Brazil starts exporting soy from new Northeast terminal
By Gustavo Bonato
SAO PAULO, July 25 (Reuters) - Two soybean cargoes have recently departed from a new terminal in northeast Brazil operated by VLI and local trader Multigrain, the latest option in the region as exporters look for alternatives to Brazil's overcrowded southern ports.
A third ship carrying 27,800 tonnes of soy contracted by Multigrain is anchored in the Barra dos Coqueiros terminal in Sergipe state, according to shipping agencies and Thomson Reuters data.
The first known soy terminal in Sergipe will export just 150,000 tonnes of soy per year, but it is part of a broader trend to increase capacity and cut costs for exporters in Brazil by developing new shipping routes closer to the Panama Canal.
International giants like Glencore, Louis Dreyfus, Bunge Ltd. and ADM have inaugurated terminals in the region in recent years, as Brazil, the world's No. 2 soy producer, harvests consecutive record crops.
In May, the first ship left Barra dos Coqueiros for Russia, carrying 28,700 tonnes of soy. A second cargo, of 26,000 tonnes, was exported in July for Mitsui. Both carried non genetically modified soy.
Barras dos Coqueiros, also known as the Maritime Terminal Inacio Barbosa, consists of a concrete pier installed over two kilometers into the sea, protected by a breakwater.
"We started discussing the project with Multigrain some two years ago to export non genetically modified soybeans from western Bahia," Fabiano Lorenzi, commercial director of VLI, told Reuters.
He said VLI is the terminal operator while Multigrain holds exclusivity in the origination of soybeans exported. Continuación...