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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 February 24
DRY BULK MARKET: THE DOWNWARD REVISION IN THE GROWTH OF CAPESIZE TONNE DAYS IN JANUARY WITH THE BCI DROPPING - MARIA BERTZELETOU
In the last week of January, the dry freight market sustained weakness in the Capesize segment, while the number of ballasters in the Southeast (SE ...
Friday, 02 February 24
COAL INDIA ACHIEVES NEARLY 80% OF ITS FY24 PRODUCTION TARGET IN TEN MONTHS - CNBCTV18
For the month of January, the company’s production grew by 9.1% from the same period last year to 78.4 Million Tonnes (MT), from 71.9 MT last ...
Thursday, 01 February 24
CHINA'S WIND, SOLAR CAPACITY TO OVERTAKE COAL IN 2024 - INDUSTRY BODY, REUTERS REPORTED
China’s installed wind and solar capacity is expected to overtake coal for the first time this year, according to industry forecasts.
&nb ...
Thursday, 01 February 24
ANTI-DEDUCTION CLAUSES: CAN A CHARTERER WITHHOLD HIRE WITHOUT AN OWNER'S CONSENT? - SKULD
KNOWLEDGE TO ELEVATE
Summary
In The Anna Dorothea, the Court found that where a charterparty provides that no deduction from hire may be m ...
Thursday, 01 February 24
INDIA REBUILDS COAL STOCKS TO ENSURE ELECTRIC RELIABILITY - REUTERS
India’s electricity supply is much more comfortable at the start of 2024 than in either 2023 or 2022 as coal production has ramped up and the ...
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- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Australian Commodity Traders Exchange
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Chettinad Cement Corporation Ltd - India
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Tamil Nadu electricity Board
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- LBH Netherlands Bv - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Mercator Lines Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Oldendorff Carriers - Singapore
- Interocean Group of Companies - India
- GN Power Mariveles Coal Plant, Philippines
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Jorong Barutama Greston.PT - Indonesia
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Toyota Tsusho Corporation, Japan
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- SMG Consultants - Indonesia
- The University of Queensland
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Edison Trading Spa - Italy
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Indogreen Group - Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Wood Mackenzie - Singapore
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Semirara Mining Corp, Philippines
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Indika Energy - Indonesia
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Energy Link Ltd, New Zealand
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Bhushan Steel Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Larsen & Toubro Limited - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Coalindo Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Globalindo Alam Lestari - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Central Electricity Authority - India
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