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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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Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
Tuesday, 27 January 15
Q1 FOB INDONESIA COAL SWAP CLOSED AT $ 47.87 FOR WEEK ENDING JAN. 23
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 gain week over week and declined month on month.
The Q1 swap has decline US$ 0.9 ...
Tuesday, 27 January 15
Q2 FOB NEWCASTLE COAL SWAP UP 4.5% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 0.28 per MT (-0.54%) month over month and increased US$ 1.23 ( ...
Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and s ...
Monday, 26 January 15
FOB RICHARDS BAY Q2 COAL SWAP CLOSED LOWER THAN Q1 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has fell ...
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- Global Business Power Corporation, Philippines
- Ministry of Finance - Indonesia
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Orica Mining Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Mintek Dendrill Indonesia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Rio Tinto Coal - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Wilmar Investment Holdings
- Power Finance Corporation Ltd., India
- OPG Power Generation Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Grasim Industreis Ltd - India
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Mjunction Services Limited - India
- International Coal Ventures Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- Price Waterhouse Coopers - Russia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Antam Resourcindo - Indonesia
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Interocean Group of Companies - India
- Sarangani Energy Corporation, Philippines
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Uttam Galva Steels Limited - India
- Latin American Coal - Colombia
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- European Bulk Services B.V. - Netherlands
- Iligan Light & Power Inc, Philippines
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Edison Trading Spa - Italy
- Central Java Power - Indonesia
- Goldman Sachs - Singapore
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Economic Council, Georgia
- Sakthi Sugars Limited - India
- The University of Queensland
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Kobexindo Tractors - Indoneisa
- Essar Steel Hazira Ltd - India
- SMC Global Power, Philippines
- Mercuria Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- PetroVietnam Power Coal Import and Supply Company
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Krishnapatnam Port Company Ltd. - India
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