Ocean Transportation manages over 500 dry bulk vessels, ships over 220M tonnes of 100 different dry bulk commodities, and makes over 12,000 port calls per year, serving more than 400 global customers.