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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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Saturday, 20 August 22
KOSPO TO IMPORT 240000 MT OF MIN 4400 KCAL/KG NCV STEAM COAL FOR OCTOBER;LOADING FROM RUSSIAN PORTS NOT ALLOWED
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 240,000 MT of min 4,400kcal/kg to max. 4,999 kcal/kg NC ...
Wednesday, 17 August 22
INDIAN COMPANIES SWAPPING DOLLAR FOR ASIAN CURRENCIES TO BUY RUSSIAN COAL - REUTERS
Indian companies are using Asian currencies more often to pay for Russian coal imports, according to customs documents and industry sources, avoidi ...
Wednesday, 17 August 22
LNG: MAJOR INVESTMENT AND EXPANSION PHASE, DOUBLING OF LIQUEFACTION CAPACITY BY 2028 PROJECTED - CLARKSONS
Clarksons Research have released the latest version of their long standing annual review, LNG Trade & Transport, on to Shipping Intelligence Ne ...
Wednesday, 17 August 22
UNAFFORDABLE LNG PRICES UNDERMINE RAPID DEMAND GROWTH FORECASTS IN KEY ASIAN MARKETS - IEEFA
Sustained high prices may accelerate downward pressures on Asian LNG demand, clouding long-term industry outlooks
The global liquefi ...
Wednesday, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
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- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- Minerals Council of Australia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Eastern Coal Council - USA
- Ministry of Transport, Egypt
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Chamber of Mines of South Africa
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Therma Luzon, Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Dalmia Cement Bharat India
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Trasteel International SA, Italy
- Medco Energi Mining Internasional
- Billiton Holdings Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- White Energy Company Limited
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- IEA Clean Coal Centre - UK
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Petron Corporation, Philippines
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Riau Bara Harum - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Sical Logistics Limited - India
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kobexindo Tractors - Indoneisa
- Australian Coal Association
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
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