Cocoa tree

Olam in JV with North America’s largest cocoa processor

Global integrated supply chain manager of agricultural products and food ingredients, Olam International, has inked a 50:50 joint venture with Blommer Chocolate Company, the largest cocoa processor and ingredient chocolate supplier in North America.

The JV, GrowCocoa, will be headquartered in the US and bolster the two cocoa giants’ supply chain in origin sourcing and access to farmer groups, technical chocolate product manufacturing expertise and established retail customer relationships.

GrowCocoa aims to improve the livelihoods of cocoa communities, encourage long-term commitment and investment in a sustainable supply chain and develop strategic partnerships with governments, national institutions, relevant NGOs and funding partners.

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New charter contract for Otto's SOC Endeavour

Otto Marine secures charter worth up to US$57.3 million

Otto Marine has secured a ship chartering contract for 180 days, with option to extend for 3 months + 3 years for its newly-built 75-meters work maintenance vessel.

The contract is expected to generate about US$7.6 million for the minimum scheduled period of the charter and up to US$57.3 million if options are included.

The vessel to be chartered is a 4,200-bhp work maintenance vessel christened “SOC Endeavour”.

It measures 75 x 24 meters, is ABS-classified and will be deployed for general maintenance works in Kuwaiti, UAE and offshore Iraqi waters.

Deputy president Au Chin Leng said that Otto intends to expand its chartering segment.

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