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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, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
Monday, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
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- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Parliament of New Zealand
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- The University of Queensland
- CNBM International Corporation - China
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Heidelberg Cement - Germany
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Semirara Mining Corp, Philippines
- Indonesian Coal Mining Association
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- Intertek Mineral Services - Indonesia
- Bharathi Cement Corporation - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indian Oil Corporation Limited
- PTC India Limited - India
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Central Java Power - Indonesia
- Georgia Ports Authority, United States
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Jaiprakash Power Ventures ltd
- ASAPP Information Group - India
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- GN Power Mariveles Coal Plant, Philippines
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Planning Commission, India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Aditya Birla Group - India
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Orica Mining Services - Indonesia
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vedanta Resources Plc - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- CIMB Investment Bank - Malaysia
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Singapore Mercantile Exchange
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- The Treasury - Australian Government
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Power Finance Corporation Ltd., India
- Australian Coal Association
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Global Business Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- International Coal Ventures Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Petron Corporation, Philippines
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wilmar Investment Holdings
- Krishnapatnam Port Company Ltd. - India
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Marubeni Corporation - India
- GMR Energy Limited - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Anglo American - United Kingdom
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- McConnell Dowell - Australia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
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