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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 an agreement is anticipated to soften grain prices as an immediate response to the increase in global supplies. But it is also anticipated to offer relief to grain mills, in an effort to ensure limited rotting of the current harvest and rapidly free up silos for the next season’s harvest. However, after the deal, a myriad of challenges are left to resolve before exports can ramp up, therefore nothing ensures that exports will pick up in the near term.
On August 1st, the first ship loaded with 26,000 tons of corn departed from Ukraine for Lebanon, marking a resume of Ukraine grain exports. Since then, and at the time of writing, a total of 12 vessels have departed from Ukrainian ports carrying 374,800 tons of agriculture-related merchandise, which is still a fraction of the 22mn tonnes of trapped grain in the country. Ukraine anticipates the number of vessels to pick up grains will be increased to reach full capacity within the following weeks. Given the exports continue successfully, they could increase as much as 3mn tons/month in 4-6 weeks.
In order to ship a total of 22mn tonnes of grains, it is estimated that approx. 371 loadings in 40,000-69,000dwt size vessels will be needed. The vessels will cover routes from the Black Sea to North Africa, the Middle East, and potentially Europe, while their voyages are expected to last approx. 7 days. At the moment most inquiries are Handy-based due to the shallow draft of ports in the Black Sea area and the short distance that needs to be covered. Given the limited duration of the agreement, it is expected that most inquiries will be for short-period time-charters for these particular routes. If the agreement is extended and more shipments will head to Asia, primarily S. Korea and China, there will be increased demand for period charters and for bigger vessels.
Congestion is expected to increase in Ukrainian ports as they have been un-operational and un-manned since the beginning of the war and their infrastructures might have been damaged. However, at the moment the discharge rate is relatively rapid given the small number of vessels in the area. Vessels that will bear increased voyage risk will require insurance premiums resulting in higher voyage expenses. Shipowners’ biggest impediment is to secure insurance for their vessels and cargoes and to find crew to sail their ships. On the other hand, this means that freights will move upwards in order to compensate for the extra risk.
As per the latest update of Ukraine’s Ministry of Agriculture on July 31st, the country’s wheat exports have been down -53.2% y-o-y, while the market outlook for next year’s wheat crop remains bearish. Another downside factor is the quality of the grains that have been loaded in vessels for months under increased humidity and inadequate ventilation. There is a high risk that cargoes that have not been freshly loaded will be rejected by the importers if they do not meet specific requirements.
Under the current circumstances, there are several challenges lying ahead that create doubts on whether the exports could fully or at least partially recover. Given that the situation worsens around the Black Sea area and the materialized deal will be undermined, a further downside for grain trade is more likely within 2H2022. On the contrary, if the operation continues relatively smoothly, the world grain trade could see relief within 2H2022 as a result of an increase in tonne-days demand, while Ukraine could receive up to $1bn/month from its grain exports in order to fund its sowing plans.
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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Thursday, 01 July 21
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BUMA SIGNED MINING AGREEMENT WITH ADARO
PT Delta Dunia Makmur Tbk. announced that its subsidiary, PT Bukit Makmur Mandiri Utama ("BUMA"), has entered into an agreement for the p ...
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- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- Star Paper Mills Limited - India
- Medco Energi Mining Internasional
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- Agrawal Coal Company - India
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- Port Waratah Coal Services - Australia
- Indian Energy Exchange, India
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- Orica Australia Pty. Ltd.
- Romanian Commodities Exchange
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
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- Therma Luzon, Inc, Philippines
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- San Jose City I Power Corp, Philippines
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- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
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- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Electricity Authority, New Zealand
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Eastern Energy - Thailand
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Central Electricity Authority - India
- Rashtriya Ispat Nigam Limited - India
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- Ministry of Transport, Egypt
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- Interocean Group of Companies - India
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- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Parliament of New Zealand
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- Sojitz Corporation - Japan
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