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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, 07 January 15
2015 IS RIDDLED WITH CHALLENGES FOR THE SHIPPING SECTOR, MOST NOTABLY THE DRY BULK MARKET - HELLENIC SHIPPING NEWS
As the new year has now set foot for real, many are still looking to detect what’s in store for the various shipping markets, with the first ...
Tuesday, 06 January 15
SHIPPING MUST ADOPT CAN-DO ATTITUDE IN 2015 - MOORE STEPHENS
Shipping needs to adopt a can-do attitude in order to successfully meet the challenges which are likely to come its way in 2015.
Shipping part ...
Tuesday, 06 January 15
Q4' 15 FOB INDONESIA COAL SWAP CLOSED 1.81% HIGHER COMPARED TO Q1' 15 CLOSING
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 0.74 (-1.51%) m ...
Tuesday, 06 January 15
FOB RICHARDS BAY COAL SWAPS LOST W-O-W AND M-O-M, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.52 (-5. ...
Monday, 05 January 15
CFR SOUTH CHINA COAL SWAPS GAINED WEEK OVER WEEK, SGX DATA SHOWS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 2.50 (-4.02%) month over month and gained US$ 0.20 ( ...
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- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Economic Council, Georgia
- CIMB Investment Bank - Malaysia
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kumho Petrochemical, South Korea
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- Indogreen Group - Indonesia
- Planning Commission, India
- Interocean Group of Companies - India
- Directorate Of Revenue Intelligence - India
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Uttam Galva Steels Limited - India
- Chettinad Cement Corporation Ltd - India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Dalmia Cement Bharat India
- Meralco Power Generation, Philippines
- Star Paper Mills Limited - India
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- ASAPP Information Group - India
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Anglo American - United Kingdom
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- IHS Mccloskey Coal Group - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Orica Australia Pty. Ltd.
- Manunggal Multi Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- Aditya Birla Group - India
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- Formosa Plastics Group - Taiwan
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- ICICI Bank Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Australian Coal Association
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Ministry of Finance - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Renaissance Capital - South Africa
- Grasim Industreis Ltd - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Miang Besar Coal Terminal - Indonesia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coal and Oil Company - UAE
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- MS Steel International - UAE
- PetroVietnam Power Coal Import and Supply Company
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Eastern Coal Council - USA
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Trasteel International SA, Italy
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
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