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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, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
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- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- London Commodity Brokers - England
- Coastal Gujarat Power Limited - India
- Standard Chartered Bank - UAE
- Kapuas Tunggal Persada - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Miang Besar Coal Terminal - Indonesia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Global Business Power Corporation, Philippines
- Trasteel International SA, Italy
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Finance - Indonesia
- International Coal Ventures Pvt Ltd - India
- Rio Tinto Coal - Australia
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Vedanta Resources Plc - India
- Sojitz Corporation - Japan
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Global Green Power PLC Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Riau Bara Harum - Indonesia
- Australian Commodity Traders Exchange
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Iligan Light & Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Indian Oil Corporation Limited
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- European Bulk Services B.V. - Netherlands
- Jindal Steel & Power Ltd - India
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Marubeni Corporation - India
- Petrochimia International Co. Ltd.- Taiwan
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Xindia Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Aboitiz Power Corporation - Philippines
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Coalindo Energy - Indonesia
- Carbofer General Trading SA - India
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- Chettinad Cement Corporation Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Oldendorff Carriers - Singapore
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Thai Mozambique Logistica
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Sinarmas Energy and Mining - Indonesia
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- Merrill Lynch Commodities Europe
- Electricity Generating Authority of Thailand
- Economic Council, Georgia
- Sical Logistics Limited - India
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
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