June 20th 2024
Argentina’s “Omnibus Law” – Mining and crude oil
National Holidays:
June 17th, 20th and 21st
Grains and Markets:
China has bought 2 Panamaxes of soya beans from Brazil, one July, and one August.
Venezuela is in the market for a Supramax of soya bean meal during August.
Vietnam is also in the market for similar volume also soya bean meal, but September dates.
Saudi Arabia will be tendering for maize on September dates.
Argentina grains:
96 per cent of the soya beans for the 2023-2024 crop have been harvested. Expected volume 50,500,000 tons.
40.3 per cent of the maize for the 2023-2024 crop has been harvested. Expected harvest 46,500,000 tons.
46,3 per cent of the wheat crop has been sown. Early days yet but the total volume, weather permitting, is in the order of 21-23,000,000 tons.
All the above estimates and forecast are supplied by the Buenos Aires Grains Exchange.
Argentina’s “Omnibus Law” – Mining and crude oil:
Amongst the many items included in the Governments’ new Omnibus Law, that is now up for final revision before the Lower House of Congress, is what is known as RIGI (Spanish acronym for Regime to Incentive Large Investments).
This new system is basically fiscal incentives for what are considered to “large” investments. Namely mining, energy, petroleum, and transport infrastructure.
Ports are included under the new provisions that are aimed to encourage private investment to foster exports.
Also, infrastructure such as power lines, pipelines for gas and oil and the production of the mines and wells to supply them.
Given Argentina’s significant distances from mining and energy sources to the ports, the logistics to transport the goods to the ports, existing and new means will have to be constructed.
All this will mean increased traffic both inbound and outbound at the initial stages of the investments.
We shall keep you posted as the projects start coming to life.
STS BUNKER AT ZONA COMUN FOR NEXT DAYS:
As always, the STS operation is up to the discretion of the Masters of the vessels involved.
Will keep you posted.
Best regards,
Antares Servicios Maritimos S.A.
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