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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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Tuesday, 26 November 13
EWP INVITES COAL BIDS FOR 2014 - 2018 DELIVERIES
COALspot.com: Korea East-West Power Co. Ltd (EWP) invited bids to supply 130,000MT of min 5,600kcal/kg (Sub)-bituminous Coal on NCV basis for March ...
Tuesday, 26 November 13
NEWCASTLE COAL EXPORTS SLIP 22.62% W-W
COALspot.com: In the week ended November 25, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totalled 2.26 ...
Monday, 25 November 13
THE SUB-BIT INDONESIA COAL SWAP MOVEMENT IN YEAR 2014 IS STILL FAR FROM PROMISING
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’ 14 delivery gained $ 2.54 pmt month on month on Friday 22 Novemb ...
Sunday, 24 November 13
CFR SOUTH CHINA COAL SWAPS FOR Q4' 14 DELIVERY PRICE SHOWS A NEGATIVE TREND WEEK ON WEEK AND FLAT ON D-D
COALspot.com : API 8 CFR South China Coal swaps for average Q1’ 14 delivery gained 0.13 percept d-d on Friday 22 November 2013. The CFR South ...
Sunday, 24 November 13
SUPRAMAX FREIGHT RATES REMAINED FIRM FROM INDONESIA TO INDIA AND CHINA - SOLYM
COALspot.com: The freight market was fairly steady except for the Supramax in SE Asia region which continued to remain firm. The BDI was down by 1.5 ...
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- Iligan Light & Power Inc, Philippines
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Rashtriya Ispat Nigam Limited - India
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Chettinad Cement Corporation Ltd - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Chamber of Mines of South Africa
- Indian Oil Corporation Limited
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Bharathi Cement Corporation - India
- Planning Commission, India
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Makarim & Taira - Indonesia
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Sojitz Corporation - Japan
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- White Energy Company Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Kideco Jaya Agung - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- SN Aboitiz Power Inc, Philippines
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Straits Asia Resources Limited - Singapore
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Sakthi Sugars Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Singapore Mercantile Exchange
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Vedanta Resources Plc - India
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Thiess Contractors Indonesia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Indika Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Madhucon Powers Ltd - India
- The University of Queensland
- Aditya Birla Group - India
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
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