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