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Wednesday, 27 November 13
US WHEAT IMPORTS TO BRAZIL, REACHED A 35 - YEAR HIGH - EVA TZIMA
 COALspot.com: As I am going through a number of dry market fixtures reported since the beginning of October, my eyes instinctively stop where they detect fixtures concluded in the U.S. Gulf. The strength of freight rates in the region has been remarkable, boosting Supra, Handymax and Handy size tonnage significantly. As the grain season kicked in, we expected fixing activity to rise, but this year round it seems that seasonality has been coupled with a few more factors, to create the perfect conditions for specific voyages ex-USG to heat up as U.S. grain exports started to jump. Partly responsible for this increase, was the foreign demand for wheat, with the biggest chunk of it originating from Brazil.
Brazil, the climate of which is known not to be very suitable for growing wheat, is one of the major importers of the commodity around the world. Traditionally, the biggest portion of the country's imports is prioritized to be satisfied by Mercosul countries, (the trading block comprised of Argentina, Bolivia, Brazil, Chile, Paraguay, and Uruguay). Amongst them, Argentina has historically been the main grains power house accommodating Brazil's wheat demand, but it seems that this year this wasn't the case. In fact, supply from Argentina dropped heavily due to adverse weather conditions in the country, which weighed down on the 2012/2013 harvest.
As a result, in the beginning of 2013, the government of Argentina stepped in to set a cap on wheat exports for the remaining of the year, to avoid domestic shortages until the November/December 2013 crop would be made available. By restricting exports, the Argentineans have rendered necessary for Brazil to turn to other countries for their imports. In doing so, the Brazilian government, has also completely eliminated the common External Tariff, a tax typically imposed on imports from non-Mercosul countries.
With no added tax, the U.S. produced wheat as for the first time in a while priced quite attractively, which resulted in Brazil turning to North America to cover not only for the absence of shipments from Argentina but also for what was a very poor year of Brazilian domestic production, estimated by the USDA (U.S. Department of Agriculture) to be around 24% lower than the 2011/2012 harvest. The effect of this trade shift was a surge in U.S. wheat imports to Brazil, which reached a 35-year high, accounting for well over 90% of the country's total imported quantity year to date. The positive effect in freight rates has been evident and there are already signs that this trend could last longer than what some anticipate.
The 2013/2014 Argentinean harvest, which mainly takes place in December and is already slightly delayed, is expected to be much lower than expected.
The figure the Rosario Grains Exchange released late last week came in at 9.1 MT, which is well below the 11Mt the USDA was expecting and less than a million above last year's crop. This means that restrictions on Argentinean exports could well extend their duration, as a limited crop for a second year in a row would probably only allow for a small portion to be exported once again. Additionally, big traders, in the likes of Cargill, Bunge, ADM and Louis Dreyfus, are still dealing with approval requirements to export Argentinean grains, with issues of tax due to the local producers still pending and hindering any possible trading from the world's leading grain exporters, while at the same time, the Brazilian Wheat Millers Association is pushing for the Common External Tariff to be kept at zero throughout 2014 as well.
If the no-tax policy to non-Mercosul imports is extended by the Brazilian government, then, together with weak Argentinean production, it should sustain the attractiveness of the U.S. wheat well in place, together with the strength of the geared sizes in the USG, freight rates for which should find further support in the region.
Compiled by:
Intermodal Research & Valuations | research@intermodal.gr
Analysts:
Mr. George Lazaridis | g.lazaridis@intermodal.gr
Ms. Eva Tzima | e.tzima@intermodal.gr
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Sunday, 01 December 13
PANAMAX RATES HAVE REBOUNDED - CAPT. REDDY
COALspot.com: The freight market was quite firm last week with all the indices increased. Cape Index was gained highest this week which supports inc ...
Saturday, 30 November 13
NTPC STARTED IMPORTING COAL THROUGH NW1 FOR ITS FARAKKA POWER PLANT
COALspot.com: In a pioneering and path breaking operation, the very first consignment of about 69,060 metric tons of imported coal bought by MV HUAY ...
Friday, 29 November 13
DRY BULK MARKET BACK ON HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market is strengthening as a result of higher demand for Capesize vessels. The BDI (Baltic Dry Index) was up by 146 points yesterday, e ...
Wednesday, 27 November 13
DRY SEGMENTS EXCEPTION OF PANAMAXES, REMAINED OVERALL STABLE - INTERMODAL
COALspot.com : The Dry Bulk market closed off the week in the red, albeit the decrease noted was of short scale. With the exception of Panamaxes, th ...
Wednesday, 27 November 13
SHIP OWNERS ONCE AGAIN TURN TO DRY BULK CARRIERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners once again turned to more dry bulk carrier ordering over the course of the past week, as more and more appear convinced of the industry ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- MS Steel International - UAE
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- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
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- Indonesian Coal Mining Association
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- The University of Queensland
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- Indian Energy Exchange, India
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- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Binh Thuan Hamico - Vietnam
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- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
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- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
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- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
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- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Aboitiz Power Corporation - Philippines
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- Intertek Mineral Services - Indonesia
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indogreen Group - Indonesia
- Eastern Coal Council - USA
- Metalloyd Limited - United Kingdom
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Therma Luzon, Inc, Philippines
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- TNB Fuel Sdn Bhd - Malaysia
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Deloitte Consulting - India
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- IHS Mccloskey Coal Group - USA
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Sindya Power Generating Company Private Ltd
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
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- Lanco Infratech Ltd - India
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- Krishnapatnam Port Company Ltd. - India
- Pendopo Energi Batubara - Indonesia
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- Rashtriya Ispat Nigam Limited - India
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Bhushan Steel Limited - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
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