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Triple Point Technology, a leading provider of multi-market commodity and enterprise risk management software solutions, has announced today that Chiquita Brands International Inc. has selected Commodity XL(TM) to manage price exposure to transportation costs including bunker fuel and freight rates.

Chiquita is a leading international marketer and distributor of high-quality fresh and value-added food products including bananas, fruits and green salads with annual revenues of nearly $4 billion.

The company's core ships utilize 300,000 metric tonnes of bunker fuel annually. A 1% move in the fuel rate would represent a $1.3 million impact to its cost in the absence of hedging. In 2008, the average price volatility of bunker fuel was over 12%.

Chiquita uses derivatives to hedge price movements in bunker fuel and must comply with Federal Accounting Standard (FAS) 133 to receive beneficial hedge accounting treatment.

According to Triple Point, Chiquita was seeking improved efficiency and control over its hedge accounting processes by moving away from spreadsheets. Commodity XL enables Chiquita to manage exposure and comply with strict audit and reporting requirements under FAS 133, 157 and 161.

"Brand new markets are seeking Triple Point solutions to drive cost volatility from the supply chain and preserve margins," said Michael Schwartz, chief marketing officer, Triple Point.

"Triple Point's mission has always been to help companies profitably buy, sell and move commodities," Schwartz added.

Fresh Del Monte

In October, fellow food distributor Fresh Del Monte Produce Inc. - a world leader in the production distribution and marketing of fresh produce - announced that it entered into bunker fuel hedging agreeements which resulted in a net unrealized loss of $1.3 million.

The company said it entered into bunker fuel derivatives in September 2009, of which the fair valuation comprised $1.3 million of the net liability as of September 25, 2009.