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