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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, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
Sunday, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
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- Simpson Spence & Young - Indonesia
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Mintek Dendrill Indonesia
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Billiton Holdings Pty Ltd - Australia
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Toyota Tsusho Corporation, Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Agrawal Coal Company - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Gujarat Sidhee Cement - India
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Renaissance Capital - South Africa
- Sarangani Energy Corporation, Philippines
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- IHS Mccloskey Coal Group - USA
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Carbofer General Trading SA - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Rio Tinto Coal - Australia
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- India Bulls Power Limited - India
- Alfred C Toepfer International GmbH - Germany
- Economic Council, Georgia
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Minerals Council of Australia
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tamil Nadu electricity Board
- Cigading International Bulk Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Eastern Coal Council - USA
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Australian Coal Association
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Planning Commission, India
- Electricity Authority, New Zealand
- Jindal Steel & Power Ltd - India
- Savvy Resources Ltd - HongKong
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- The University of Queensland
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Manunggal Multi Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Uttam Galva Steels Limited - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Miang Besar Coal Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
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