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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 September 22
INDONESIA COAL PRICE REFERENCE SLIPS SLIGHTLY IN SEPTEMBER 2022
COALspot.com: Indonesian Coal Price Reference for September delivery drops 0.74 per cent month on month.
The Indonesian Coal Price R ...
Friday, 02 September 22
ABM INVESTAMA BUYS 30% GEMS SHARES FOR US$ 420 MILLION
PT ABM Investama Tbk through its indirect subsidiary, bought a 30% stake in the PT Golden Energy Mines Tbk for US$ 420 million or around Rp 6.2 tri ...
Tuesday, 23 August 22
HIGH COAL PRICES COULD BOOST INDONESIA'S ENERGY TRANSITION - IEEFA
Global coal prices have reached an all-time high as countries stop purchasing Russian coal amidst the Russia-Ukraine conflict. Indonesian coal comp ...
Tuesday, 23 August 22
A COMBINED US$6.8-BILLION CASH BALANCE OF INDONESIAN COAL COMPANIES COULD PROVIDE FOR TIMELY INVESTMENTS IN GREEN TRANSITION - IEEFA
A combined US$6.8-billion cash balance of Indonesian coal companies could provide for timely investments in green transition
The opp ...
Tuesday, 23 August 22
SHIPPING INDUSTRY TO REMOVE THE INDIAN OCEAN HIGH RISK AREA - BIMCO
After more than a decade of effective threat-reducing counter-piracy operations the shipping industry has removed the ‘Indian Ocean High Risk ...
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- Heidelberg Cement - Germany
- Kideco Jaya Agung - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Medco Energi Mining Internasional
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Georgia Ports Authority, United States
- Sakthi Sugars Limited - India
- Indian Oil Corporation Limited
- Ministry of Transport, Egypt
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Australian Coal Association
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Ind-Barath Power Infra Limited - India
- Minerals Council of Australia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bulk Trading Sa - Switzerland
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Coal Council - USA
- Asmin Koalindo Tuhup - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Coastal Gujarat Power Limited - India
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Merrill Lynch Commodities Europe
- The Treasury - Australian Government
- Economic Council, Georgia
- The University of Queensland
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Tata Chemicals Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Uttam Galva Steels Limited - India
- Planning Commission, India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Lanco Infratech Ltd - India
- European Bulk Services B.V. - Netherlands
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Posco Energy - South Korea
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- ASAPP Information Group - India
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- The State Trading Corporation of India Ltd
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Star Paper Mills Limited - India
- Parliament of New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- PowerSource Philippines DevCo
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Grasim Industreis Ltd - India
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
- Vedanta Resources Plc - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Bayan Resources Tbk. - Indonesia
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