With the conclusion of new potash supply contracts with Chinese customers for shipments of 1.4 million MT through to the end of 2017, Canpotex confirms expected total shipments to China of approximately 2.1 million MT for this year.
"Our planned shipments of 2.1 million MT represent an increase of about 500,000 MT over 2016 levels," said Ken Seitz, Canpotex President and CEO. "This is consistent with Canpotex's view of growing Chinese potash demand."
Canpotex confirms it has concluded new potash supply contracts with its Chinese customers for shipments of 1.4 million MT through to the end of 2017. Settlement prices represent an US$11/MT increase over 2016 prices.
“We are pleased to finalize supply contracts with our diversified customer base in China,” said Ken Seitz, President and CEO of Canpotex. “We continue to see strong global demand for potash, and we look forward to continuing to support China’s growing potash needs."
The planned maintenance work scheduled for May at Neptune Terminals, Canpotex’s Vancouver terminal facility, has been successfully completed. Strong demand continues in the export potash markets and, as a result, Canpotex is now fully committed on sales through the end of July 2017.
Neptune Terminals, Canpotex's loading facility in Vancouver, B.C., will be conducting some planned maintenance during the month of May on potash-related infrastructure which will reduce potash load out capabilities during that month.
As positive agricultural fundamentals continue to strongly support potash usage in Brazil, Canpotex has finalized pricing for some smaller volumes to this major market at a new price level of US$ 250.00/MT CFR reflecting the increased demand that has been present since last year and which is continuing as we move into the second quarter of 2017.
Canpotex has finalized pricing with our Japanese customers for 1st half 2017 shipments at an increase over the 2nd half 2016 price levels. The new agreement reflects an average price equivalent to over US$ 300/MT CFR Japan depending on grade.
Canpotex has confirmed recent sales of over 50,000 MT of potash to Brazil at US$ 245/MT CFR. Fertilizer demand in Brazil reached record high levels in 2016 and such demand is expected to remain at or even exceed these record high levels in 2017.
Potash demand in all export market regions continues to be strong into 2017, and Canpotex is already fully committed on planned shipment volumes through the end of March 31, 2017. Estimates of opening potash inventory levels in all major export market regions are lower than last year's comparisons, providing a strong base of demand into 2017.
The Canpotex Board of Directors has approved a new methodology for determining the amount of increased productive capacity resulting from such completed major mine expansions as its producers may independently decide to undertake. The aggregate productive capacities of Canpotex producers are used in determining their respective export sales entitlements through Canpotex.
Canpotex Limited (Canpotex) is pleased to announce that President and CEO Ken Seitz will participate in the Asia-Pacific Economic Co-operation (APEC) CEO Summit, being held in Lima, Peru from November 17-19, 2016.
Canpotex Limited (Canpotex) today announced that its Board of Directors has decided not to proceed with construction of a new export terminal at the Port of Prince Rupert in British Columbia.
The decision was based on economic and commercial considerations. With highly efficient export terminals in Vancouver, Saint John and Portland, Canpotex has determined it has sufficient port access and terminal capacity options to meet its needs.
Canpotex Limited today announced that the Board of Directors has appointed Ken Seitz as President and Chief Executive Officer (CEO), effective November 1, 2015. After 32 years of dedicated service, Steve Dechka will retire as President and CEO at the end of the year.
Canpotex has selected National Steel Car of Hamilton, Ontario, to manufacture 700 new railcars specially designed to transport Saskatchewan potash to coastal ports. Canpotex’s investment in these additional railcars is valued at $70 million. Since 1999, Canpotex has invested over $500 million to build over 7,000 railcars with National Steel Car.
On May 19, 2015, Canpotex congratulated the Prince Rupert Port Authority on the completion of the first phase of construction of the Road, Rail and Utility Corridor. More information can be found at http://www.rupertport.com/news/releases/rruc-unlocks-opportunities.
Canpotex has finalized potash supply contracts for 2015 with all of its major customers in China, including Sinofert (Sinochem Fertilizer Macao Commercial Offshore Ltd.). Pricing was confirmed with its customers at current competitive levels.