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Last update - 00:16 02/09/2008
Israeli chemical company could reap profits from Hurricane Gustav
By Yuval Moaz, Haaretz Correspondent, and The Associated Press
Tags: Israel Chemicals 

Hurricane Gustav hit land on Monday night, punishing the Louisiana coastline southwest of New Orleans and slamming into heavy industry and potash production sites, which is where the local angle for Israel comes in.

Israel Chemicals, a maker of fertilizers and specialty chemicals, has benefited financially from the economic ramifications of the powerful storm.

Sellside analyst Uri Waisbrod at Tel Aviv-based Prisma surmises that because of the expected shortage, Gustav could boost phosphate-based fertilizer prices, which would increase ICL's revenues. Mosaic and Potash Corporation of Saskatchewan have plants there, and inventory levels in the phosphate sector are very low. Any disruption could impact price, Waisbrod points out.
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Hurricane Gustav slammed into the heart of Louisiana's fishing and
oil industry with 110 mph winds Monday then faded as it moved inland, delivering only a glancing blow to New Orleans that raised hopes the city would escape the kind of catastrophic flooding brought by Katrina three years ago.

Wind-driven water sloshed over the top of the Industrial Canal's floodwall, but city officials and the Army Corps of Engineers said they expected the levees, still only partially rebuilt after Katrina, would hold. Flood protections along the canal broke with disastrous effect during Katrina, submerging St. Bernard Parish and the Lower Ninth Ward.
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