Brazil March ethanol shipments plunge 76% year over year

16 April 2010 18:38  [Source: ICIS news]

HOUSTON (ICIS news)--Ethanol shipments from Brazilian ports plunged 76% to 40,737 tonnes in March as the South American country's high-priced material continued to be too expensive for major markets, sources said on Friday.

Brazil's March shipments fell to less than 25% of the 167,888 tonnes exported in the same month of 2009, according to the Williams Shipping Agency.

The drop extends a decline that began in 2009 when Brazilian prices skyrocketed from tightening supply brought on by heavy rains. That closed the arbitrage window with the US, the main market for the material, according to sources.

Brazil's ethanol exports also fell slightly in March from the previous month, dropping by about 1% from 41,291 tonnes in February, according to the Williams data.

Shipments from one port, Santos, were particularly significant. Latin America's largest port shipped 30,376 tonnes during the month, a 76% falloff compared with 125,444 tonnes exported in the same month a year ago.

Williams is one of the largest shipping agencies in Brazil.

Seven vessels accounted for all of the shipments: Wappen Von Stuttgart, Pujawati, Bow Eagle, Bow Lion, Ozkan A, Chembulk Savannah and Angelim.

The ships sailed to the UK, Belgium, South Korea, Venezuela and Guatemala.

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By: Lane Kelley
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