Glencore upbeat

Glencore has given an upbeat view on the global economy despite seeing its interim profits more than halve.

Glencore boss Ivan Glasenberg

Glencore said net profits, excluding exceptional items, fell to $1.2bn in the first half of the year, down 57% from the $2.6bn seen a year ago.

Revenues at the Swiss-based company fell to $45.2bn, a 47.5% decline on the $86bn seen in the first half of 2008.

“The first half of 2009 contrasted markedly with the same period last year as the global economy and financial system sought to regain some level of stability,” Glencore said

But it said that progressive commodity price rises in recent months had led to net incomes improving 53% in the second quarter compared to the first.

In June Glencore was reported to be mulling a London stock market initial public offering, according to reports in the Financial Times.

Glencore is one of the biggest charterers of both bulkers and tankers but is a privately owned rather secretive company that rarely discloses much about its activities.

Glencore owned by its management and employees was founded in 1974 by billionaire commodity trader, Marc Rich, who became a fugitive from US justice accused of tax evasion and illegal transactions with Iran.

The company now headed by South African coal trader, Ivan Glasenberg, employs some 2,000 people in 50 offices around the world.

But it also owns or is a significant shareholder in major industrial, mining and agricultural operations around the world employing another 50,000 people.

Glencore currently appears to own a single ship, but has ownership tie-ups with Greek tanker owner Omega Navigation and Italy’s d’Amico International.

However, its owning interests are hugely overshadowed by its massive chartering activities.

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