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Wednesday, 21 January 15
MARKET INSIGHT - VASSILIS LOGOTHETIS, INTERMODAL
The World Bank has lowered its forecast for global growth in 2015 to 3% down from its previous level of 3.4% amid rising concerns over the economic prospects of several economies. The traditional engines of global economic growth with the exception of the United States and the United Kingdom seem to be running out of steam while at the same time a number of emerging economies are also entering troubled waters.
The Eurozone economies are suffering from anaemic growth rates, low inflation and a prolonged inability to coordinate their policies in order to over-come their current predicament. Similarly the Japanese economy is also suffering despite the extended monetary stimulus implemented by the Bank of Japan.
Among the emerging economies, Russia and Brazil have seen their economies stall as they are affected, among other factors, by falling commodity prices. The latter are expected to remain soft in the years to come, significantly hitting those economies that depend heavily on natural resources. Besides the much talked fall in oil prices, iron ore and coal prices have also seen significant decreases during the last months.
Among the key factors for this drop is China’s slowing economy. Although the latter is still growing, it has entered a path of gradual deceleration that already affects the world trade. The latter is expected to remain week during 2015 far away from its pre-crisis levels. At the shipping industry we have already seen the implication of this deceleration especially in the dry sector. The current adverse situation is reflected in the BCI index where we are reaching historical lows almost on a daily basis. During the last weeks the index has lost significant ground and the prospects remain dim as further drops in China’s GDP growth rate are expected to have additional negative implication for the world economy both for developed and developing economies.
Although the world outlook for 2015 does not look so good, pessimism should not dominate the market sentiment. We have entered a point in time where the much anticipated policy actions by governments and central banks to support economic activity are ante portas and the results can be nothing but positive. The ECB is anticipated to expand its balance sheet with purchases of sovereign bonds to support Eurozone economies and the economies of the United States and United Kingdom are expected to remain on the positive path.
China has already adopted measures to avoid financial distress and a number of other policy instruments are available to support its economy. In addition, low oil prices are expected to boost economic activity helping several emerging economies to improve their output outlook. Among them, India, which according to the World Bank is expected to overtake China as the world’s fastest growing big economy within the next two years, has seen its coal imports rise significantly since last year as the country tries to meet its growing power demand.
To sum up, despite the current difficulties that the world economy faces, a closer look suggests that there is room for significant improvement during 2015.
By Vassilis Logothetis
Research Analyst, Intermodal
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms. Eva Tzima
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no re-producing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 03 March 15
INDIAN THERMAL COAL IMPORTS: STEAMING FORWARD - CLARKSONS
Coal-fired power stations comprise around 60% of India’s power output, and with domestic supply issues and favourable international coal pric ...
Tuesday, 03 March 15
Q4' FOB INDONESIA COAL SWAP CLOSED 2% LOWER COMPARED TO Q2 CLOSING PRICE OF $ 47.47
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose month on month and declined week over week.
The Q2 swap increased US$ 2.24 ...
Tuesday, 03 March 15
FOB RICHARDS BAY COAL SWAPS: Q2 UP 9.60%; Q3 UP 9.75% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and week on week.
The Q2 swap has soared US$ 5 ...
Monday, 02 March 15
CFR SOUTH CHINA COAL SWAP FOR Q2 DELIVERY REACHED $ 57.50 PMT W/E 27 FEB 2015
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 1.37 (+2.44%) per MT month over month and declined US$ 0.42  ...
Monday, 02 March 15
BORYEONG POWER PLANT OF KOMIPO TO IMPORT 140K OF SUB-BITUMINOUS COAL FOR Q2
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids from coal producers, marketing companies, or traders to supply of 140,000 (70 ...
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- The Treasury - Australian Government
- Krishnapatnam Port Company Ltd. - India
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- White Energy Company Limited
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Mercator Lines Limited - India
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Commonwealth Bank - Australia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Indian Energy Exchange, India
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Posco Energy - South Korea
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Indogreen Group - Indonesia
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Aditya Birla Group - India
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Ind-Barath Power Infra Limited - India
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- London Commodity Brokers - England
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Cement Manufacturers Association - India
- McConnell Dowell - Australia
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Planning Commission, India
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Larsen & Toubro Limited - India
- Indika Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- European Bulk Services B.V. - Netherlands
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Parliament of New Zealand
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Mintek Dendrill Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Attock Cement Pakistan Limited
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
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