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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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Monday, 28 October 13
API 8 CFR SOUTH CHINA COAL FOR Q3'14 DELIVERY LOST ON D-D,W-W & M-M
COALspot.com : API 8 CFR South China Coal swaps for average Q4 2013 delivery fell 0.22 percept M-M on Friday 25 October 2013. The CFR South China Co ...
Monday, 28 October 13
COAL SWAP FOR Q3' 2014 DELIVERY LOST ON D-D, W-W AND M-M
COALspot.com – Sub-Bit Indonesia coal swap (FOB ) for average Q4 2013 delivery gained 0.46 percept month on month on Friday 25 October 2 ...
Saturday, 26 October 13
PANAMAX CHARTER RATES FROM INDONESIA TO INDIA STAY FIRM - SOLYM
COALspot.com: The freight market showed tendency of softness with Cape and Panamax futures and physical soft.
The BDI was down by 12 pct week end ...
Saturday, 26 October 13
DRY BULK MARKET KEEPS ON RETREATING, BUT NEW BUILDING ORDERS KEEP ON PILING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market kept on retreating this week, with the industry's benchmark, the Baltic Dry Index (BDI) falling to 1,708 points, down 78 on the ...
Friday, 25 October 13
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED TOTALLED 803.1 MMST
COALspot.com – United States the world’s second largest coal producer produced approximately 19.10 million short tons (mmst) of coal in ...
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Posco Energy - South Korea
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Electricity Generating Authority of Thailand
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- MS Steel International - UAE
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Siam City Cement - Thailand
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Central Electricity Authority - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Indika Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Economic Council, Georgia
- Wilmar Investment Holdings
- Aditya Birla Group - India
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Mintek Dendrill Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Indo Tambangraya Megah - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sree Jayajothi Cements Limited - India
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Jorong Barutama Greston.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- Georgia Ports Authority, United States
- Ambuja Cements Ltd - India
- Planning Commission, India
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Australian Coal Association
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
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