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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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Saturday, 20 August 22
KOSPO TO IMPORT 240000 MT OF MIN 4400 KCAL/KG NCV STEAM COAL FOR OCTOBER;LOADING FROM RUSSIAN PORTS NOT ALLOWED
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 240,000 MT of min 4,400kcal/kg to max. 4,999 kcal/kg NC ...
Wednesday, 17 August 22
INDIAN COMPANIES SWAPPING DOLLAR FOR ASIAN CURRENCIES TO BUY RUSSIAN COAL - REUTERS
Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoidi ...
Wednesday, 17 August 22
LNG: MAJOR INVESTMENT AND EXPANSION PHASE, DOUBLING OF LIQUEFACTION CAPACITY BY 2028 PROJECTED - CLARKSONS
Clarksons Research have released the latest version of their long standing annual review, LNG Trade & Transport, on to Shipping Intelligence Ne ...
Wednesday, 17 August 22
UNAFFORDABLE LNG PRICES UNDERMINE RAPID DEMAND GROWTH FORECASTS IN KEY ASIAN MARKETS - IEEFA
Sustained high prices may accelerate downward pressures on Asian LNG demand, clouding long-term industry outlooks
The global liquefi ...
Wednesday, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
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- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Sical Logistics Limited - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Attock Cement Pakistan Limited
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Holcim Trading Pte Ltd - Singapore
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- Rio Tinto Coal - Australia
- Miang Besar Coal Terminal - Indonesia
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- VISA Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Goldman Sachs - Singapore
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Sree Jayajothi Cements Limited - India
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- PTC India Limited - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Karbindo Abesyapradhi - Indoneisa
- Straits Asia Resources Limited - Singapore
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Sakthi Sugars Limited - India
- Georgia Ports Authority, United States
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Agrawal Coal Company - India
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- International Coal Ventures Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Grasim Industreis Ltd - India
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Aditya Birla Group - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- White Energy Company Limited
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Energy Exchange, India
- Latin American Coal - Colombia
- Tamil Nadu electricity Board
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Essar Steel Hazira Ltd - India
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Energy Link Ltd, New Zealand
- Indonesian Coal Mining Association
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- Minerals Council of Australia
- Bhatia International Limited - India
- Cigading International Bulk Terminal - Indonesia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Cement Manufacturers Association - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- The University of Queensland
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