Sugar Awaiting Loading at Brazil’s Ports Rises 1.7% in Past Week
The amount of sugar awaiting loading at ports in top producer Brazil rose 1.7 percent over the past week, with vessels bound for Algeria, China and India, according to shipping agency Williams Servicos Maritimos Ltda.
As many as 1.34 million metric tons of sugar were waiting to be loaded onto ships at the ports of Maceio, Recife, Paranagua and Santos, the country’s biggest, figures e-mailed yesterday from the Recife, Brazil-based shipping agency showed. That compares with 1.32 million tons a week earlier.
Ships bound to Algeria were set to take 120,939 tons of sugar, while vessels scheduled to sail to China would take 110,280 tons, the data showed. India, the world’s second-biggest producer and largest consumer was set to get 98,350 tons.
Sugar traders in Brazil are paying a bigger premium to load their sweetener in ports other than Santos because of a ship backlog there, according to Swiss Sugar Brokers.
While sugar for loading in Santos traded at a premium of 0.05 cent a pound to the price of the May contract on the ICE Futures U.S. exchange in New York, the sweetener for loading in Paranagua, the country’s second-biggest harbor, was at a premium of 0.15 cent, the Rolle, Switzerland-based broker said in a report e-mailed yesterday. There have been delays at the Rumo and Copersucar terminals in Santos, the broker said.
As many as 25 ships were waiting to load at the port of Santos, while 9 were in Paranagua and 2 in Maceio, data from SA Commodities and Unimar Agenciamentos Maritimos Ltda. showed. The average time to berth was 13 days at the Rumo terminal and 14 days at the Copersucar one, Luiz Carlos dos Santos Jr., head of sugar brokerage and operations at SA Commodities in Santos, said in a report e-mailed yesterday.
Raw sugar for May delivery was little changed at 18.79 cents a pound on ICE Futures in New York.
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