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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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Sunday, 18 January 15
INDONESIA TO INDIA SUPRAMAX FREIGHT RATES ARE EXPECTED TO REMAIN WEAK NEXT WEEK
COALspot.com: The BDI was up 4.51 pct week on week on Friday 16, January 2015. The BDI closed at 741 points on this Friday after gaining arou ...
Friday, 16 January 15
U.S. WEEKLY COAL PRODUCTION UP 7.3% W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 15 January 15
PANAMAX : MARKET CONTINUE ON LOW PACE - FEARNLEYS
Handy
On a general basis we can say that rates are softening in both hemispheres. Although for some specific trades we can see premiums being ach ...
Thursday, 15 January 15
LOW CASH COSTS, GOOD LIQUIDITY HELP ASIAN OIL COMPANIES IN PRICE ROUT - FITCH
Fitch Ratings says that rated oil and gas production companies in Asia can comfortably operate under low oil prices for some time given their gener ...
Wednesday, 14 January 15
DRY BULK MARKET NOTED ANOTHER WEEKLY DECLINE - INTERMODAL
COALspot.com: The Dry bulk market noted another weekly decline on Friday, with the performance of the Capesize market still weighing down on the re ...
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- VISA Power Limited - India
- Sojitz Corporation - Japan
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- South Luzon Thermal Energy Corporation
- Pendopo Energi Batubara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Globalindo Alam Lestari - Indonesia
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Sarangani Energy Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Ind-Barath Power Infra Limited - India
- Makarim & Taira - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Ministry of Mines - Canada
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Central Java Power - Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Petron Corporation, Philippines
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Renaissance Capital - South Africa
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Riau Bara Harum - Indonesia
- Edison Trading Spa - Italy
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- The State Trading Corporation of India Ltd
- Africa Commodities Group - South Africa
- Karaikal Port Pvt Ltd - India
- Parliament of New Zealand
- Ministry of Finance - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Indian Oil Corporation Limited
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Bhoruka Overseas - Indonesia
- IEA Clean Coal Centre - UK
- MS Steel International - UAE
- Timah Investasi Mineral - Indoneisa
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Bayan Resources Tbk. - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Energy Development Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Antam Resourcindo - Indonesia
- Indogreen Group - Indonesia
- PNOC Exploration Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Georgia Ports Authority, United States
- Orica Mining Services - Indonesia
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Tata Chemicals Ltd - India
- Energy Link Ltd, New Zealand
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
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