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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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Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
Wednesday, 10 August 22
THE FUTURE OF COAL: EIGHT KEY THEMES FROM THE GLOBAL COAL FORUM - WOOD MACKENZIE
Coal investors face a multi-layered and unavoidable challenge: markets distorted by war, trade constraints and the existential threat of the energy ...
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- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Pendopo Energi Batubara - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Central Java Power - Indonesia
- The State Trading Corporation of India Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Planning Commission, India
- Petron Corporation, Philippines
- Australian Coal Association
- Commonwealth Bank - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Attock Cement Pakistan Limited
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Thai Mozambique Logistica
- Minerals Council of Australia
- Medco Energi Mining Internasional
- South Luzon Thermal Energy Corporation
- PNOC Exploration Corporation - Philippines
- Ministry of Mines - Canada
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Mintek Dendrill Indonesia
- CNBM International Corporation - China
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Madhucon Powers Ltd - India
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- ICICI Bank Limited - India
- Standard Chartered Bank - UAE
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- VISA Power Limited - India
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- PetroVietnam Power Coal Import and Supply Company
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Savvy Resources Ltd - HongKong
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Wood Mackenzie - Singapore
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Latin American Coal - Colombia
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Grasim Industreis Ltd - India
- Indian Energy Exchange, India
- Singapore Mercantile Exchange
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- SMC Global Power, Philippines
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Georgia Ports Authority, United States
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Billiton Holdings Pty Ltd - Australia
- Thiess Contractors Indonesia
- Sarangani Energy Corporation, Philippines
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Australian Commodity Traders Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- Bharathi Cement Corporation - India
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Indian Oil Corporation Limited
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
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