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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, 11 January 15
BDI DECLINED 8% ON WEEK; BCI LOST 31%
COALspot.com: The BDI continued its decline in the first week of this year or lost 8 pct week over week. The BDI was closed at 709 points whi ...
Friday, 09 January 15
U.S. EASTERN SPOT STEAM COAL PRICES FELL IN 2014; ROSE IN WEST - EIA
U.S. Eastern spot steam coal prices declined in 2014 compared to 2013 levels because of a decline in steam coal exports.
According to U.S. Ene ...
Friday, 09 January 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 2.2% Y-O-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 08 January 15
INDONESIA PRESSES ON WITH HIGHER COAL ROYALTY FEE TO BOOST STATE REVENUE - JG
The Indonesian government is pressing on with its plan to raise the royalty charged to coal miners in order to increase state revenue, but the move ...
Wednesday, 07 January 15
FUEL EFFICIENT SHIPS MAKE LESS SENSE IN LOWER BUNKER PRICE MARKET, BUT FUEL COSTS ARE BOUND TO RISE AGAIN
The shipping industry entered 2015 on mixed emotions, as a relatively buoyant tanker market is met by a rather lackluster dry bulk market. Still, a ...
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- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Bahari Cakrawala Sebuku - Indonesia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Kapuas Tunggal Persada - Indonesia
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Orica Australia Pty. Ltd.
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- ICICI Bank Limited - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Indian Oil Corporation Limited
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Renaissance Capital - South Africa
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- London Commodity Brokers - England
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Australian Coal Association
- VISA Power Limited - India
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Madhucon Powers Ltd - India
- Independent Power Producers Association of India
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Parry Sugars Refinery, India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Eastern Energy - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- MS Steel International - UAE
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Aboitiz Power Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- The State Trading Corporation of India Ltd
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Bhoruka Overseas - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TeaM Sual Corporation - Philippines
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Pendopo Energi Batubara - Indonesia
- Australian Commodity Traders Exchange
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- The Treasury - Australian Government
- Bukit Baiduri Energy - Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- South Luzon Thermal Energy Corporation
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Parliament of New Zealand
- Banpu Public Company Limited - Thailand
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- TNB Fuel Sdn Bhd - Malaysia
- Wood Mackenzie - Singapore
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