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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, 02 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
Friday, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
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- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- SMG Consultants - Indonesia
- Australian Coal Association
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Coal and Oil Company - UAE
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Power Finance Corporation Ltd., India
- ICICI Bank Limited - India
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Renaissance Capital - South Africa
- Star Paper Mills Limited - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Malabar Cements Ltd - India
- Economic Council, Georgia
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Tata Chemicals Ltd - India
- Altura Mining Limited, Indonesia
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Goldman Sachs - Singapore
- PTC India Limited - India
- Ambuja Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Larsen & Toubro Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Manunggal Multi Energi - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- White Energy Company Limited
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Australian Commodity Traders Exchange
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Sical Logistics Limited - India
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Electricity Generating Authority of Thailand
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Bhoruka Overseas - Indonesia
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
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