A Message from Our CEO

To our customers,

As we enter the early spring, we see challenges in the anchovy and balsamic vinegar (grape must) harvests on the horizon but remain hopeful for improvements across the logistics landscape.

From a category perspective, El Niño continues to affect the anchovy yields from Peru. Inclement weather conditions in the spring and summer of 2023 have led to insignificant grape yields from Italy, causing a shortage of raw material that is driving up the costs of grape products, including balsamic vinegar.

Jasmine rice market rates have risen dramatically due to inclement weather and an unfavorable harvest in southeast Asia. We continue to monitor the situation with our partners and are working together to secure inventory and manage costs.

In global logistics, container imports continue at elevated levels despite the fact that, historically, February through April is the slowest period for imports. It is unclear whether the increased volumes are a result of genuine consumer demand or a delayed impact of the Chinese New Year.

At this time, transit through the Suez Canal remains interrupted, and we anticipate longer transit times and inflated freight costs to persist. However, Roland Foods’ direct exposure to the Suez Canal is limited.

The Mediterranean region is now experiencing a significant increase in ocean rates as a result of low sailing reliability and emergency surcharges. The duration of the surcharges is currently unknown.

At Roland Foods, our priority remains our customers. Below are actions we are taking to ensure customer satisfaction:

1. Trust in Longstanding Partners– Our extensive network of long-standing supplier partners allows us to secure an ample supply of products at competitive pricing without sacrificing quality.

2. A Constant Pulse on International Logistics – We continuously monitor international affairs and are proactive in preparing contingency plans to ensure we can continue importing from all regions of the world.

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