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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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Thursday, 31 October 13
HANDY: ACTIVE; PANAMAX: QUIET; CAPESIZE: NO LIGHT
Handy
The handy market had an active week however not directly translated into the rates we´ve seen in the Pacific. We see more coal and baux ...
Wednesday, 30 October 13
INDONESIAN STATE OWNED COAL MINER HAS EXPORTED 7.02 MILLION TONS OF COAL IN 9 MONTHS
COALspot.com : PT. Bukit Asam, Indonesian state owned coal miner has sold 13.24 million tons of coal for the period January - September 2013. Accord ...
Wednesday, 30 October 13
DRY BULK MARKET HAS LOST FURTHER GROUND THIS PAST WEEK - INTERMODAL
Chartering (Wet: Firm+ / Dry: Stable-)
The Dry Bulk market has lost further ground this past week, as de-creased activity in both basins for both C ...
Wednesday, 30 October 13
CAPESIZE: DOWNWARD; SUPRAS AND HANDIES: STABLE - INTERMODAL
The Dry Bulk market has resumed its downward movement, noting another dip for a third week in a row. The larger size segments were responsible for p ...
Tuesday, 29 October 13
NEWCASTLE PORT SHIPPED 12.29 PER CENT MORE COAL W-W
COALspot.com: Power plant and semi-soft coking coal shipments from Australia's Newcastle port up 12.29 per cent week on week to 3.61 million mt for ...
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Showing 4036 to 4040 news of total 6871 |
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- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Star Paper Mills Limited - India
- Maharashtra Electricity Regulatory Commission - India
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- SMG Consultants - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Gujarat Sidhee Cement - India
- Bhatia International Limited - India
- Kumho Petrochemical, South Korea
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- SMC Global Power, Philippines
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Grasim Industreis Ltd - India
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Mines - Canada
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- VISA Power Limited - India
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Georgia Ports Authority, United States
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- IEA Clean Coal Centre - UK
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Makmur.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- Renaissance Capital - South Africa
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Agrawal Coal Company - India
- MS Steel International - UAE
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Interocean Group of Companies - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Binh Thuan Hamico - Vietnam
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