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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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Thursday, 01 January 15
FOB RICHARDS BAY COAL SWAPS CLOSED AT $63.47 PMT ON 26 DEC, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.37 (-4. ...
Wednesday, 31 December 14
COASTAL ENERGEN (C&O) COMMENCES 1ST UNIT OF 1200 MW POWER PLANT IN INDIA
COALspot.com: Coastal Energen, part of the Coal & Oil Group, announced last week the commissioning and commencement of power production at the ...
Wednesday, 31 December 14
SUB-BIT INDONESIA COAL Q2' 15 DELIVERY SWAP CLOSED 1.03% LOWER COMPARED TO AVERAGE Q1' 15 DELIVERY PRICE - SGX
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week.
The Q1 swap has lost US$ 1.35 (-2 ...
Tuesday, 30 December 14
SHIP PRICES KEEP ON FALLING, SALES COME EARLY FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship prices keep on falling on the back of low freight rates. According to the latest report from shipbroker Allied Shipbroking, January sales seem ...
Tuesday, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
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- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Vizag Seaport Private Limited - India
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Lanco Infratech Ltd - India
- Meenaskhi Energy Private Limited - India
- Ministry of Mines - Canada
- Semirara Mining Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Essar Steel Hazira Ltd - India
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Thiess Contractors Indonesia
- Ministry of Finance - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Australian Commodity Traders Exchange
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- European Bulk Services B.V. - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sical Logistics Limited - India
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Parliament of New Zealand
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- McConnell Dowell - Australia
- Therma Luzon, Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- VISA Power Limited - India
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Borneo Indobara - Indonesia
- Wood Mackenzie - Singapore
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- The Treasury - Australian Government
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Coalindo Energy - Indonesia
- Bangladesh Power Developement Board
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- London Commodity Brokers - England
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Interocean Group of Companies - India
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Planning Commission, India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Binh Thuan Hamico - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
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