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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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- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Australian Coal Association
- Pipit Mutiara Jaya. PT, Indonesia
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Xindia Steels Limited - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- GVK Power & Infra Limited - India
- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Africa Commodities Group - South Africa
- Marubeni Corporation - India
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Chettinad Cement Corporation Ltd - India
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- White Energy Company Limited
- Planning Commission, India
- MS Steel International - UAE
- Kideco Jaya Agung - Indonesia
- Bulk Trading Sa - Switzerland
- Madhucon Powers Ltd - India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Uttam Galva Steels Limited - India
- Heidelberg Cement - Germany
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Bukit Asam (Persero) Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- Attock Cement Pakistan Limited
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Aditya Birla Group - India
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- IEA Clean Coal Centre - UK
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- CNBM International Corporation - China
- Meralco Power Generation, Philippines
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Bhatia International Limited - India
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Bangladesh Power Developement Board
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kohat Cement Company Ltd. - Pakistan
- Kalimantan Lumbung Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Meenaskhi Energy Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Sojitz Corporation - Japan
- The University of Queensland
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- TeaM Sual Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Wood Mackenzie - Singapore
- Indo Tambangraya Megah - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
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