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South Korea's NOFI buys estimated 133,000 T corn, traders say
European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc., (NOFI), bought approximately 133,000 metric tonnes of animal feed corn at an international auction on Tuesday. Two consignments of corn were purchased for South Korea. One was purchased at an estimated price of $259.99 per ton, cost and freight plus $1.50 for port unloading. Seller was thought to be Pan Ocean trading house. The second purchase was made at a premium of 157.49 U.S. Cents per bushel over Chicago corn futures, plus an additional $1.25 surcharge per ton for port unloading. The seller was thought to be ADM, a trading house. The reports reflect the assessments of traders, and it is still possible to estimate prices and volume later. Michael Hogan is reporting.
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South Korea's NOFI purchases approximately 133,000 T corn
European traders reported that the leading South Korean animal feed manufacturer Nonghyup Feed Inc., (NOFI), bought approximately 133,000 metric tonnes of animal feed corn at an international auction on Tuesday. The corn was bought in two consignments. It was expected that the corn would be from the United States, South America, or South Africa. A 65,000-ton consignment due to arrive in South Korea on June 10 was purchased at an estimated price of $25.99 per ton, cost and freight plus $1.50 for port unloading. Seller was thought to be Pan Ocean. The second consignment of 68,000 tons for arrival on June 20 was purchased at a premium of 157.49 U.S. Cents per bushel over Chicago corn futures, plus an additional $1.25 surcharge per ton for port unloading. The seller was thought to be ADM, a trading house. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. If the consignment for June 10 is coming from the U.S. Pacific Northwest Coast, the shipment must be received between May 8 and 27. If it is coming from the U.S. Gulf coast between April 18 and 7 or South America between 14 and 2 May, the shipment should arrive between these dates. If the consignment for June 20 is coming from the U.S. Pacific Northwest Coast, the shipment will be between May 18 and 6; from the U.S. Gulf of Mexico between April 28 and 17; from South America between the 23rd April and 12th May or from South Africa from May 3 to May 22. Only 55,000 tonnes are required if the consignment is sourced from South Africa. Some traders said that some Asian importers purchased ahead of the possible market turmoil caused by the U.S. Department of Agriculture's world supply and demands estimates later on Tuesday, which can traditionally cause market volatility. (Reporting and editing by David Evans, Michael Hogan)
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Bangladesh receives offers to purchase 50,000 T of rice in tender, traders claim
Traders said that the lowest price in Bangladesh's tender to buy 50,000 metric tonnes of rice, which closed on February 2, was $429.55 per metric ton CIF. They said that they believed the offer to be from Pattabhi Agro Foods. They said that offers are still being evaluated and no purchase has yet been reported. Bangladesh takes a while to consider the price of grain and rice before making a final decision. The reports reflect the opinions of traders, and it is still possible to estimate prices and volume later. The tender is seeking price offers for nonbasmati parboiled risotto in CIF terms, which includes cost, insurance, freight and ship unloading charges, for shipment to Chittagong or Mongla ports. The traders said that these other companies participated in the tender with their estimated bids per ton CIF liner: Agrocorp $434.81; Aditya Birla Global Trading $ 439.00; Gurudeo Exports Corporation $ 434.14; Mondal Stone Products $439.00. Indo Suez Trading $435.55, and Bagadiya Brothers $336.77. After a heavily damaged domestic crop last year, Bangladesh continues to purchase large quantities of rice on international markets. Floods in Bangladesh between August 2024 and October 2024 A total of 1.1 million tonnes of rice were imported by the country in order to reduce the rising prices of food. The tender is seeking price quotes for non-basmati rice parboiled from around the world. Shipments are required within 40 days of contract award. Michael Hogan reported, and editing was done by
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Boskalis, a Dutch maritime services provider, will salvage a UK ship that has been damaged by stricken tanker
A spokesperson confirmed earlier Dutch media reports that Dutch marine provider Boskalis would salvage the U.S. flagged tanker Stena Immaculate after it was hit by a container vessel off northeast England Monday. He was unable to give an exact timeframe for the salvage operation but said that four ships carrying extinguishing agents and foam were already on their way to put out the fire. Boskalis spokesperson did not specify which company would salvage Solong the other container vessel involved in the collision. Stena Immaculate, anchored at the time of the incident, was hit by the smaller container vessel Solong. This caused damage to its cargo tank causing fuel leakage into the sea. According to sources, there were no signs of malicious intent or involvement by other parties in the incident. (Reporting and editing by Louise Heavens, Charlotte Van Campenhout)
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Fires burn after ships collide off UK, stoking fears over environment
On Tuesday, fires raged after two ships collided a day before off the coasts of northeast England. This heightened concerns that the jet fuel and toxic chemicals on board one ship could lead to an environmental catastrophe. The coastguard reported that both crews abandoned the ships after the accident. 36 people were rescued from the water. On Monday, rescue teams called off the search for a crew member missing from the Portuguese flagged container ship Solong. Stena Immaculate was at anchor and carrying jet fuel for the U.S. Military when the smaller Solong struck it, releasing fuel in the sea. The British government said that equipment to minimize pollution at sea such as spray dispersants and containment bollards were ready to be deployed as its agencies prepared to take action to protect North Sea wildlife and the environment. The government stated that the Maritime and Coastguard Agency and a group of environmentalists from East of England were assessing the potential environmental impact and monitoring the situation by air. ENVIRONMENTAL HARM According to two maritime security sources, there is no evidence that the incident was caused by malicious actors or activity. Crowley, the U.S. Logistics group that operated the vessel said Monday it is unclear how much jet fuel was spilled after at least one cargo tank was damaged. According to a report by maritime data provider Lloyd's List Intelligence, 15 containers of sodium-cyanide were found on board the Solong, a toxic chemical primarily used in gold mining. Also, an unknown amount of alcohol was also present. These cargoes may pollute the ocean, causing harm to large colonies of seabirds, including puffins, gannets, and fish that they eat. The accident occurred in the early morning hours of Monday on a busy waterway. British rescue teams responded with aircraft, lifeboats, and other vessels. The U.S., and Portuguese authorities are responsible for the overall investigation of the crash. (Written by Sarah Young, with additional reporting from Sachin Ravikumar and editing by Paul Sandle & Bernadette Baum).
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South Korea's NOFI offers to purchase up to 138,000 metric tonnes corn
European traders reported on Tuesday that the leading South Korean feedmaker Nonghyup Feed Inc. (NOFI) had issued an international bid to purchase up 138,000 metric tonnes of animal feed corn. The deadline to submit price bids in the tender is March 11, Tuesday. Two consignments of between 45,000 and 69,000 tons of corn are required to arrive in South Korea. Around June 10, the first corn shipment was expected to arrive in South Korea. Shipping is required between May 8 and 27, if the shipment originates from the U.S. Pacific Northwest Coast, or if it comes from the U.S. Gulf coast between April 18 and may 7, South America between the dates of April 13 and 2 and South Africa between the dates of April 23 and 12. Around June 20, the second corn shipment is expected to arrive in South Korea. If you are sourcing from the U.S. Pacific Northwest Coast, shipment will be between May 18 and 6; from the U.S. Gulf of Mexico between April 28 and 17; from South America between the 23rd April and 12th May or from South Africa from May 3 to 22nd. The sellers have the right of choice in the origins they supply. Traders said that they were seeking offers in both outright prices for a ton of corn c&f as well as a premium on the Chicago mai 2025 corn contract. The U.S. Department of Agriculture's world supply and demand estimates are expected to cause some market turmoil on Tuesday.
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Abu Dhabi's ADQ acquires majority stake in Aramex
After completing an offer, the Abu Dhabi sovereign wealth fund ADQ announced on Tuesday that it now holds a 58% share in logistics company Aramex. ADQ now holds a majority stake in Aramex, thanks to a 35.31 % stake that was acquired through the tender offer by unit Q Logistics. Previously, Abu Dhabi Ports Group held a 22.69 % stake. Q Logistics announced in January that it was interested in acquiring up to 100% shares of Aramex, not already owned by Abu Dhabi Ports. Aramex offers logistics and transport services including domestic and international express deliveries via road, air, and sea. The latest takeover was launched by ADQ's Q Logistics Holding at a price per share of 3 dirhams ($0.8169). The final number of shares tendered will be announced on 28 March, ADQ stated. ADQ, which was founded in 2018, has a wide range of assets including Etihad Airways, the state airline of Abu Dhabi and Abu Dhabi Ports Company.
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Wall Street Journal, March 11,
These are the most popular stories from the Wall Street Journal. These stories have not been verified and we cannot vouch their accuracy. Alimentation Couche-Tard reaffirmed its plans to acquire Seven & I, and stated that there was uncertainty as to whether the 7-Eleven business owner's new plan would deliver value to investors. Rocket Mortgage has agreed to purchase real estate brokerage Redfin for $1.75 billion. San Diego-based Illumina has reduced its financial forecasts for this year and cut $100 million from spending due to China's ban on sales of the gene-sequencing machine. Eric Schiele, a leading dealmaker at Kirkland & Ellis is leaving the firm to lead the global mergers & acquisitions practice of Paul Hastings, in New York. Beacon Roofing Supply has begun discussions with QXO about a possible combination where Brad Jacobs would buy Beacon's company for approximately $7,7 billion. The collision between a tanker and a container ship, which was carrying jet fuel to the U.S. Military, caused multiple explosions on both vessels. Both crews were forced to abandon their ships.
After maintenance, LNG tanks are parked at Bintulu Complex in Malaysia
According to ship tracking data and industry sources, a backlog of LNG tankers are waiting to be loaded at Malaysia's Bintulu Terminal this week. Outages and maintenance have disrupted the production.
Bintulu, which is controlled by Petronas and has nine LNG trains, each run by four operators, can produce nearly 30 millions metric tons of LNG per year. This makes it the largest LNG exporting complex in Asia.
Two sources with knowledge of the matter confirmed on Tuesday that Petronas MLNG's joint venture completed planned maintenance in August on train 7, while train 4 required unplanned work.
According to one source, trains 8 and 9, as well as the X-trains, had undergone unplanned repairs in August.
Sources declined to identify themselves because they weren't authorised to talk to the media.
Petronas has not responded to any requests for comment.
Petronas requested in August that buyers delay some LNG loads from its Bintulu Complex due to operational problems at one production train.
Rystad Energy reported on Friday that the joint venture Petronas-Tiga trains at Bintulu (trains 7 and 8) were experiencing problems.
Analyst Masanori Odaka reported that "the Petronas operated Tiga project in Bintulu in Malaysia is... facing reduced capacities due to upstream issues for train 7, and a glitch with the heat exchanger of train 8 which will likely result in delivery delays in the fourth quarter 2024."
Ship tracking data revealed that at least seven LNG tanks were waiting to be loaded at the Bintulu Terminal as of Tuesday. The loading dates of some of these tankers had been slightly pushed back.
Go Katayama, an analyst at Kpler, said that there are usually two to three LNG ships waiting to be loaded in Bintulu.
Kpler data indicated that the LNG tanker Dukhan had been scheduled to load on a Tuesday but, as of Tuesday afternoon, it was still waiting near Bintulu.
LSEG data showed on Tuesday that the loading date for Dukhan, and another tanker Oceanic Breeze were pushed forward by a day, to September 7.
Asian Spot LNG Prices
(source: Reuters)