A Message from Our CEO

To our customers,

As spring progresses, we are pleased to report optimistic news in both the crop landscape and global logistics. After combating El Niño conditions in South America, certain categories have started to bounce back. In particular, this region’s pepper varietals are already producing better than expected results in the early-year crop yields, with improvement expected to continue in August/September.

Closing out the first quarter of 2024, import volumes have surpassed expectations, coming in nearly 10% ahead of 2023 data. Consumer spending drove trade post-Chinese New Year, despite disruptions in the Panama and Suez Canals.

Operations in the Panama Canal have started to normalize as the dry season comes to an end. With water levels rising, the daily limit of vessel crossings has increased from 18 to 27. We anticipate the number of crossings to keep increasing as water levels in the canal continue to rise.

Conditions in the Red Sea remain uncertain with no defined timelines regarding a shift in status. Shipping lines remain impacted and delayed as most cargo has been forced to reroute around the Cape of Good Hope.

The Mediterranean region is still experiencing General Rate Increases (GRIs) and emergency surcharges. The timeline of these implications is still unknown.

Out of Asia, rates have been steadily decreasing over the last several weeks yet remain elevated as compared to previous averages.

While we celebrate the positive news in the Panama Canal and peppers category, we remain alert and aware of the challenges that are still at hand. At Roland Foods, we will continue to monitor all corners of the industry to stay ahead of any obstacles that may arise.

To stay abreast of the most up-to-date and in-depth details regarding the supply chain, freight, and crop updates, please read our Market Updates provided below.

Sincerely,

Keith Dougherty

CEO of Roland Foods