Commodities giant Cargill is closing down its London shipping office and consolidating activities in Geneva in the face of a dire dry bulk market.

Cargill said in a statement it had take the decision to close its London freight office in light of a dry bulk shipping market that was at its most distressed since the mid-1980’s and looked likely “to continue for the foreseeable future”.

Cargill has 10 employees in its London shipping office and the company said a period of consultation had begun.

“This has been a difficult decision, given the track record of our London office, which has played a very important role over the years, particularly in developing our relationship with the shipowning community in the London market,” said Roger Janson, head of Cargill’s ocean transportation business.

“However, in today’s world where means of communication have changed, connections between big cities are efficient and affordable and our relationships with the owners are good, the time is right for the activities of the London office to be consolidated into Geneva,” he added.