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Wednesday, 31 August 22
MARKET INSIGHT - INTERMODAL
 Scorching temperatures and extremely dry conditions during the Northern hemisphere summer have been drying crops. Yield prospects have subsided in many key growing areas, raising concerns regarding global food security, amid rallying food inflation.
In the US, recently released estimates from Pro Farmer, regarding corn and soybean crops, are 4% lower than the official government forecasts, which is dismaying. Bolstering heat and drought have severely impacted part of the Farm Belt over the previous months. Production output is crucial, as it will determine grain prices for the upcoming months. According to USDA’s latest report, in total, 89.8 million acres were planted to corn in 2022, while 87.2 million acres were planted to soybean. Overall, corn production is decreased by 5% y-o-y, while soybean harvest is forecasted to increase by 2% y-o-y.
In China, the worst drought since the early 1960s in central and southwestern areas paired with floods in the northeast threaten hundreds of million tons of grain harvest that is reaped during the fall. Rice harvests in areas along the Yangtze River and the Sichuan basin, the two regions where half of the country’s rice is produced, have been severely impacted. Total corn output is also estimated to be reduced by 4.5mn tons due to floods, according to Chinese commodities broker Yongan Futures Co. A loss of harvest will lead to increased demand for imports and will push prices upwards, posing threat to global food security. The country is now turning to the US for imports amid surging Brazil soybean prices, with a total of 859,836 tons being imported to the country since April 22, according to USDA.
India’s rice harvest is expected to significantly drop as of shrunk planted region due to extremely high temperatures. According to the country’s Food Corporation, rice harvest is expected to drop by 10% in the upcoming harvest season, typically occurring between November-December, decreasing the country’s rice output to 117mn metric tons. According to USDA Foreign Agriculture Service, 110 million tons out of the total 117 million tons, will be domestically consumed, thus leaving a total of 7 million tons for exports. August wheat stocks also slumped to a 14-year record low, while wheat inflation hit 12%. The country is discussing a potential curb on broken rice exports, which if decided will have ripple effects on the global food supply chain, while on Aug.27 it announced a ban on wheat flour exports with occasional exceptions.
Ukraine’s grain is leaving its ports smoothly with exports steadily ramping up. Ukraine’s grain exports are currently 50% lower y-o-y. Ukrainian wheat sales, albeit improved, are not adequate to support wheat prices, which stand currently below growing costs. On Aug.30, the country's Ministry of Infrastructures announced that approx. 1.5mn tons of grains have been exported so far from the country’s ports. However, next season’s harvest, which has already started to be sown, is undermined by destroyed farmlands and weak domestic prices.
Meanwhile, in the rest EU area, farmers have been grappling with drought, while estimating their summer crop yields to drop significantly. EU’s corn crop is estimated to hit a 15-year low, estimated at 59.3mn tons in 2022/2023 harvest, according to the European Commission’ latest forecast. According to FranceAgriMer, only 53% of the country’s corn crop is in good or very good condition, while according to Agritel’s latest estimate, the country’s 2022/2023 wheat production will reach 33.63mn tons, slumping below the 5-year average. Meanwhile, in Romania farmers have been forced to harvest their corn crops one month earlier on the back of extremely dry conditions. The country expects a 15% lower wheat output y-o-y, approx. 9mn tons, according to the Minister of Agriculture.
By Chara Georgousi
Research Analyst
Compiled by:
Intermodal Research & Valuations
Analysts:
Yiannis Parganas
Tamara Apostolou
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 reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Friday, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
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- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Siam City Cement - Thailand
- Aboitiz Power Corporation - Philippines
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Essar Steel Hazira Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Economic Council, Georgia
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Coalindo Energy - Indonesia
- MS Steel International - UAE
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Bhushan Steel Limited - India
- Parliament of New Zealand
- Agrawal Coal Company - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Makmur.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Star Paper Mills Limited - India
- Singapore Mercantile Exchange
- India Bulls Power Limited - India
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Coastal Gujarat Power Limited - India
- Electricity Authority, New Zealand
- Banpu Public Company Limited - Thailand
- Therma Luzon, Inc, Philippines
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Siam City Cement PLC, Thailand
- GAC Shipping (India) Pvt Ltd
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Ministry of Finance - Indonesia
- GMR Energy Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Ministry of Mines - Canada
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Deloitte Consulting - India
- SN Aboitiz Power Inc, Philippines
- Orica Australia Pty. Ltd.
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- IEA Clean Coal Centre - UK
- Borneo Indobara - Indonesia
- Aditya Birla Group - India
- Indian Energy Exchange, India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- CNBM International Corporation - China
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Savvy Resources Ltd - HongKong
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
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