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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, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
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- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Posco Energy - South Korea
- Oldendorff Carriers - Singapore
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Minerals Council of Australia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Port Waratah Coal Services - Australia
- Chamber of Mines of South Africa
- White Energy Company Limited
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- GVK Power & Infra Limited - India
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Riau Bara Harum - Indonesia
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Central Java Power - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Xindia Steels Limited - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Economic Council, Georgia
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Romanian Commodities Exchange
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- CNBM International Corporation - China
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- India Bulls Power Limited - India
- Indika Energy - Indonesia
- Marubeni Corporation - India
- PTC India Limited - India
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Grasim Industreis Ltd - India
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Planning Commission, India
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