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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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Tuesday, 13 January 15
Q2 CFR SOUTH CHINA COAL SWAP DECLINED 8.66% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined by US$ 3.48 (-5.73%) month over month and US$ 2.35 (-3.94%) week ...
Tuesday, 13 January 15
Q1' 2015 RICHARDS BAY COAL SWAP SLIGHTLY HIGHER THAN Q2 & Q4 2015 SWAPS
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 7.21 ...
Monday, 12 January 15
COAL: LOW PRICES ARE EXPECTED TO DRIVE A SUPPLY-DRIVEN RECOVERY IN THE MEDIUM TERM - SGX
COALspot.com: Thermal coal prices dropped to six-year lows in 2014 driven by persistent oversupply, SGX says in its “ Commodities 2014 - A ye ...
Monday, 12 January 15
FREIGHT MARKET: 2015 FLEET SUPPLY GROWTH IS EXPECTED TO REMAIN SLIGHTLY AHEAD OF CARGO GROWTH - SGX
COALspot.com: The dry bulk freight market was forced to digest a number of negatives in 2014 leading the Baltic Dry Index to fall 66% through the y ...
Monday, 12 January 15
SHIPPING - CHALLENGES AND RESOLUTIONS - EVA TZIMA
Last year has without a doubt been another challenging one both for both our industry and our country. As Greece is currently dominated by election ...
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- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- Therma Luzon, Inc, Philippines
- San Jose City I Power Corp, Philippines
- Coalindo Energy - Indonesia
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- CIMB Investment Bank - Malaysia
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Semirara Mining Corp, Philippines
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Iligan Light & Power Inc, Philippines
- New Zealand Coal & Carbon
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Chamber of Mines of South Africa
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- Ministry of Finance - Indonesia
- Deloitte Consulting - India
- Bukit Makmur.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- LBH Netherlands Bv - Netherlands
- PNOC Exploration Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Intertek Mineral Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Metalloyd Limited - United Kingdom
- Electricity Generating Authority of Thailand
- London Commodity Brokers - England
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- Central Electricity Authority - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Goldman Sachs - Singapore
- Singapore Mercantile Exchange
- VISA Power Limited - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Indogreen Group - Indonesia
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sical Logistics Limited - India
- The University of Queensland
- European Bulk Services B.V. - Netherlands
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Gujarat Sidhee Cement - India
- PowerSource Philippines DevCo
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Sojitz Corporation - Japan
- GMR Energy Limited - India
- Semirara Mining and Power Corporation, Philippines
- Renaissance Capital - South Africa
- PTC India Limited - India
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Kaltim Prima Coal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Petron Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Alfred C Toepfer International GmbH - Germany
- Latin American Coal - Colombia
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
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