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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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Tuesday, 23 August 22
SHIPPING: GLOBAL TAX REFORM - WATSON FARLEY & WILLIAMS
OECD rules designed to implement a global minimum corporate tax rate for very large multinational groups have now been published and are expected t ...
Tuesday, 23 August 22
PARTIES CONCLUDE JOINT R&D AGREEMENT FOR WORLD’S FIRST AMMONIA FLOATING STORAGE AND REGASIFICATION BARGE CONTRIBUTING TO PROMOTING THE EARLY INTRODUCTION OF AMMONIA FUEL - NYK
NYK Line, Nihon Shipyard Co., Ltd. (NSY), ClassNK, and IHI Corporation (IHI) signed a joint research and development agreement for the commercializ ...
Monday, 22 August 22
INDONESIAN GOVERNMENT IMPOSED ON NEW PROGRESSIVE ROYALTIES FOR COAL
Indonesian President Joko Widodo has signed a Government Regulation (Number 26 of 2022) on 15 August 2022 related to the progressive royalty rates ...
Monday, 22 August 22
CHINA'S JULY RUSSIAN COAL IMPORTS HIT 5-YR HIGH AS WEST SHUNS MOSCOW - REUTERS
China’s coal imports from Russia jumped 14% in July from a year earlier to their highest in at least five years, as China bought discounted c ...
Sunday, 21 August 22
COAL-RICH POLAND FACES WINTER OF ENERGY DISCONTENT - DW
Poland uses 10 million tons of coal a year to heat households — a whopping 87% of all coal consumed in EU homes in 2019, according to the War ...
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- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Vedanta Resources Plc - India
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Port Waratah Coal Services - Australia
- India Bulls Power Limited - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Global Green Power PLC Corporation, Philippines
- New Zealand Coal & Carbon
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- Minerals Council of Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Tamil Nadu electricity Board
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- Singapore Mercantile Exchange
- Power Finance Corporation Ltd., India
- The University of Queensland
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Mercuria Energy - Indonesia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- The State Trading Corporation of India Ltd
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Energy Development Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Economic Council, Georgia
- Sojitz Corporation - Japan
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- GAC Shipping (India) Pvt Ltd
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Samtan Co., Ltd - South Korea
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Bhatia International Limited - India
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Trasteel International SA, Italy
- Planning Commission, India
- Dalmia Cement Bharat India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- European Bulk Services B.V. - Netherlands
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Bahari Cakrawala Sebuku - Indonesia
- TeaM Sual Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Mintek Dendrill Indonesia
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
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