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