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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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Thursday, 26 February 15
DRY BULK MARKET LOOKING FOR POSITIVE MOMENTUM, BUT PROSPECTS REMAIN DIM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
As the Baltic Dry Index (BDI) inched a bit higher over the past couple of sessions and the Chinese are returning to the market after a week long hi ...
Wednesday, 25 February 15
PORT OF NEWCASTLE SHIPPED 13.16MT OF COAL IN JANUARY; DECLINED 16.70% FROM A MONTH AGO
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.15 billio ...
Wednesday, 25 February 15
BDI SLIPPING ONCE MORE TO FRESH HISTORICAL LOWS
COALspot.com: With the BDI slipping once more to fresh historical lows and the Chinese holidays underway, signs for a positive reversal in the Dry ...
Tuesday, 24 February 15
FOB INDONESIA COAL SWAP SET TO RALLY
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap increased US$ 3.30 (+7.30%) ...
Tuesday, 24 February 15
Q3' FOB RICHARDS BAY COAL SWAP CLOSED $59.80 W/E 20 FEB
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month and decline week on week.
The Q2 swap has soar ...
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- Africa Commodities Group - South Africa
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Commonwealth Bank - Australia
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Vizag Seaport Private Limited - India
- Barasentosa Lestari - Indonesia
- Metalloyd Limited - United Kingdom
- Directorate Of Revenue Intelligence - India
- Rashtriya Ispat Nigam Limited - India
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Ministry of Transport, Egypt
- Sinarmas Energy and Mining - Indonesia
- Tamil Nadu electricity Board
- Manunggal Multi Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- MS Steel International - UAE
- Australian Coal Association
- Kapuas Tunggal Persada - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Eastern Energy - Thailand
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Anglo American - United Kingdom
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Price Waterhouse Coopers - Russia
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Grasim Industreis Ltd - India
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Videocon Industries ltd - India
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- IEA Clean Coal Centre - UK
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Sakthi Sugars Limited - India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Samtan Co., Ltd - South Korea
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- PetroVietnam Power Coal Import and Supply Company
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Indika Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Savvy Resources Ltd - HongKong
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Indian Oil Corporation Limited
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