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Big Fertilizer: Comparing the Major Players' 2Q17 Results

PART:
1 2 3 4 5 6 7 8 9 10 11
Part 9
Big Fertilizer: Comparing the Major Players' 2Q17 Results PART 9 OF 11

Reading Phosphate Shipments in 2Q17: Fertilizer Giants Weigh In

Phosphate shipments

Unlike potash shipments, phosphate shipments for major North American companies (XLB) in 2Q17 remained weak. Notably, Mosaic is one of the largest producers of phosphate in North America, and in the first part of this series, we discussed how Mosaic (MOS) stock performed this year, with losses of 22.5% YTD (year-to-date). We’ll explore this further below.

Reading Phosphate Shipments in 2Q17: Fertilizer Giants Weigh In

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Overall shipments

Overall, the median shipment for phosphate at the four companies who supply the fertilizer fell 2% YoY (year-over-year), compared with the 3% YoY decline in 2Q16. But as the demand for phosphate fertilizer (MOO) is seasonal, the chart below shows an upward sloping trend line.

Reading Phosphate Shipments in 2Q17: Fertilizer Giants Weigh In

Shipment by companies

PotashCorp’s (POT) phosphate shipments grew ~15% YoY to 590 thousand tons, up from 512 thousand tons in 2Q16, compared with Mosaic’s (MOS) shipment rise of 5% YoY to 2.6 million metric tons, up from 2.5 million metric tons.

Israel Chemicals (ICL) and Agrium (AGU) both saw negative shipment growth in their respectively phosphate segments in 2Q17. Israel Chemical’s phosphate shipments fell ~19% YoY to 577 thousand tons in 2Q17, down from 713 thousand tons in 2Q16. In 2Q17, Agrium’s shipments fell ~9% YoY to 279 thousand tons, down from 205 thousand tons in 2Q16.

Now let’s move to phosphate fertilizer price realizations in 2Q17.

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