What Henry Bath & Son does

Henry Bath & Son is a 230-year-old specialist commodity warehousing and logistics company headquartered in Liverpool, United Kingdom. The company stores and handles metals, soft commodities, and base-metal concentrates, and is licensed by six exchanges — the London Metal Exchange (LME), CME Group, Intercontinental Exchange (ICE), Shanghai Futures Exchange (SHFE), Dalian Commodity Exchange (DCE) and Shanghai International Energy Exchange (INE) — to issue exchange-traded warrants and warehouse receipts. Henry Bath issued the first-ever LME warrant on 20 December 1883 and operates the LMEshield electronic warehouse receipt register, the Trakk document verification system (in partnership with Komgo), and HB Warehouse Receipts issued under statutory authority granted by the Henry Bath & Son's (Delivery Warrants) Acts 1890 and 1920.

The company generates revenue from annual LME rents and charges, multi-year Collateral Management Agreements supporting private bonded and non-bonded storage, exchange warrant issuance, and fee-based logistics services including freight forwarding, customs clearance, concentrates conditioning/blending, and softs handling for cocoa and coffee with UTZ and Organic certifications. It serves commodity producers, trading houses, smelters, banks, insurers and institutional investors across a global footprint of 18+ owned-and-operated warehouse locations spanning the UK, the Netherlands, Belgium, the United States (Baltimore, New Orleans, Houston, Laredo, Toledo, West Bloomfield), Singapore, South Korea (Busan, Gwangyang, Incheon), Malaysia, China (Shanghai, Ningbo) and Taiwan. Since January 2016, the company has been 51%-owned by CMST Development Co Ltd (中储发展股份有限公司), a major Chinese state-linked warehousing and logistics enterprise, providing Henry Bath with a structural bridge between Chinese and global commodity markets via its China-Link service. As of 2026, Wang Haibin (CMST Director and Vice President) serves as CEO, Paul Wynne as Co-Group General Manager, and the company has between 51 and 100 employees.

Name

Henry Bath & Son

Legal name

Henry Bath & Son Ltd

Website

https://henrybath.com

Company type

Private

Founded year

1794

Operating status

Operating

Headcount range

51–100 employees

Short description

Henry Bath & Son is a 230-year-old Liverpool-based commodity warehousing specialist, licensed by six major exchanges including the LME to issue exchange-traded warrants and warehouse receipts across 18+ global sites, serving producers, traders, banks and institutional investors, and 51% owned by Chinese logistics major CMST Development Co Ltd.

Ownership category

akta.pro rank

Product category

Commodity Warehousing and Logistics

NAICS

General Warehousing and Storage (493110), Commodity Contracts Intermediation (52316), Farm Product Warehousing and Storage (493130)

SIC

Wholesale-Metals & Minerals (No Petroleum) (5050), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Bulk & Industrial Storage (Tank, Silo, Drum, IBC) (TLAIACAH)

akta.pro secondary industry

Customs Bonded Distribution Centers (In-Bond DCs) (TLALAGAC)

Keywords

• Commodity warehousing services
• Exchange warrant issuance
• Warehouse receipt financing
• Metals logistics solutions
• Soft commodity storage

Headquarters

HQ city

Liverpool

HQ country

United Kingdom

HQ region

Europe

Offices18 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Exchange Warehouse Storage and Warrant Issuance: Storage of goods warranted under exchange rules with delivery out to exchange warrant holders. Licensed by LME, CME, ICE, SHFE, DCE, and INE to issue exchange-traded warrants. Charges include LME rents and charges published annually.
2. Private Storage and Warehouse Receipts: Off-exchange bonded and non-bonded storage services with warehouse certificates. Provides legal title to underlying goods for commodity financing by banks, insurers, and institutional investors.
3. End-to-end Distribution, Shipping and Logistics: Comprehensive distribution services including logistics, handling, freight forwarding, customs clearance, and conditioning/blending services for concentrates. Covers both land and marine transport.
4. Soft Commodities Storage: Storage and handling of soft commodities including cocoa, Robusta and Arabica coffee. Approved by ICE for warrant issuance. Services include UTZ and Organic certified storage, bulk and specialty handling, bean quality analysis, pest control, and fumigation.
5. Concentrates Services: Supply chain solutions for base metal concentrates including logistics, conditioning, blending, storage, and onward distribution. Additional services include tamping, crushing, homogenising, watering, and bagging operations.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Henry Bath & Son is a specialist in global commodities warehousing and logistics, licensed by the world's premier commodity exchanges (LME, CME, ICE, SHFE, DCE, INE) to issue exchange-traded warrants and warehouse receipts for metals and commodities stored across a worldwide network of facilities. The company provides physical commodity storage, handling, distribution, shipping, customs clearance, and logistics services, alongside collateral management documentation recognized by banks, insurers, and institutional investors as premium security documents for commodity financing.

Product overview

Henry Bath & Son is a specialist in global commodities warehousing and logistics, established in 1794. The company operates as a platform providing exchange-traded warrants and warehouse receipts for metals and commodities across a worldwide network of facilities. The core offering consists of Exchange Warrants for LME, CME, INE, ICE, SHFE, and DCE contracts, supplemented by HB Warehouse Receipts and LMEshield Warehouse Receipts for electronic document management. The China-Link service bridges Chinese and global markets through CMST's infrastructure. Supporting services include Concentrates (supply-chain solutions for base metals), Softs (cocoa and coffee storage with UTZ/Organic certifications), and End-to-end Distribution/Shipping/Logistics services covering freight forwarding, customs clearance, and distribution.

Differentiator

Problem solved

Functional benefit

Products and services

• Exchange Warrants Exchange-traded warrants issued by Henry Bath for physical delivery against contracts on major commodity exchanges including LME, CME, INE, ICE, SHFE, and DCE. Designed for commodity producers, traders, and physical market participants needing exchange-deliverable inventory.
• HB Warehouse Receipts

Quantifiable outcome

• Quicker document turnaround time through regional issuing offices worldwide
• +2 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core, flagship and minor.

• KomgocoreTechnology or Integration · 1 August 2022Partnership to implement Trakk document authentication system. Trakk increases security of digital documents exchanged via email, creates digital audit trail, and mitigates risk of documentary fraud. Documents can be verified through Henry Bath website by dragging and dropping PDF.
• London Metal Exchange (LME)flagshipStrategic or Co-development Partner · 1 January 2016MoU signed for 'The Belt and Road: A Better Commodity Link for the Real Economy' partnership for commodity financing on LMEshield. Henry Bath issued the first LMEshield warehouse receipt in 2016. LME is the world's largest options and futures marketplace for base and other metals.
• Trafigura (Impala warehouse company)minorOthersCMST acquired Trafigura's Impala warehouse company in Shanghai in 2017, expanding the warehouse platform capabilities.

Scale indicators11 records

Recent moves11 records

Expansion highlights6 records

Broad incumbents

• Vopak: World's largest independent bulk storage and tank terminal operator with 70+ terminals globally. Adjacent competitor in commodity storage infrastructure, though Henry Bath's metals/softs focus is more specialized than Vopak's liquid/petroleum bias.
• Glencore: World's largest diversified commodity trader with substantial vertically integrated metal warehousing operations and LME-approved storage capacity. Competes with Henry Bath on third-party warehousing while also being a potential customer in its own right.
• Cargill: World's largest privately held commodity trader with global warehousing infrastructure and direct soft commodity (cocoa, coffee) overlap with Henry Bath's Antwerp and Rotterdam operations. Major indirect competitor for softs warehousing customers.
• Mercuria Energy Trading: Major commodity trading house with proprietary metal warehousing (Istim Warehousing) and identified as a co-shareholder on Henry Bath's board. Competes in the same metals warehousing and warrant issuance market while also being a customer/shareholder relationship.
• Trafigura: One of the world's largest physical commodity traders, operating proprietary metal warehousing platforms (Puma, Nemsa). Directly connected to Henry Bath via CMST's 2017 acquisition of Trafigura's Impala Shanghai warehouse facility, which was absorbed into the Henry Bath platform.
• Louis Dreyfus Company: Major ABCD commodity trader with global origination, warehousing, and concentrates blending operations. Directly comparable in softs warehousing (cocoa, coffee) and concentrate conditioning (Henry Bath's Mou Yen previously spent 7 years at LDC managing concentrate blending in Taiwan and Asian WSMD operations).
• Archer Daniels Midland (ADM): Major ABCD commodity trader with extensive global agricultural commodity origination, storage, and handling operations. Direct overlap in cocoa and coffee warehousing logistics where Henry Bath holds ICE warrant issuance approval.

Direct peers

• C. Steinweg Group: Rotterdam-headquartered global logistics provider specializing in non-ferrous metals warehousing with LME-approved storage facilities worldwide. Operates a directly comparable metals warehousing and inspection business across many of the same port hubs as Henry Bath (Rotterdam, Antwerp, Singapore, Houston, New Orleans).
• Wogen Group: London-headquartered metals trading and warehousing firm with LME-approved warehouse operations. Direct metals-focused competitor with overlapping geographic presence in major European and Asian commodity hubs.

Regional players

• CWT Limited: Singapore-headquartered warehousing and logistics provider with significant Southeast Asian commodity storage operations, including metals. Operates in Henry Bath's Singapore and Malaysia footprint with comparable exchange-adjacent services.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/5320996

Compliance9 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Henry Bath & Son