Part 1 The history of sugar: Early history; Sugar in the twentieth century. Part 2 The global picture: The current world picture; Costs of production; Alternative sweeteners; World fuel ethanol - analysis and outlook. Part 3 Physicals: Sugar pricing; Freight; Statistical analysis; The Sugar Association of London (SAL) and The Refined Sugar Association (RSA); Supervision; Sugar quality. Part 4 Futures: Futures and options; The exchanges; The investment funds and technical analysis. Part 5 Administration and management: Payment and documents; Accounting; Finance and risk management. Part 6 Regional markets: The European Union; The United States; Sugar markets of the Former Soviet Union (FSU) countries. Part 7 Appendices.
Contributors
Stephen Baldey
Stephen Baldey is a chartering broker who has been involved in the international freight market for over thirty-five years and trades under the name O.P. Secretan. He has been a director of the Baltic Exchange since 2005 and been a member of the Exchange since 1974. He was a founding member of the London Fox Freight Committee, which eventually became LIFFE. His company, O.P. Secretan, is based at the Baltic Exchange in the City of London and specializes in the chartering of ships to carry dry and wet cargoes in the sugar and ethanol trades.
Christoph Berg
Christoph Berg is senior economist and deputy director at commodity analyst F.O. Licht. He graduated in economics from Heidelberg University in 1989 and afterwards was Research Fellow at Victoria University, Manchester, UK. In 1993 he was awarded a Ph.D. in Economics at the Technical University of Berlin. In 1994 he joined F.O. Licht, where he is now Managing Director. He is responsible for newsletters, reports and conferences on biofuels and sugar.
Roger Bradshaw
Roger Bradshaw started in sugar in 1977 as a floor trader on the Paris futures market. He then moved to London where he worked for Rionda de Pass as a trader until 1980, when he joined J.H. Rayner (Mincing Lane) Ltd. In 1985 he joined E.D. & F. Man Ltd. and was appointed as a director of E.D. & F. Man (Hong Kong) Ltd. He joined Rabobank in Hong Kong in 1991 and in 2000 relocated to Rabobank in London. In 2007 he was appointed Senior Banker for sugar, sweeteners and co-products.
R.G. Danvers
R.G. Danvers started his career in 1963 by joining Cargo Super-Intendents (London) Ltd (SGS Group), where he worked for nine years, involved in sampling, checking and weighing cargoes arriving from many different origins.
In 1974, he joined Tradax (Cargill Group) in the UK and was responsible for UK Discharge Programme, including the appointment of stevedores, ship agents and cargo surveyors as well as undertaking chartering activities. He also represented Tradax at the North American Shippers Association.
In 1978, he was appointed Managing Director of Warriner Griffith International and travelled extensively overseas in developing the international trade in supervision/surveying services.
Since 1981, Mr Danvers has been a Director of Control responsible for sales and marketing worldwide. In 1993, he moved from London to Hamburg and was appointed Managing Director of ICCS International Commodity Control Services GmbH, a company within the Control Union World Group of Companies, with specific responsibilities for the marketing and execution of sugars and related business worldwide, in addition to developing the group’s expanding supervision interests in Eastern and Central Europe including the Former Soviet Union (FSU) and the Commonwealth of Independent States (CIS). During this period, Mr Danvers served as Chairman for two years on the Agricultural and Vegetable Oils Committee of the International Federation of Inspection Agencies (IFIA) and currently continues to serve on this committee as a Senior Member. During the course of his career, Mr Danvers has been called upon as a Professional Witness at various arbitrations in matters related to the supervision business.
Today Mr Danvers is based in Geneva, being responsible for Control Union International Commodity Services S.A., and is a Board Member of the Control Union World Group and an active member of the Control Union World Group management team.
Samer Darwiche
Samer Darwiche entered the commodity industry in 1991 with Cargill International SA and held senior trading positions in Geneva in its Energy and Sugar divisions until 1998. In 1999 he co-founded and comanaged a global sugar trading team for Tradigrain SA. Thereafter he worked as a hedge fund manager for Martin Group in Milan until 2001. Mr Darwiche rejoined Cargill between 2002 and 2006 as Manager of White Sugar Trading operations. Today Mr Darwiche is living with his family in Lausanne and works with Kingsman SA.
Gareth Forber
Gareth Forber is Head of Sugar Research at LMC International’s Sugar and Sweeteners Research team, with particular responsibility for international market issues and issues relating to sugar policy, pricing, trade and production. He is also an editor of the monthly Sugar Bulletin, Sweetener Analysis, and of the LMC Sugar and Sweeteners Quarterly Report Service, and also oversees LMC’s world-renowned analysis of sugar production costs.
Corina Gafner
Corina Gafner is a sugar broker at Kingsman SA. She has an MA in Diplomatic Studies and worked on a wide variety of translation and editorial assignments for international organizations before joining Kingsman in 2007. She spent a year working on the biofuels desk and moved over to work on sugar in January 2008.
Sergey Gudoshnikov
Sergey Gudoshinov is a senior economist with the International Sugar Organization (ISO), London. He was educated in Moscow in international trade economics. Nearly thirty years of his professional career have been dedicated to the world sugar market. From 1978 to 1988 he worked as a sugar trader, and was deputy director of the Sugar Department of V/O Prodintorg, Moscow, at that time the sole importer of sugar in the Soviet Union. In 1988 he joined the Secretariat of the International Sugar Organization, London as an economist. He has published many articles on different aspects of the world sugar economy. He coauthored the book The World Sugar Market published by Woodhead Publishing Ltd in the UK and the USA in 2004.
A.C. Hannah
A.C. (‘Tony’) Hannah was educated in New Zealand in agricultural economics and was Trade Policy Research Centre Fellow at Cambridge University from 1970 to 1973. From 1973 to 1976 he was Commodity Specialist at GATT in Geneva, and in 1977 was appointed Head of the Economics and Statistics Division of the International Sugar Organization. He published many articles analysing the international sugar market, with particular emphasis on the effects of structural changes in the market. In 1996 he co-authored the book The International Sugar Trade, published by Woodhead Publishing Ltd. Mr Hannah died in June 2001.
Frank Jenkins
Frank Jenkins is President of Jenkins Sugar Group, Inc., a commodities brokerage located in Wilton, Connecticut. Mr Jenkins has worked in various capacities in the sugar industry since 1983, most recently as a Vice President with Merrill Lynch and previously with E.D. & F. Man in New York. He lives in Wilton, CN, with his wife and three children.
Lindsay Jolly
Lindsay Jolly is an economist working with the International Sugar Organization where he is responsible for conducting market research and analysis of the world sweeteners, molasses and ethanol markets. Mr Jolly has a wide experience in economic research into primary commodity markets. He has previously been employed at the Australian Bureau of Agricultural and Resource Economics in Canberra, Australia (1982–90 and 1992–5) and the Food and Agriculture Organization of the United Nations in Rome (1990–2).
Jonathan Kingsman
Jonathan Kingsman has a Masters degree in Economics from Cambridge University. He began his career in sugar in 1978 with Cargill Inc., where he worked as a trader both in Europe and the United States before moving on to the futures brokerage side of the business with ContiCommodity Services and then Paine Webber. He started his own physical brokerage and consultancy company (www.kingsman.com) in 1990 and now lives and works in Lausanne, Switzerland.
John Maton
John Maton has worked in the sugar trade since 1978, firstly for Anglo Chemical Commodities in London and from 1981 to 2003 for Gill & Duffus in Geneva. He has since worked for Coimex Geneva and is now Senior Manager Traffic EMEA for Noble Resources S.A. in Lausanne. He is a technician with in-depth knowledge of contract terms, letters of credit, charter parties and guarantees.
Michael McDougall
Michael McDougall is Senior Vice President of the World Desk at Newedge USA, LLC. He has been with Fimat/Newedge since 1995, and in shortly over a decade, has built a desk that has been instrumental in developing hedging activities for commodity producers and consumers, with particular emphasis on the Brazilian sugar/alcohol industry. He lived in Brazil between 1984 and 1998.
Tom McNeiIl
Tom McNeill is a director of Kingsman SA and heads up the analytical and consulting facets of the business. He has a background in sugar marketing, strategy and analysis, having worked for Queensland Sugar Limited and CSR Limited in both commercial and analytical roles. His analytical group in Brisbane, Australia works closely with Kingsman’s European and other offices to place a statistical, analytical and agronomic overlay onto the sugar and biofuels markets. Tom has agriculture and economics degrees from Queensland University and a Masters in agricultural economics from the University of Illinois. The author would like to thank QSL for assistance with compiling Chapter 12 on sugar quality.
DerekMoon, MBE MCIArb
Derek Moon joined The Sugar Association of London and The Refined Sugar Association in 1963 as a Junior Clerk and was Secretary to both Associations...