Louis Dreyfus Armateurs has announced that it is pulling out of the bulk terminal at the French port of Cherbourg, where it is estimated to have lost up to €30 million over the last five years. It is currently in negotiations with two potential buyers.The existing facility will close on 31 December 2014.

The French subsidiary was set up in 2008 and opened its coal terminal two years later, 12 months later than planned and at a time of a major contraction in the coal market. It had hoped to handle around 4 million tonnes in that period, but traffic amounted to only 10% of this. The company sees no possibility in striking a financial equilibrium and has therefore decided to close. BC