ICE Futures US said on Friday it has suspended a New Jersey storage facility operated by Continental Terminals until damage caused by Hurricane Sandy is repaired. The move came as the warehouse operator reported further water damage to certified cocoa at the New Jersey storage facility.
Continental, which operates five ICE certified cocoa warehouses and three certified coffee warehouses in New Jersey, reported an additional 4,900 bags of certified cocoa sustained water damage at a Kearney, N.J., location. Bags of cocoa range from 62 kg to 69 kg (137 lbs-152 lbs). This brings the total of damaged certified beans stored by Continental to approximately 7,100 bags of cocoa and 35,000 60-bags of arabica coffee.
This accounts for 0.9 percent of the certified cocoa and 8.2 percent of the certified coffee stored in the Port of New York. The damaged coffee and cocoa have been flagged and cannot be delivered until further notice, the exchange said in a release. Hurricane Sandy flooded parts of New York and New Jersey at the end of October.
The exchange said its Warehouse and License Committee declared a moratorium on one of Continental's cocoa and coffee warehouses at River Terminal in Kearney, which was damaged by the hurricane. The moratorium means it cannot receive or deliver any of the warehouse's certified cocoa and coffee. "The moratorium will be lifted when repairs are completed and the warehouse meets exchange standards," ICE stated.
Comments
Comments are closed.