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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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Friday, 20 February 15
U.S. PRODUCED AROUND 19.2 MILLION SHORT TONS OF COAL WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.2 million short tons (mmst) of coal ...
Thursday, 19 February 15
PANAMAX: NOPAC AND AUSSIE ROUNDS ARE DONE IN LOW/MID $ 4000; TRIPS VIA INDONESIA TO INDIA CLOSER TO THE $5000 MARK - FEARNLEYS
Handy
The handy and supra market has not seen any firming rates in front of the Chinese New Year and still suffering on low activity in both hemi ...
Wednesday, 18 February 15
DRY BULK SHIPPING TO RECOVER IN LATE 2015 - DREWRY MARITIME RESEARCH
Strong trade growth, moderating fleet development and deployment of new fuel efficient vessels are expected to lead to a recovery in dry bulk shipp ...
Tuesday, 17 February 15
WHO PAYS THE SUEZ CANAL FEES? - INCE & CO
KNOWLEDGE TO ELEVATE
This was an appeal from an arbitration award on a point of construction in relation to the wording of an addendum to a ch ...
Tuesday, 17 February 15
BUOYANT WAVES IN RECENT YEARS: GLOBAL SHIP INVESTMENT SINCE THE CRASH - HELLENIC SHIPPING NEWS
Anxiety about fleet expansion is a recurring feature of world shipping markets. Within the global maritime community, worries about the vast amount ...
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- Simpson Spence & Young - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Neyveli Lignite Corporation Ltd, - India
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Indonesian Coal Mining Association
- Siam City Cement - Thailand
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Coalindo Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- SN Aboitiz Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Interocean Group of Companies - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Coastal Gujarat Power Limited - India
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Posco Energy - South Korea
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- The University of Queensland
- MS Steel International - UAE
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Eastern Energy - Thailand
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Xindia Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- ICICI Bank Limited - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Wood Mackenzie - Singapore
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- Timah Investasi Mineral - Indoneisa
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Pendopo Energi Batubara - Indonesia
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kumho Petrochemical, South Korea
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Grasim Industreis Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Port Waratah Coal Services - Australia
- Kohat Cement Company Ltd. - Pakistan
- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- European Bulk Services B.V. - Netherlands
- Heidelberg Cement - Germany
- Sree Jayajothi Cements Limited - India
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Sical Logistics Limited - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Africa Commodities Group - South Africa
- PNOC Exploration Corporation - Philippines
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
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