France’s largest dry bulk operator Louis Dreyfus Armateurs (LDA) is exiting the cape spot market, conceding that the sector has now become too firmly controlled by the world’s top miners.
In an interview with French business daily, Les Echoes, Edouard Louis Dreyfus, said that as part of a swathe of changes coming to LDA: “We will be derisking capsize operations, and will get out of the spot market, which is too volatile. It is a profession that shipowners no longer control, it is controlled by mining groups.”
Edouard Louis-Dreyfus assumed the presidency at LDA in July 2015, becoming the fifth generation of Louis-Dreyfuses to take the helm of the dry bulk giant. He has since set about a large reorganisation of the company.