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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, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
Thursday, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
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- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- White Energy Company Limited
- Vedanta Resources Plc - India
- Attock Cement Pakistan Limited
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Economic Council, Georgia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Mercuria Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Planning Commission, India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Orica Mining Services - Indonesia
- Tamil Nadu electricity Board
- CNBM International Corporation - China
- Posco Energy - South Korea
- Star Paper Mills Limited - India
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Electricity Generating Authority of Thailand
- The University of Queensland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Dalmia Cement Bharat India
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Oil Corporation Limited
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Madhucon Powers Ltd - India
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Indo Tambangraya Megah - Indonesia
- Latin American Coal - Colombia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Sakthi Sugars Limited - India
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- MS Steel International - UAE
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Kumho Petrochemical, South Korea
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Independent Power Producers Association of India
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- Altura Mining Limited, Indonesia
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Siam City Cement PLC, Thailand
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Borneo Indobara - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- PTC India Limited - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
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