The smart moves of Fernando: 1) The sale in 2007 of the Great White Fleet which operated 12 vessels, which includes six 645,580 cu ft reefers and 589,600 cu ft vessels built in the early 1990s, with a further three 95 teu containerships and one 580 teu boxship. It collectively transported approximately 70 percent of Chiquita's banana volume shipped to core markets in Europe and North America. As part of the transaction, Chiquita leased back 11 of the vessels for a period of seven years at a competitive fixed price. Since then several vessels had to go in drydock for heavy repairs. 2) Hedging of Bunker fuel: 65% covered through January 2010 3) Hedging of Euro: Put/call options to protect downside and preserve upside 4) The fight against European tariffs: Chiquita would benefit disproportionately as market leader Every €10/MT tariff reduction $14MM of lower costs
The bad moves of Fernando: 1)Putting to much Money on the smoothies 2)Failing to introduce Fresh Express in Europe, because lack of knowledge of European agriculture policies 3)Selling the loss-making Atlanta to Univeg, which sold already all assets in a sale/lease back operation keeping its cashflow.
ARE YOU KIDDING ME??? Not one of those smart moves were FA's idea!! HE HAS NO IDEA OF HOW TO RUN THIS BUSINESS...NONE WHATSOEVER!!!BUT I DO KNOW WHERE THOSE IDEAS CAME FR0M...AND ANYONE WHO KNOWS THE BUSINESS KNOWS WHOSE IDEAS THEY WERE!!