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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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Friday, 15 November 13
TAIWAN'S PLASTICS GROUP FORMOSA TO IMPORT 1.37 MILLION TONS OF COAL FOR Q1' 14
COALspot.com: Taiwan's Formosa Plastics Group is inviting bids for total 1.37 million mt of coal for 1Q’ 14 for its various plants in Taiwan, ...
Thursday, 14 November 13
KOMIPO TO BUY 270K MT OF SUB-BITUMINOUS COAL FOR Q2' 14
COALspot.com : Korea Midland Power Co., Ltd. has invited bids through International Open Bidding for 140,000 Metric Tons (MT) of sub-bituminous coal ...
Thursday, 14 November 13
PANAMAX : MARKET SHOULD BE AROUND USD 11500 FOR 1 YEAR - FEARNLEYS AS
Handy
The Atlantic market has picked up this week with prompt ships able USG for November dates coming off and chrts need to pay up in order to cov ...
Wednesday, 13 November 13
Y'14 SUB-BIT INDO COAL SWAP MOVING AT SNAIL-SPEED
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’2014 delivery gained 2.95 percept month on month on Friday ...
Wednesday, 13 November 13
Q3' 14 CFR SOUTH CHINA COAL SWAPS CLOSED HIGHER THAN Q1' 14 PRICES
COALspot.com : API 8 CFR South China Coal swaps for average Q1 14 delivery gained 0.55 percept W-W on Friday 8 November 2013. The CFR South China Co ...
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- Sical Logistics Limited - India
- Sree Jayajothi Cements Limited - India
- Interocean Group of Companies - India
- Aditya Birla Group - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Salva Resources Pvt Ltd - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- White Energy Company Limited
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Tamil Nadu electricity Board
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Sidhee Cement - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Bulk Trading Sa - Switzerland
- Essar Steel Hazira Ltd - India
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Attock Cement Pakistan Limited
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Thiess Contractors Indonesia
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Australian Commodity Traders Exchange
- Globalindo Alam Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Electricity Authority, New Zealand
- MS Steel International - UAE
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indian Oil Corporation Limited
- Borneo Indobara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Ambuja Cements Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PowerSource Philippines DevCo
- The Treasury - Australian Government
- SN Aboitiz Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- Bhoruka Overseas - Indonesia
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Makarim & Taira - Indonesia
- Planning Commission, India
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
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