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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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Wednesday, 20 November 13
TAIPOWER TO IMPORT 0.825 MMT OF 5000 GAR COAL FOR Q2' 14
COALspot.com: Taiwan Power Company intends to procure 825,000 metric tons of general sub-bituminous coal with calorific value not lesser than 5,000 ...
Wednesday, 20 November 13
CAPES AND PANAMAXES SOFTENING; SMALLER SIZE SEGMENTS FIRMING FURTHER - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable- )
The BDI has closed off the week on the red, with rates for Capes and Panamaxes softening and those fo ...
Tuesday, 19 November 13
INDONESIAN GOVERNMENT'S DECLARED COAL PRICE REFERENCE UP 1.98% IN NOVEMBER
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has increased government declared coal bench mark price by US$ 1.52 / MT ...
Tuesday, 19 November 13
WEEKLY COAL EXPORTS FROM NEWCASTLE PORT INCREASED BY 20.59%
COALspot.com: In the week ended November 18, power plant and semi-soft coking coal shipments from the port of Newcastle in Queensland, totaled 2.92& ...
Tuesday, 19 November 13
SHIP OWNER POUR MORE MONEY INTO DRY BULK CARRIER ACQUISITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The recent dry bulk market's rally, coupled with an expected fall in oversupply and robust cargo demand has boosted ship owners' optimism on the l ...
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- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Vizag Seaport Private Limited - India
- Sojitz Corporation - Japan
- Tamil Nadu electricity Board
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- The State Trading Corporation of India Ltd
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Sakthi Sugars Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Intertek Mineral Services - Indonesia
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Global Business Power Corporation, Philippines
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Independent Power Producers Association of India
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Star Paper Mills Limited - India
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- International Coal Ventures Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- VISA Power Limited - India
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- PTC India Limited - India
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Mjunction Services Limited - India
- Toyota Tsusho Corporation, Japan
- Bahari Cakrawala Sebuku - Indonesia
- Binh Thuan Hamico - Vietnam
- Wilmar Investment Holdings
- Thai Mozambique Logistica
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Kobexindo Tractors - Indoneisa
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Sree Jayajothi Cements Limited - India
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Planning Commission, India
- Carbofer General Trading SA - India
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- IHS Mccloskey Coal Group - USA
- Commonwealth Bank - Australia
- Posco Energy - South Korea
- Xindia Steels Limited - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Kapuas Tunggal Persada - Indonesia
- ASAPP Information Group - India
- The Treasury - Australian Government
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- European Bulk Services B.V. - Netherlands
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Singapore Mercantile Exchange
- Oldendorff Carriers - Singapore
- Africa Commodities Group - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Antam Resourcindo - Indonesia
- Anglo American - United Kingdom
- Gujarat Mineral Development Corp Ltd - India
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