Jamaica Broilers inks grain deal with shipping firm UBC
Large poultry producers Jamaica Broilers Group (JBG), signed a three-year agreement earlier this month with shipping company United Bulk Carriers (UBC) to supply grain to its operations in Jamaica and Haiti.
The two companies signed the charter agreement on February 7 in Kingston. Executives of the poultry company say the grain includes mainly corn and soybean meal.
“JBG and UBC have enjoyed a long-standing partnership spanning approximately 20 years, and this agreement signals a commitment to continue the relationship. This is a three-year agreement, and previous agreements have had similar three -year tenors,” explained Christopher Levy, president and CEO of Jamaica Broilers, in a response to Financial Gleaner queries.
UBC, known as a versatile carrier fleet, operates two dozen ships around the world and is a member of the larger Hartmann group.
The volumes of grains to be supplied were not disclosed nor the size of the contract.
“We are unable to share this information due to confidentiality commitments,” said Levy.
Jamaica Broilers reported sales of $13.6 billion for its October 2018 second quarter, up 18 per cent year on year, but its net profit halved to $230.9 million from $445.9 million a year earlier, due mainly to foreign exchange losses of $231 million.
The poultry group operates in three key markets: Jamaica, Haiti, and the United States.