• Nominations stayed strong this week, with 585kmt of raws in CS.
  • May volume for exports now stands at 2.7mmt.
  • With 3 terminals operating sugar in Santos, we find it hard to see the full volume exported this month.

Logistical Competition

  • This week, offtake volume was average with 585kmt added to CS line up.
  • Out of these around half were for May shipment, even though we believe logistical capacity is topped.
  • Assuming current pace of operations, we expect that at least 200kmt will roll into June.
  • And June has already 370kmt nominated.
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  • Currently, only 3 terminals are operating sugar in Santos port.
  • All of these are also used for grains exports.
  • Just to put in context, when 2.7mmt were exported out of CS last season there were an additional 2 terminals also loading sugar – TEAG and T12-A.
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Destinations

  • Out of the new nominations this week, 70kmt of raws to Canada.
  • Indonesia with 63kmt of raws nominated – total offtake this quarter stands at 190kmt.
  • And 75kmt to UAE.
  • Unfortunately, there is still quite a large volume of vessels still with destination to be confirmed (C/P).
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Ana Zancaner

Ana graduated from Insper University Sao Paulo in 2013, with a bachelor’s degree in business administration. She joined CZ as an intern in 2013 and is now our senior analyst in our Sao Paulo office. At CZ she is responsible mainly for analysis of the Brazilian sugar and ethanol sector but supporting other consulting requests as well.

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