Cambodia has missed out on the Philippine government’s latest rice import tender for not being able to meet the delivery date.
The Philippines’ National Food Authority (NFA) declared the results of its 500,000-tonne offer on Monday.
Under the government-to-government agreement, the NFA has granted Thailand a 300,000-tonne import deal and Vietnam the remaining 200,000 tonnes, both at a rate of $475 per tonne.
David Van, executive director of rice-exporting firm Boost Riche Cambodia, was not surprised at the result and said further expertise in large-scale international commodity trades was needed before the Kingdom could cater to such an order.
“Vessel chartering is a tricky business as any wrong calculation in loading or discharging rates for any given type of vessel . . . could ruin all your margins and even bankrupt a company if the vessel is stuck at the discharge port longer than anticipated,” he said.