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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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Wednesday, 10 December 14
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS, INTERMODAL
COALspot.com: As 2014 is coming to an end, we look back to what has happened during the year and notice that SnP activity has been particularly sof ...
Wednesday, 10 December 14
WORLD HARD COAL MARKET 2014: PRODUCTION AND TRADE STAGNATING, IMPORTS TO GERMANY AND EUROPE ON THE DECLINE
Press Release: German Coal Importers Association (VDKi) criticizes regulations ordering reduction of CO2 emissions from coal-fired power plants as ...
Tuesday, 09 December 14
PRESSURE ON CHINA COAL MINERS TO CONTINUE DESPITE GOVERNMENT SUPPORT - FITCH
COALspot.com: Fitch Ratings says that Chinese coal mining companies will continue to be pressured by low prices, which will persist despite recent ...
Tuesday, 09 December 14
Q4' 2015, FOB INDONESIA COAL SWAP CLOSED AT $ 49.02 W/E 5 DEC
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$ 0.2 ...
Tuesday, 09 December 14
API 8 CFR SOUTH CHINA COAL SWAPS FELL 1.8% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.84 (-2.91%) month over month and US$ 0.95 (-1.52%) we ...
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- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Toyota Tsusho Corporation, Japan
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- The University of Queensland
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Electricity Generating Authority of Thailand
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Bukit Baiduri Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Eastern Coal Council - USA
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Bukit Makmur.PT - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Deloitte Consulting - India
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Bangladesh Power Developement Board
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Formosa Plastics Group - Taiwan
- Mintek Dendrill Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Maheswari Brothers Coal Limited - India
- Posco Energy - South Korea
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Tata Chemicals Ltd - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- The Treasury - Australian Government
- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Edison Trading Spa - Italy
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Neyveli Lignite Corporation Ltd, - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- MS Steel International - UAE
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Ministry of Mines - Canada
- Jindal Steel & Power Ltd - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Orica Mining Services - Indonesia
- Ambuja Cements Ltd - India
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- AsiaOL BioFuels Corp., Philippines
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
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