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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, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
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- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Mercuria Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- European Bulk Services B.V. - Netherlands
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Pendopo Energi Batubara - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- Australian Coal Association
- Global Coal Blending Company Limited - Australia
- Deloitte Consulting - India
- Sree Jayajothi Cements Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Interocean Group of Companies - India
- Siam City Cement - Thailand
- Indo Tambangraya Megah - Indonesia
- Indonesian Coal Mining Association
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Star Paper Mills Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- White Energy Company Limited
- Uttam Galva Steels Limited - India
- Planning Commission, India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Intertek Mineral Services - Indonesia
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Bhatia International Limited - India
- Simpson Spence & Young - Indonesia
- Riau Bara Harum - Indonesia
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- Madhucon Powers Ltd - India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Meralco Power Generation, Philippines
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Indika Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Edison Trading Spa - Italy
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Orica Australia Pty. Ltd.
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- SMC Global Power, Philippines
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Videocon Industries ltd - India
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Larsen & Toubro Limited - India
- The University of Queensland
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Billiton Holdings Pty Ltd - Australia
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Bahari Cakrawala Sebuku - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CNBM International Corporation - China
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