Which Producer Saw the Highest Potash Shipments in 4Q17?



Potash shipments

In 4Q17, the trend in potash shipments was similar to phosphate shipment trends. 4Q17 was the third quarter sequentially to see a decline in year-over-year shipment levels.

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Overall shipments

Overall shipments in 4Q17 for five companies fell ~13% year-over-year. In the previous quarter, the shipment growth for these companies was flat and 7% in the quarter before. In 4Q16, overall shipments rose 15% for these companies.

Shipments by company

Mosaic Company (MOS) saw steep growth in potash shipments year-over-year to 2.2 million metric tons compared to 2.0 million metric tons in 4Q16. Similarly, Agrium (AGU) (NTR) also experienced year-over-year growth in shipments by 5% to 620 thousand metric tons from 590 thousand metric tons a year ago.

In contrast, the remaining three companies experienced a year-over-year decline in shipments. PotashCorp (POT), which is one of the largest producers of potash fertilizers, experienced a 14% year-over-year decline in shipment volumes to 1.9 million metric tons from 2.2 million metric tons a year ago. Israel Chemicals (ICL) experienced a 13% year-over-year decline to 1.5 million metric tons from 1.7 million metric tons.

Intrepid Potash (IPI) was the biggest loser with a shipment volume decline by as much as 30% year-over-year to 110 thousand metric tons from a year ago.

Next, we’ll discuss how potash prices (MOO) performed in this quarter.


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