Commodities trading houses Comments to the Pirrong’s report
Diego Valiante, Ph.D. Head of Capital Markets Research ECMI-CEPS 35% 2005-2013 CAGR - Revenues 30%
25%
20%
15%
10%
5%
0%
Source: S&P Capital IQ. Note: Selected trading houses and top 5 commodities firms in mining/industrial metals, oil and natural gas and agricultural/soft commodities. Information about Louis Dreyfus B.V., System Capital Management, 2013 © Valiante Diego – Centre for Gunvor International, Mercuria is insufficient. Vitol’s data is up to 2010. European Policy Studies (CEPS) 500,000 2013 Revenues $mn 450,000
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
Source: S&P Capital IQ. Note: Selected trading houses and top 5 commodities firms in mining/industrial metals, oil and natural gas and agricultural/soft commodities. Information about System Capital Management, Gunvor International, 2013 © Valiante Diego – Centre for Mercuria, Vitol is not available. European Policy Studies (CEPS) 950% 2008-2013 Increase in fixed assets investments 850% 750% 650% 550% 450% 350% 250% 150% 50%
-50%
ADM
BP plc BP
Cargill
Wilmar
Vale S.A. Vale
Trafigura
Alcoa inc Alcoa
Olam Ltd Olam
Marubeni
Viterra Inc Viterra
Nestle S.A. Nestle
Rio Tinto plc Tinto Rio
Votorantim Votorantim
Noble Group Noble
ArcelorMittal
Bunge Limited Bunge
Bhp Billiton plc Billiton Bhp
Conagra Food Inc Food Conagra
Louis Dreyfus B.V. Dreyfus Louis
Glencore Xtrata plc Xtrata Glencore
Anglo American plc American Anglo
EDF Trading Limited Trading EDF
Mitsui Chemicals inc Chemicals Mitsui Marquard & Bahls AG Marquard
Source: S&P Capital IQ. Note: Trading houses and commodities firms selected by the Pirrong’s International Trading Shell Aluminumcorp China of Aluminumcorp Ltd report. Information about System Capital Management, Gunvor International, Mercuria, Vitol is 2013 © Valiante Diego – Centre for not available. European Policy Studies (CEPS)