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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, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
Wednesday, 21 January 15
SHIFT IN INTERNATIONAL COAL TRADE TO THE PACIFIC BASIN WILL CONTINUE - IMF
COALspot.com: The shift in international coal trade to the Pacific Basin will continue, IMF said in its latest Medium-Term Coal Market Report.
...
Wednesday, 21 January 15
THERMAL COAL PRICE OUTLOOK DEPENDENT ON INDIAN IMPORT DEMAND - MATTHEW BOYLE, CRU
COALspot.com: Supply and demand side developments in India will be an important determinant of future market dynamics and prices for thermal coal a ...
Wednesday, 21 January 15
PORT OF NEWCASTLE COAL EXPORTS JUMP 16.19% ON MONTH TO 15.80 MIL MT IN DECEMBER' 14
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.136 billi ...
Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
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- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Global Green Power PLC Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Edison Trading Spa - Italy
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Coastal Gujarat Power Limited - India
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- MS Steel International - UAE
- Gujarat Sidhee Cement - India
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Lanco Infratech Ltd - India
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Minerals Council of Australia
- Mercuria Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sical Logistics Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Bulk Trading Sa - Switzerland
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- VISA Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- Posco Energy - South Korea
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Bukit Baiduri Energy - Indonesia
- Latin American Coal - Colombia
- Mjunction Services Limited - India
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Sarangani Energy Corporation, Philippines
- Xindia Steels Limited - India
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- South Luzon Thermal Energy Corporation
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Bhoruka Overseas - Indonesia
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Rio Tinto Coal - Australia
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- International Coal Ventures Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Agrawal Coal Company - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
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