Egypt Buys 175,000mt of Russian Wheat

Posted by Eric Haun
Wednesday, July 30, 2014

Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 175,000 metric tons of Russian wheat for shipment Sept. 11-20.

Mamdouh Abdel Fattah, the vice-chairman of GASC, gave the following breakdown of the purchase:
- 60,000 metric tons from Olam
- 60,000 metric tons from Cargill
- 55,000 metric tons from Glencore

GASC said it bought the wheat at an average price of $260.14 a metric ton, on a cost and freight basis.

Traders gave the following breakdown of the purchase:
- 60,000 metric tons from Olam at $246.99 a metric ton, on a free-on-board basis (fob) and $11.88 a metric ton freight from National Navigation
- 60,000 metric tons from Cargill at $249 a metric ton fob and $11.70 a metric ton freight
- 55,000 metric tons from Glencore at $249 a metric ton and $11.94 a metric ton freight from Venus

The world's top wheat importer has so far bought 890,000 metric tons of Romanian, Russian and Ukrainian wheat since the start of the fiscal year on July 1.

The supply ministry said earlier this month its stocks had increased to six months worth, to last until the end of 2014.

Egypt purchased a total of 5.46 million metric tons of wheat from abroad in the 2013-2014 fiscal year in addition to 3.7 million metric tons of local wheat.

Bids
Traders said the following offers were presented in the tender, in dollars a metric ton, on a free-on-board basis, unless otherwise stated:
*Bunge: 60,000 metric tons of Russian wheat at $255.55
*Cargill: 60,000 metric tons of Russian wheat at $249
*Louis Dreyfus: 60,000 metric tons of Russian wheat at $252.86, 55,000 metric tons of U.S. soft red wheat at $243.44
*Glencore: 55,000 metric tons of Russian wheat at $250.30, 55,000 metric tons of Ukraine wheat at $249
*Invivo: 60,000 metric tons of Romanian wheat at $256.33
*Nidera: 60,000 metric tons of Russian wheat at $252.99
*Ameropa: 60,000 metric tons of Romanian wheat at $253.88
*Venus: 60,000 metric tons of Russian wheat at $252.35
*Aston: 60,000 metric tons of Russian wheat at $251.97
*Vittol: 60,000 metric tons of Russian wheat at $259.50
*Olam: 60,000 metric tons of Russian wheat at $246.99

Freight
Traders also said the following freight (ocean shipping)offers were made in the tender, in dollars a metric ton:

Romania
*National Navigation: $10.89
*Venus: $10.97
*Mina Shipping: $11.40
*Ameropa: $11

Ukraine
*National Navigation: $14.90
*Venus: $13.89
*Glencore: $13.43

Russia
*National Navigation: $11.88 for 60,000 metric tons, $12.70 for 55,000 metric tons
*Venus: $11.37 for 60,000 metric tons, $11.94 for 55,000 metric tons
*Mina Shipping: $11.70 for 60,000 metric tons, $13.25 for 55,000 metric tons
*Aston: $11.50 for 60,000 metric tons
*Glencore: $12.43 for 55,000 metric tons

U.S.

*Mina Shipping: $24.50

(Reporting By Maha El Dahan; additional reporting by Michael Hogan in Hamburg and Valerie Parent in Paris; editing by William Hardy and David Evans)
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Finance

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

News

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

Tanker Crewman Medevaced off Virginia

The U.S. Coast Guard medevaced an ailing crew member Saturday from a tanker off Virginia Beach.   Coast Guard watchstanders at the 5th District Command Center

Danelec Launches ECDIS Computer-based Training

Danelec Launches ECDIS Computer-based Training   Danelec Marine has launched a new computer-based training (CBT) program for its second-generation DM800 ECDIS G2 products.

Logistics

Matson Launches US West Coast - South Pacific Service

Matson’s new South Pacific Express will link Pacific networks via Honolulu    U.S. carrier in the Pacific Matson, Inc. has introduced a new containership service between the U.

Huge Coke Drums Shipped from Spain to Louisiana

Intermarine, LLC, transporter of project, breakbulk and heavylift cargo, said it has transported four coke drums on the MV Ocean Freedom from Gijon, Spain, to New Orleans, La.

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

 
 
Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1198 sec (8 req/sec)