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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, 16 September 22
WHEN IS A VESSEL'S INCOME EARNING CAPACITY AT RISK? 'CONTROLLED INCOME CAN BE A KEY OF SUCCESS' - MARASCO MARINE
Managing marine risks is not an easy task, which requires special knowledge and expertise on the subject per se. Customarily, big ship management c ...
Friday, 16 September 22
DRY BULK MARKET: EU’S BAN ON RUSSIAN COAL LIFTS DEMAND DESPITE ECONOMIC HEADWINDS - BIMCO
Highlights
– The Baltic Exchange Dry Index (BDI) peaked in late May and has since fallen sharply as lower Chinese demand and adverse glob ...
Friday, 16 September 22
BIMCO EMBARKS ON NEW STANDARD FOR “QUIET ENJOYMENT”
KNOWLEDGE TO ELEVATE
A newly set-up BIMCO drafting team involving a cross-section of shipowners, charterers, financing and leasing i ...
Friday, 16 September 22
INDIAN COAL PRODUCTION TO RISE 150 PER CENT IN 10 YEARS: CENTRE - EXPRESS NEWS SERVICE
The Union Ministry of Mines is expecting 150 per cent growth in coal production 10 years down the line as a result of coal reforms that had been us ...
Thursday, 15 September 22
MARKET INSIGHT - INTERMODAL
While the Organization of Petroleum Exporting Countries and its allies agreed on a 100,000 b/d output cut last week, oil flows are in the spotlight ...
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- Cement Manufacturers Association - India
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- VISA Power Limited - India
- Vizag Seaport Private Limited - India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Aditya Birla Group - India
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Sinarmas Energy and Mining - Indonesia
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Xindia Steels Limited - India
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Orica Mining Services - Indonesia
- Indika Energy - Indonesia
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Antam Resourcindo - Indonesia
- The University of Queensland
- Holcim Trading Pte Ltd - Singapore
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Larsen & Toubro Limited - India
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- IEA Clean Coal Centre - UK
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Singapore Mercantile Exchange
- Miang Besar Coal Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- IHS Mccloskey Coal Group - USA
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Gujarat Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Mercator Lines Limited - India
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Neyveli Lignite Corporation Ltd, - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- Bhatia International Limited - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Indogreen Group - Indonesia
- Global Green Power PLC Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Krishnapatnam Port Company Ltd. - India
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Banpu Public Company Limited - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
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