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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, 03 November 13
H2' 2014 INDONESIAN COAL PRICE ( SWAPS) SHOWS POSITIVE TREND
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q1’2014 delivery gained 0.24 percept week on week on Friday 1 ...
Sunday, 03 November 13
THE CAPE SIZE INDEX FELL 13.61 PCT W-W
COALspot.com: The freight market continued to soften on the cape and panamax sectors , however the supramax and handy size remained fairly firm.
...
Saturday, 02 November 13
DRY BULK SHIPPERS AREN'T CELEBRATING, BUT THEIR SILENCE IS GOLDEN - MARKET REALIST
In October, performance for major dry bulk shipping companies was mixed. Companies like DryShips Inc. (DRYS) had pulled back more than Diana Shippin ...
Friday, 01 November 13
US'S COAL PRODUCTION UP 0.9 PERCENT W-W
COALspot.com – United States the world’s second largest coal producer, produced approximately 19.3 million short tons (mmst) of coal in ...
Friday, 01 November 13
DRY BULK MARKET IN FIRST POSITIVE SIGN IN DAYS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Owners of dry bulk carriers are well aware of the rollercoaster ride that has been the market for their vessels over the past few years. This trend ...
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- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Sindya Power Generating Company Private Ltd
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Planning Commission, India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Interocean Group of Companies - India
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Vizag Seaport Private Limited - India
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMG Consultants - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- White Energy Company Limited
- Global Coal Blending Company Limited - Australia
- New Zealand Coal & Carbon
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- IEA Clean Coal Centre - UK
- Samtan Co., Ltd - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Siam City Cement - Thailand
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- The University of Queensland
- OPG Power Generation Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Larsen & Toubro Limited - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Australian Coal Association
- PTC India Limited - India
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- Malabar Cements Ltd - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Metalloyd Limited - United Kingdom
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- GMR Energy Limited - India
- Chettinad Cement Corporation Ltd - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Ceylon Electricity Board - Sri Lanka
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- South Luzon Thermal Energy Corporation
- The State Trading Corporation of India Ltd
- Straits Asia Resources Limited - Singapore
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Krishnapatnam Port Company Ltd. - India
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- The Treasury - Australian Government
- Energy Link Ltd, New Zealand
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Ministry of Finance - Indonesia
- CNBM International Corporation - China
- Rashtriya Ispat Nigam Limited - India
- Medco Energi Mining Internasional
- Semirara Mining Corp, Philippines
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
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