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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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- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- McConnell Dowell - Australia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Minerals Council of Australia
- SMC Global Power, Philippines
- Lanco Infratech Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- Tata Chemicals Ltd - India
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Star Paper Mills Limited - India
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Electricity Generating Authority of Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Xindia Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Orica Mining Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- TeaM Sual Corporation - Philippines
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- White Energy Company Limited
- Global Green Power PLC Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Thai Mozambique Logistica
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Eastern Energy - Thailand
- The University of Queensland
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Orica Australia Pty. Ltd.
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Planning Commission, India
- Madhucon Powers Ltd - India
- Energy Development Corp, Philippines
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Sree Jayajothi Cements Limited - India
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Carbofer General Trading SA - India
- Merrill Lynch Commodities Europe
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- The Treasury - Australian Government
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- GMR Energy Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- SN Aboitiz Power Inc, Philippines
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Australian Coal Association
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Aditya Birla Group - India
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
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