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