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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, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
Friday, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
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- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Electricity Authority, New Zealand
- Timah Investasi Mineral - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Mjunction Services Limited - India
- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- ASAPP Information Group - India
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- CIMB Investment Bank - Malaysia
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Meralco Power Generation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- International Coal Ventures Pvt Ltd - India
- Orica Mining Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Carbofer General Trading SA - India
- Coalindo Energy - Indonesia
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Indo Tambangraya Megah - Indonesia
- Larsen & Toubro Limited - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Eastern Energy - Thailand
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Orica Australia Pty. Ltd.
- Aditya Birla Group - India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Mercator Lines Limited - India
- Commonwealth Bank - Australia
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- Trasteel International SA, Italy
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- The University of Queensland
- Xindia Steels Limited - India
- IHS Mccloskey Coal Group - USA
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Ministry of Finance - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Merrill Lynch Commodities Europe
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Malabar Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- India Bulls Power Limited - India
- Altura Mining Limited, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Grasim Industreis Ltd - India
- ICICI Bank Limited - India
- Ministry of Transport, Egypt
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Planning Commission, India
- Ambuja Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
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