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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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Monday, 05 January 15
FIVE ENERGY SURPRISES FOR 2015: THE POSSIBLE AND THE IMPROBABLE - KURT COBB
The coming year is likely to be as full of surprises in the field of energy as 2014 was. We just don't know which surprises! I am not predictin ...
Monday, 05 January 15
THE SHIPPING MARKET IN 2014 AND LOOKING FORWARD - BIMCO
2014 started with plenty of optimism for a considerably better global economy and an improved shipping market. Things turned out somewhat different ...
Monday, 05 January 15
API 5 FOB NEWCASTLE COAL SWAP FOR Q1'15 DELIVERY CLOSED US$ 0.45 HIGHER COMPARED TO Q2'15 CLOSING
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 0.60 per MT (-1.15%) month over month and gained US$ 0.02 (+0.04%) ...
Sunday, 04 January 15
BALTIC DRY INDEX CONTINUES ITS DECLINE IN 2015
Wish you all a very Happy New Year 2015. The last report was dated 19th Dec 2014 and due to Christmas and new year holidays no reports were publish ...
Saturday, 03 January 15
U.S WEEKLY COAL PRODUCTION FELL 11.2% TO 17.6 MMST WEEK OVER WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
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- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Globalindo Alam Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercuria Energy - Indonesia
- Metalloyd Limited - United Kingdom
- South Luzon Thermal Energy Corporation
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- San Jose City I Power Corp, Philippines
- Medco Energi Mining Internasional
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Antam Resourcindo - Indonesia
- Africa Commodities Group - South Africa
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Lanco Infratech Ltd - India
- Energy Development Corp, Philippines
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Parliament of New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Jindal Steel & Power Ltd - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Bayan Resources Tbk. - Indonesia
- Formosa Plastics Group - Taiwan
- Port Waratah Coal Services - Australia
- Indogreen Group - Indonesia
- Sakthi Sugars Limited - India
- Thiess Contractors Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Borneo Indobara - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Singapore Mercantile Exchange
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- London Commodity Brokers - England
- Kaltim Prima Coal - Indonesia
- Parry Sugars Refinery, India
- Cigading International Bulk Terminal - Indonesia
- Heidelberg Cement - Germany
- Madhucon Powers Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Bangladesh Power Developement Board
- Kobexindo Tractors - Indoneisa
- Vedanta Resources Plc - India
- Directorate Of Revenue Intelligence - India
- PetroVietnam Power Coal Import and Supply Company
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- The Treasury - Australian Government
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- GMR Energy Limited - India
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Jorong Barutama Greston.PT - Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Power Finance Corporation Ltd., India
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