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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, 17 February 15
FOB SUB-BIT INDONESIA COAL SWAP UP 8% MONTH OVER MONTH
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 rose week over week and month on month.
The Q2 swap up US$ 3.58 (+8.00%) month o ...
Tuesday, 17 February 15
Q2' FOB RICHARDS BAY COAL SWAP CLOSED AT $63.45; $ 1.85 HIGHER COMPARED TO Q4 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 surge month over month, week on week and day on day.
The Q2 swap has ...
Monday, 16 February 15
COAL MINING SLUMP A BLESSING IN DISGUISE - THE JAKARTA POST
The growth of the coal-mining industry, which has diminished in the last two years, is expected to slump even further this year following weakening ...
Monday, 16 February 15
FOB NEWCASTLE COAL SWAPS SURGE WEEK ON WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery rose US$ 1.31 per MT (+2.59%) week over week and US$ 4.35 (+9.13%) month on ...
Monday, 16 February 15
Q2' 15 - CFR SOUTH CHINA COAL SWAP ROSE 5.22% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery rose US$ 2.88 (+5.22%) per MT month over month and US$ 1.08 (+1.90% ...
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- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Economic Council, Georgia
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Orica Mining Services - Indonesia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Central Electricity Authority - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Maheswari Brothers Coal Limited - India
- Bayan Resources Tbk. - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- New Zealand Coal & Carbon
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Ind-Barath Power Infra Limited - India
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Meenaskhi Energy Private Limited - India
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- International Coal Ventures Pvt Ltd - India
- The University of Queensland
- Parliament of New Zealand
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- Ministry of Transport, Egypt
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Thai Mozambique Logistica
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Electricity Generating Authority of Thailand
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Binh Thuan Hamico - Vietnam
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wilmar Investment Holdings
- Aditya Birla Group - India
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Petron Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Georgia Ports Authority, United States
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Jaiprakash Power Ventures ltd
- Miang Besar Coal Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
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