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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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Monday, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
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- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Australian Coal Association
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Baramulti Group, Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- Orica Mining Services - Indonesia
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- The University of Queensland
- Iligan Light & Power Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Madhucon Powers Ltd - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Eastern Energy - Thailand
- Planning Commission, India
- Sical Logistics Limited - India
- Energy Development Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- New Zealand Coal & Carbon
- Africa Commodities Group - South Africa
- Commonwealth Bank - Australia
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Thai Mozambique Logistica
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Edison Trading Spa - Italy
- Ministry of Mines - Canada
- Aditya Birla Group - India
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Sakthi Sugars Limited - India
- Eastern Coal Council - USA
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