Farmers Encouraged to Grow Coconuts

first_img Speaking at the 32nd annual St. Mary Agricultural Show at Gray’s Inn Sports complex on Monday (April 2), the Minister said local manufacturers who depend on coconuts are going to other nations for raw materials, as the local supply is below the demand. Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Audley Shaw, is encouraging Jamaicans to invest more in coconut farming, as there are opportunities to earn from the product. Mr. Shaw said the Government is taking action to change this situation, by rationalising a number of agencies, including the Cocoa Board, the Coffee Board and the Coconut Board into one, where there will be a focus on how to increase the production of these products. Story Highlights Minister of Industry, Commerce, Agriculture and Fisheries, Hon. Audley Shaw, is encouraging Jamaicans to invest more in coconut farming, as there are opportunities to earn from the product.Speaking at the 32nd annual St. Mary Agricultural Show at Gray’s Inn Sports complex on Monday (April 2), the Minister said local manufacturers who depend on coconuts are going to other nations for raw materials, as the local supply is below the demand.He cited GraceKennedy, which has to import coconut raw material because the company cannot get enough in Jamaica.Mr. Shaw said the Government is taking action to change this situation, by rationalising a number of agencies, including the Cocoa Board, the Coffee Board and the Coconut Board into one, where there will be a focus on how to increase the production of these products.“We are going to have to find a solution to build back production in all of these areas,” he added.The Minister said farmers, including the nation’s youth, need to get more serious about coconut production.“We are going to talk about how we can transform Jamaica into a major coconut-producing country once again, and it can be done,” Mr. Shaw said.The St. Mary Agricultural Show was held under the theme ‘Climate Smart Agriculture, the Key to Food Security’.Annually, the event is hosted to bring farmers from the parish of St. Mary, neighbouring parishes and other stakeholders together, where ideas for innovation are shared along with the introduction of new technology that they can incorporate into their practices.last_img read more

Navios Containers Benefits from Larger Fleet

first_imgzoomIllustration. Source: Pixabay under CC0 Creative Commons license Monaco-based boxship owner and operator Navios Maritime Containers has seen its revenues rise in the first quarter of 2019 due to a larger fleet operating during the period.Revenue for the three months ended March 31, 2019 was USD 31.8 million, as compared to USD 29.9 million reported in the same quarter a year earlier.TCE per day declined to USD 12,217 from USD 15,259 reported in the first quarter of 2018, primarily as a result of the expiration of contracts between the two periods.Net income for the quarter was at USD 0.1 million compared to USD 3 million reported a year earlier. The change was due to a USD 3.7 million decrease in EBITDA, USD 2.2 million increase in interest expense and finance cost, net related to the financing of new vessels; and USD 0.5 million increase in amortization of deferred drydock and special survey costs, in each case, relating to the increase in the size of the fleet.“In a little more than two years, Navios Containers grew its fleet to 30 containerships, acquiring the fleet for a price close to the related scrap value,” Angeliki Frangou, Chairman and Chief Executive Officer, said.“Most recently, Navios Containers acquired two 2011-built 10,000 TEU containerships for USD 105 million, reflecting a 30% discount to newbuild parity. These containerships are on long-term time charters at around USD 27,000 per day that should generate cumulative EBITDA of USD 35.2 million,” Frangou added.last_img read more