Basis Commodities

Latest News

Basis Commodities expands service offering to soybeans.

18 Apr, 2024

In late 2023, Basis Commodities successfully executed its first shipment of premium non genetically modified soybeans from Romania to Egypt, via two small vessels. Basis has many years of experience managing trade flows and relationships within the Middle East and we were pleased when the opportunity to add a new product – Soybeans – arose out of discussions with our suppliers in Romania and buyers in Egypt. To ensure the safe arrival of the produce, the company worked with several parties to facilitate the execution of this new flow for the company including managing due diligence, testing, insurance and contract execution. Soybeans are a primary source of protein and edible oil, making them essential for human nutrition. The largest producers of soybeans in the world are the United States, Brazil, and Argentina. These countries account for most of the global soybean production. Ukraine is the leading exporter of soybeans in Europe. However, Romania is seeing growth in this market after a long hiatus. This growth can be attributed to various factors including increased demand for soybeans globally, improvements in agricultural technology, and favourable climatic conditions for soybean cultivation in Romania. Egypt is among the top importers of soybeans in the world. The country imports large quantities of soybean, primarily for the production of soybean meal, a key ingredient in animal feed formulations. The country's growing population and expanding livestock sector contribute to the increasing demand for soybeans as a source of protein-rich feed. Basis Commodities General Manager in Dubai, Nader Ahmed said assisting companies making connections in the movement of soft commodities is a speciality of the company “we are committed to fostering international trade partnerships and promoting the exchange of quality agricultural products in the Middle East” and “We’re proud to have played a role in bringing premium soybeans into Egypts market”. For more information on how Basis Commodities and assist your business, reach out to the team on the details below

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Navigating Through Troubled Waters: Adjusting to New Insurance Realities Amidst the Red Sea Crisis

25 Mar, 2024

Navigating ocean freight is an intricate task. It isn’t as simple as auguring grain into a boat and you are on your way. It requires a specific set of skills and knowled ge and is a time consuming task at the best of times. Navigating ocean freight during the ongoing conflict in the Red Sea is even harder. It has not only disrupted global shipping routes but has also led to significant changes in the maritime insurance landscape. A recent announcement from several leading insurers underscores the evolving nature of risk and coverage in this strategically important region. Several insurers have issued a 7-day Notice of Cancellation for all War and Strikes risks in specific areas of the Red Sea and surrounding waters, affecting their Combined Annual Cargo policies. This decision reflects the heightened risk profile and underscores the insurance industry's cautious approach to the escalating tensions. It also highlights the importance of having the right people to assist in the process.