Helm Ag, Hamburg, reports that it has entered into an agreement to establish a joint venture with ACF Minera for the production and marketing of potassium nitrate and other products. Helm will invest in a production joint venture while obtaining exclusive worldwide rights for the distribution of 120,000 mt. ACF will expand its production capabilities by increasing the volume for potassium nitrate at its mines located in the Atacama Desert in Chile by another 90,000 mt.
Martin Midstream Partners LP, Kilgore, Texas, reported a 10 percent uptick in fertilizer volumes for the first quarter and increased operating profits from year-ago levels though the company said the increase did not meet its own projections. It expects to recoup some of the expected volumes in the second quarter. Company-wide, Martin pulled into the plus column with net income of $8.8 million compared to the year-ago loss of $3.6 million.
Citing the current turmoil in the energy business as well as COVID-19, Martin withdrew 2020 guidance that was issued in January.
Yara International ASA, Oslo, posted a $117 million net loss (-$0.43 per share) after non-controlling interests for the first-quarter versus a $96 million net income ($0.35 per share) a year earlier.
The negative result includes a non-cash currency loss of -$0.81 per share which the company attributed mainly to a U.S. dollar strengthening through the quarter. Excluding currency effects and special items, the result was $0.39 per share compared with the year-ago $0.59 per share. First quarter EBITDA excluding special items increased 9 percent to $504 million, up from the year-ago $464 million, mainly reflecting higher premium-product deliveries and lower energy cost, and more than offsetting the impact of lower prices.
Yara has decided to drop a potential plan for an IPO of its Industrial Nitrogen businesses in favor of placing the businesses into a holding structure with separate governance and increased autonomy. The structure will comprise the existing New Business segment together with the Brunsbüttel, Germany; Le Havre, France; Köping, Sweden; and Cubatão, Brazil, production plants. The company said the structure and reporting will be finalized during 2020.
Disclaimer of Warranty
All information has been obtained by Green Markets from sources believed to be reliable. However, because of the possibility of human or mechanical error by our sources, Green Markets or others, Green Markets does not guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.
For additional details visit our
Terms of Use.
