Kubota’s 2020 Geared to Give program honors 5 farmer veterans

AGDAILY

Kubota Tractor Corp. has a long history of supporting veterans who have made their way into agriculture, including through discounts and an annual tractor giveaway. Kubota has selected five farmer veterans to receive Kubota equipment as part of the 2020 Geared to Give program, in partnership with the Farmer Veteran Coalition. To further recognize the current and past military service of these recipients, country musician Brantley Gilbert helped Kubota and FVC honor each veteran, inviting those near to his farm to bestow Kubota’s gift, one in which the company hopes will help them achieve self-sufficiency and take their farming operation to the next level.

Kubota’s Geared to Give program has provided equipment and grants to 36 farmer veterans since 2015 through FVC’s Fellowship Fund, which matches veterans’ needs with donated resources to help them further their agriculture careers.

Gilbert wanted to get involved and invited this year’s honorees to his farm in Alabama for a special ceremony and private performance in celebration of National Farmer’s Day.

“We wouldn’t have the abundance, or variety of food we have today without our nation’s farmers,” said Gilbert. “I’m honored to be able to share in this effort with Kubota and FVC, and to pay tribute to all our active military and especially to these five veterans who have served our country once in the armed forces and who continue serving their communities today through farming.”

The 2020 recipients were carefully selected from each one of Kubota’s five operating divisions:

Midwest Division: Cody Miller of Thayer, Iowa, is a U.S. Army veteran who served more than 16 years with one deployment to Afghanistan from 2009-2010, and was raised on his grandmother’s family farm, the same one he is currently operating. Cody farmed up until the day he joined the Army and resumed once he separated from service, tending to 40 acres of row crops, raising ducks and chickens, and learning about horses. He also rents another 200 acres for raising cattle, hay and row crops, mostly soybeans, and sells his products to local co-ops and plans to sell his calves at local livestock market. Cody plans to finish his Ag Business degree, purchase his grandmother’s farm to keep it in the family, and purchase more cattle. Kubota will award Cody with a 250-hour lease on a Kubota M7 Ag tractor with a loader and baler to handle virtually every agricultural job for his row crop, hay and cattle operation. To learn more about Cody Miller and Full Moon Farms, visit his www.facebook.com/Full-Moon-Farms-107260121126562/.

Northern Division: Joshua Nelson, of Ripley, West Virginia, is a U.S. Marine Corps veteran and currently serving as a pilot in the West Virginia Air National Guard with deployments to Kuwait flying combat missions into Iraq and Syria. Josh is a first-generation farmer who turned a hobby farm start up in 2015 to an approximately 300-acre owned and leased organic grass-based ranch and farm, raising poultry, cattle, pork, bees and other livestock following regenerative ranching practices. The Nelsons sell their products through a store he co-owns called Farm House Naturals as well as through direct farm sales. To help him achieve his future plans to build ponds for irrigation and water sources for his cattle, as well as develop a full line of grocery and local goods to sell at their farm store, Josh will receive a Kubota MX mid-size tractor, with a cab and loader, and versatile enough to handle almost any application. To learn more about Joshua and Nelson Family Farms, please visit www.instagram.com/theflyingrancher/.

Southeast Division: Kara Rutter of Aiken, South Carolina, retired from the U.S. Army this year after more than 23 years of service. She last served as the Army Central Food Service Sergeant Major overseeing subsistence operations in the Middle East. Her husband, Matt, also retired this year as a Command Sergeant Major after 22 years of service and now serves as president of the FVC South Carolina chapter. Together, they own Project Victory Gardens, a 20-acre farm with chickens, ducks, turkeys, goats, pigs, beehives, fruit trees, berry bushes, a 1,000-foot greenhouse, raised bed and traditional vegetable gardens. Kara has plans to be fully operational in the next 12 months with an aquaponics facility and training lab and teaching kitchen. Her future goals include improving veterans’ mental health and helping them gain employment in agriculture. Kubota will award Kara with an LX Series compact tractor with a cab and loader designed to easily tackle any needed job on the farm. To learn more about Kara and Project Victory Gardens, please visit www.projectvictorygardens.org.

Western Division: Bodhi Anderson of Honomu, Hawaii, is a U.S. Navy veteran who served five years on active duty as a Corpsman for the Marines with deployments to the Adriatic Sea during the Bosnian War and the Middle East. Bodhi was also commissioned as a Navy Reserves MSC Officer (Physician Assistant) providing medical support to the 4th Force Recon Battalion in Kaneohe Bay, Hawaii. Bodhi grew up on an organic vegetable farm and now he and his wife, Brittany, own Sugar Hill Farmstead, a15-acre farm that specializes in sustainably raised regenerative meats, sold direct-to-consumer for Hawaii Island families. Cattle, sheep, pigs, rabbits, and meat chickens are all processed on-farm and sold as part of a meat CSA. Bodhi will be awarded a Kubota Sidekick RTV-XG850 utility vehicle, built for durability to move up to 1,000 lbs. in its cargo bed, to more easily distribute feed and spent produce currently hand-carried across the farm. He will also receive a $10,000 grant to assist in the expansion of his pastured poultry production to reach his goal of feeding 100 families each month. To learn more about Bodhi and Sugar Hill Farmstead, please visit www.sugarhillfarmstead.com.

Central Division: Andrew Edelen of Alice, Texas, served five and a half years in the U.S. Marine Corps as an aviation equipment mechanic. As a second-generation farmer, he has taken over his family’s 350-acre farm, Edelen Farms, where he produces grass-fed beef, pastured poultry, free range eggs and vegetables to sell at local farmers’ markets. Andrew has future goals, which include starting an additional farmers’ market, building new greenhouses, and expanding his products to include pork and goats. To assist in these efforts, Andrew will be awarded a Kubota L Series tractor to replace his ailing 40-year-old tractor to meet his most pressing needs on the farm. To learn more about Andrew and Edelen Farms, please visit www.edelenfarms.com.

Each year, farmer veterans can apply to the FVC Fellowship Fund in order to be considered for donated Kubota equipment through the Geared to Give program. For more information on FVC’s 2020 application process, visit www.farmvetco.org.

Trump Administration Invests $566K for Solar Energy in Hawai‘i/Western Pacific

By Big Island Now

The United States Department of Agriculture (USDA) is investing more than $566,000 to improve local business energy efficiency while benefiting the environment in rural Hawai‘i and Western Pacific.

These investments will help farmers, ag producers and rural-based businesses lower energy costs, Hawai‘i/Western Pacific State Director Brenda Iokepa-Moses said in a press release Friday.

“Improving energy efficiency to assist farmers, the agricultural industry and rural businesses is a way to help our environment and our producers,” Iokepa-Moses stated.

Iokepa-Moses added that renewable energy is a win-win for Hawai‘i and Western Pacific communities and businesses and now it’s more important than ever.

“With the real-time adaptions in dealing with the (COVID-19) pandemic, programs like this are no longer just luxuries for the communities, they have become essential,” she added.

Recipients can use REAP funding for energy audits and to install renewable energy systems such as biomass, geothermal, hydropower and solar. The funding can also be used to increase energy efficiency by making improvements to heating, ventilation and cooling systems; insulation; and lighting and refrigeration.

“Businesses grow and create more jobs when their energy costs are lower,” Deputy Under Secretary Bette Brand said. “Under the leadership of President Trump and Agriculture Secretary Perdue, USDA is committed to being a strong partner to rural businesses, because we know that when rural America thrives, all of America thrives.”

REAP funding has already been awarded to the following companies:

Kawamata Farms, LLC. – $20,000 RES REAP Grant: Funds will be used to purchase and install a 10.27 kW solar photovoltaic system for Kawamata Farms tomato farm in Waimea, Hawai‘i. Project will generate 15,079 kWh or 99% of their energy needs per year.

Hawai‘i Ulu Producers Cooperative – $37,732 RES REAP Grant: Funds will be used to purchase and install a 60-kW photovoltaic system for a commercial food processing operation. Project is projecting to provide 79,701 kWh or $19,367 savings per year.

Hawai‘i Ulu Producers Cooperative – $60,382 EEI REAP Grant: Funds will be used to finance energy efficiency improvements with the purchase and installation of an energy efficient freezer/refrigeration system that will replace 80,070 kwh/year or $24,278 savings for their food processing facility.

USDA Rural Development provides loans and grants to help expand economic opportunities and create jobs in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural areas. For more information, visit www.rd.usda.gov.

Get ready for blowout Q3 results in container shipping

American Shipper
by Greg Miller

Preliminary Matson numbers point to big gains for larger carriers

“We knew it was going to be good, but dadgum …,” exclaimed Stifel analyst Ben Nolan upon seeing the preliminary third-quarter 2020 results from Matson (NYSE: MATX).

Matson’s disclosures offer the first signals of how solid Q3 2020 earnings will be for container lines across the board. Container-line profits exceeded expectations in Q2 2020, a period when volumes were weak. In the third quarter, volumes and rates surged — and not just in the trans-Pacific trade.

“The stars are aligning for container shipping: historic consolidation, rational capacity management and now a fast bounce-back in demand post-lockdown,” wrote Jefferies analyst David Kerstens in report published this week.

Matson’s upside surprise

Matson is primarily in the Hawaii and Alaska Jones Act trades, but also runs China-U.S. services called CLX and CLX+. After market close on Thursday, Matson said it expected Q3 2020 earnings of $1.55-$1.60 per share, far exceeding the Wall Street consensus for 96 cents. Expected ocean transport operating income of $84.5 million-$86.5 million is double last year’s number.

Matson’s China volumes spiked 125% year-on-year, which the company attributed to a shift from air freight to premium ocean service, e-commerce demand and tight U.S. inventories.

“While rates may not be able to hold their current levels … volumes remain very high. Thus, we are expecting continued strength in the fourth quarter,” said Nolan.

Matson’s shares jumped 15% on Friday. The stock price has doubled since mid-May.

Exposure to trans-Pacific upside

Matson’s exposure to the trans-Pacific route was around 5,800 twenty-foot equivalent units (TEUs) per week in Q3 2020. This pales in comparison to the larger carriers.

Alphaliner analyzed the top carriers’ capacity on the trans-Pacific route as of Sept. 30. It found that the COSCO Group ranked highest in terms of volume, with an average weekly capacity of 89,050 TEUs. The group includes COSCO Shipping and OOCL, both listed in Hong Kong.

France’s CMA CGM — which has publicly traded U.S.-dollar-denominated bonds — came in second, with 74,200 TEUs. Japan’s ONE took third with 61,200 TEUs. And Denmark-listed giant Maersk — which has American depository receipts trading in the U.S. (OTC: AMKBY) — had the fourth-highest exposure, 59,000 TEUs per week.

Interestingly, when looking at the top 10 carriers in terms of volume, Israel’s ZIM, the company that ranked 10th, had the highest exposure as a percentage of total deployments. It deploys 52% of its global fleet in the trans-Pacific.

ZIM is planning an IPO and is in the midst of buying back outstanding bond debt, according to Alphaliner. “ZIM may not find a better time in the cycle to attempt an IPO,” said Alphaliner, which noted that ZIM failed at three previous IPO attempts in 2008, 2011 and 2016, respectively.

Q3 customs data: bullish

Inbound volumes to the U.S. West Coast were exceptionally strong in the third quarter. According to investment bank Jefferies, the upside from a historic inventory restocking phase has just begun.

FreightWaves’ SONAR platform features data collected from U.S. Customs on the number of maritime import shipment customs filings per day (regardless of volume), calculated as a seven-day moving average.

The countrywide data (SONAR: CSTM.USA) shows the number of filings exceeded levels seen in the past two years for about two-thirds of Q3 2020. In contrast, the number of customs filings in Q2 2020 exceeded the prior two years’ levels for only about a quarter of that reporting period.

Q3 rate data: even more bullish

Asia-West Coast spot rates remain near record highs, despite the recent Golden Week holiday in China.

The Freightos Baltic Daily Index assessed Thursday’s rate from China to the West Coast (SONAR: FBXD.CNAW) at $3,841 per forty-foot equivalent unit (FEU), very close to the high. The Shanghai Containerized Freight Index (SCFI) puts this week’s Shanghai-Los Angeles rate at $3,848 per FEU, essentially flat week-on-week (down 0.3%).

SeaIntelligence Consulting CEO Lars Jensen pointed out in an online post that if one takes normal Golden Week seasonality into account, “the spot market actually strengthened slightly.”

Looking at the third-quarter rates as a whole, the data shows that spot China-West Coast rates were roughly double Q2 2020 levels and almost triple rates in Q3 2019. Furthermore, rate strength is not limited Asia-U.S. trade.

“The trans-Pacific is not the only trade that witnessed hefty rate increases,” said Alphaliner. “The evolution is even more spectacular between Shanghai and Santos [Brazil]. Unexpectedly high cargo demand has also pushed up spot rates on other North-South routes” including Shanghai to Durban, South Africa, and to Lagos, Nigeria, it added.

According to the SCFI, rates from Shanghai to Santos were $3,952 per TEU this week, seven times the rate in late August. Last week, Shanghai-Durban hit a record high of $1,737 per TEU and Shanghai-Lagos hit a record high of $3,293 per TEU.

Loans offered to businesses who lost money in drought – Deadline to apply for loans is Nov. 7

The Maui News

Small nonfarm businesses in Maui and Hawaii counties that have lost revenue due to drought have until Nov. 7 to apply for a federal disaster loan, the U.S. Small Business Administration reminded residents on Wednesday.

The low-interest loans aim to offset economic losses caused by drought in both counties that began Jan. 1.

Small nonfarm businesses, small agricultural cooperatives, small businesses engaged in aquaculture and most private nonprofit organizations of any size may apply for Economic Injury Disaster Loans of up to $2 million to help meet working capital needs caused by the disaster.

Tanya Garfield, director of the SBA’s Disaster Field Operations Center-West, said that the loans “may be used to pay fixed debts, payroll, accounts payable and other bills that cannot be paid because of the disaster’s impact.”

“SBA eligibility covers both the economic impacts on businesses dependent on farmers and ranchers that have suffered agricultural production losses caused by the disaster and businesses directly impacted by the disaster,” Garfield added. “Economic injury assistance is available regardless of whether the applicant suffered any property damage.”

The interest rate is 3.875 percent for businesses and 2.75 percent for private nonprofit organizations with terms up to 30 years. Loan amounts and terms are set by SBA and are based on each applicant’s financial condition.

By law, SBA makes Economic Injury Disaster Loans available when the U.S. Secretary of Agriculture designates an agricultural disaster, which the secretary did on March 7.

Businesses primarily engaged in farming or ranching are not eligible for SBA disaster assistance. However, nurseries are eligible for assistance in drought disasters.

Agricultural enterprises should contact the Farm Services Agency about U.S. Department of Agriculture assistance made available by the secretary’s declaration.

Applicants may apply online, receive additional disaster assistance information and download applications at disasterloanassistance.sba.gov. They may also call SBA’s Customer Service Center at (800) 659-2955 or email disastercustomerservice@sba.gov for more information. Individuals who are deaf or hard of hearing may call (800) 877-8339. Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.

Here Are The Hottest Housing Markets, Real Estate Stocks In Surprise Covid Boom

Investors Business DailyJust six months ago, the idea of a housing boom would have seemed ridiculous as millions of Americans were losing their jobs. But low interest rates and the work-from-home trend are stoking real estate stocks and home sales in smaller housing markets.

The flip side is that once-sky-high markets have come crashing down, especially in the San Francisco Bay Area. But overall, both new and existing-home sales have reached levels last seen before the Great Recession.

Real estate stocks are rebounding strongly. The triple-leveraged Direxion Daily Homebuilders & Suppliers (NAIL) ETF has shot up 900% from its coronavirus crash lows. Homebuilders like LGI Homes (LGIH) and D.R. Horton (DHI) have broken out into buy zones.

Low mortgage rates spurred longtime fence-sitters to jump into the market, Realtor.com Chief Economist Danielle Hale says. But she acknowledges the housing boom is uneven.

“Among a lot of key homebuyer demographics, high-income folks, we haven’t seen the same level of job losses that we have among lower-income workers,” she told IBD. “So that has helped the market from a homebuyer perspective.”

Demographics are a factor too as more millennials — the nation’s largest adult generation — are starting families and driving demand for single-family homes. And the leading edge of Generation Z, an even larger cohort that straddles young adults and adolescents, is just starting to buy homes.

Best Housing Markets
As living within commuting distance to work becomes less important, the housing boom is elevating some surprising markets.

According to Realtor.com data for September, the hottest metro areas include Fresno, Calif.; Columbus, Ohio; Rochester, N.Y.; Colorado Springs, Colo.; Bakersfield, Calif.; Portland-South Portland, Maine; Worcester, Mass.; Stockton-Lodi, Calif.; Harrisburg-Carlisle, Pa.; and Allentown-Bethlehem, Pa.

Under this definition, “hotness” reflects a combination of factors like how quickly properties sell and the number of views per property.

In January, before the coronavirus forced millions to work from home, the San Francisco-Oakland area was the hottest metro market. Fresno was No. 9.

Bakersfield was No. 10. It moved up to No. 5 last month even as the collapse in oil prices slowed its energy sector. But the biggest gainers include Allentown, Pa. (No. 65 in January), Portland, Maine (56), and Harrisburg, Pa. (54).

Outside the top 10, others have made big leaps too, such as the Riverside-San Bernardino-Ontario, Calif., area about two hours’ drive from Los Angeles. Before the pandemic, it was already growing as a major distribution hub for Amazon and other e-commerce companies. It’s now the No. 39 market, up from No. 68 in January.

Regional differences could also determine which real estate stocks outperform. Of the 30 hottest housing markets, 20 are in the West and Northeast.

Worst Housing Markets
The San Francisco-Oakland area plunged to No. 45 in September as Bay Area tech giants like Facebook (FB) and Twitter (TWTR) allowed employees to work from home indefinitely.

The San Jose-Sunnyvale-Santa Clara area — in the heart of Silicon Valley — plunged to No. 62 in September from No. 3 at the start of the year.

Housing markets outside high-cost, high-tax California felt the pain too. The Dallas-Fort Worth metro area, which has been drawing businesses and residents from California, saw its rank tumble to No. 41 from No. 19 in January.

The crash in oil prices may also be slowing the Dallas housing market. Many companies that serve the Permian Basin farther west have headquarters there.

At the very bottom, the coldest large metro areas last month included Miami-Fort Lauderdale-West Palm Beach, Fla.; Baton Rouge, La.; Honolulu, Hawaii; McAllen-Edinburg-Mission, Texas; Cape Coral-Fort Myers, Fla.; and New York, N.Y.-Newark-Jersey City, N.J. Most of those markets were already near the bottom in January.

How Much Is Bank of Hawaii Corporation (NYSE:BOH) Paying Its CEO?

Simply Wall St.

This article will reflect on the compensation paid to Peter Ho who has served as CEO of Bank of Hawaii Corporation (NYSE:BOH) since 2010. This analysis will also look to assess whether the CEO is appropriately paid, considering recent earnings growth and investor returns for Bank of Hawaii.

How Does Total Compensation For Peter Ho Compare With Other Companies In The Industry?
According to our data, Bank of Hawaii Corporation has a market capitalization of US$2.1b, and paid its CEO total annual compensation worth US$5.3m over the year to December 2019. That’s mostly flat as compared to the prior year’s compensation. While we always look at total compensation first, our analysis shows that the salary component is less, at US$818k.

In comparison with other companies in the industry with market capitalizations ranging from US$1.0b to US$3.2b, the reported median CEO total compensation was US$3.2m. Accordingly, our analysis reveals that Bank of Hawaii Corporation pays Peter Ho north of the industry median. Moreover, Peter Ho also holds US$11m worth of Bank of Hawaii stock directly under their own name, which reveals to us that they have a significant personal stake in the company.

Component20192018Proportion (2019)
SalaryUS$818kUS$795k15%
OtherUS$4.5mUS$4.4m85%
Total CompensationUS$5.3mUS$5.2m100%

Talking in terms of the industry, salary represented approximately 43% of total compensation out of all the companies we analyzed, while other remuneration made up 57% of the pie. Bank of Hawaii sets aside a smaller share of compensation for salary, in comparison to the overall industry. If non-salary compensation dominates total pay, it’s an indicator that the executive’s salary is tied to company performance.

A Look at Bank of Hawaii Corporation’s Growth Numbers
Bank of Hawaii Corporation has seen its earnings per share (EPS) increase by 2.3% a year over the past three years. In the last year, its revenue is down 6.7%.

We would prefer it if there was revenue growth, but it is good to see a modest EPS growth at least. These two metrics are moving in different directions, so while it’s hard to be confident judging performance, we think the stock is worth watching. Looking ahead, you might want to check this free visual report on analyst forecasts for the company’s future earnings..

Has Bank of Hawaii Corporation Been A Good Investment?
Given the total shareholder loss of 31% over three years, many shareholders in Bank of Hawaii Corporation are probably rather dissatisfied, to say the least. Therefore, it might be upsetting for shareholders if the CEO were paid generously.

In Summary…
As we noted earlier, Bank of Hawaii pays its CEO higher than the norm for similar-sized companies belonging to the same industry. Over the last three years, shareholder returns have been downright disappointing for Bank of Hawaii, and although EPS growth is steady, it hasn’t set the world on fire. This doesn’t look great when you consider Peter is taking home compensation north of the industry average. All things considered, we believe shareholders would be disappointed to see Peter’s compensation grow without first seeing an improvement in the performance of the company.

This article by Simply Wall St is general in nature. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Have feedback on this article? Concerned about the content? Email editorial-team@simplywallst.com.