Tuesday, May 24, 2011

ADM Invests Big in Uruguay Port

photo: wikipedia ~ Nueva Palmira, Uruguay

Archer Daniels Midland Co is investing more heavily in South American grain shipping. Within two years they plan to handle 2.8 million metric tons of goods at the Nueva Palmira port in Uruguay.
Archer Daniels Midland Company (NYSE: ADM) announced the construction of a port terminal at Nueva Palmira, Uruguay, to meet corn, soy, wheat and soybean meal demands in Europe, Asia, Latin America and Africa. Located in the Zona Franca (specialized trading zone), the terminal will be the only facility at Nueva Palmira with the ability to load large, post-Panamax and Capesize vessels.

“As crop production in Paraguay, Bolivia, Uruguay and Brazil continues to increase, this new port terminal will be an integral part of regional export operations and will enhance our ability to connect the South American harvest to homes all over the world.”

ADM’s Nueva Palmira port terminal will have a storage capacity of 180,000 metric tons. ADM's terminal is expected to handle 2.8 million metric tons of goods in its first year of operation, and it will employ approximately 100 people. Construction will begin immediately and should be completed in 22 months.
Note that the post-panamax and cape-size vessels which will be using the port, can carry more than 100,000 tons at a time. Nueva Palmira has become Uruguay’s main grains and oilseed exporting port.
K. McDonald