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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, 08 November 13
DRY BULK MARKET BOUNCES BACK ON RENEWED DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market staged a mild comeback this week, as the industry's benchmark, the Baltic Dry Index (BDI) inched forward step by step and bit b ...
Friday, 08 November 13
US'S OCTOBER COAL PRODUCTION INCREASED BY 1.78% M-M - EIA
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.3 million short tons (mmst) of coal in ...
Thursday, 07 November 13
FORMOSA PLASTICS SEEKS 80K MT OF 5850 GAR COAL
COALspot.com: Taiwan's Formosa Plastics Group is inviting bids for 80,000 mt of bituminous coal for delivery in Nov - Dec'13 for its Chi ...
Thursday, 07 November 13
INDONESIAN COAL EXPORT VOLUME INCREASED; REVENUE DECREASED
COALspot.com: Indonesia, the 15th largest economy, 4th largest coal producer in the world and world's largest multi grade coal exporter shipp ...
Thursday, 07 November 13
THE ENERGY INDUSTRY'S RISING WATER CHALLENGE - WOOD MACKENZIE
Water poses a variety of business risks for the energy industry, and could play an influential role in shaping the future energy supply mix, accordi ...
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- Orica Australia Pty. Ltd.
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Deloitte Consulting - India
- Australian Coal Association
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Aboitiz Power Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- The University of Queensland
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Posco Energy - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- Parliament of New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- India Bulls Power Limited - India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Neyveli Lignite Corporation Ltd, - India
- TeaM Sual Corporation - Philippines
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Attock Cement Pakistan Limited
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- PTC India Limited - India
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Eastern Energy - Thailand
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Indika Energy - Indonesia
- Energy Link Ltd, New Zealand
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- MS Steel International - UAE
- Carbofer General Trading SA - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Romanian Commodities Exchange
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- Economic Council, Georgia
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- Siam City Cement PLC, Thailand
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Metalloyd Limited - United Kingdom
- VISA Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Standard Chartered Bank - UAE
- Coalindo Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
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