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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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Friday, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
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- Medco Energi Mining Internasional
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Finance - Indonesia
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Tata Chemicals Ltd - India
- Independent Power Producers Association of India
- VISA Power Limited - India
- Chamber of Mines of South Africa
- Alfred C Toepfer International GmbH - Germany
- Miang Besar Coal Terminal - Indonesia
- Thiess Contractors Indonesia
- Rio Tinto Coal - Australia
- Billiton Holdings Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Attock Cement Pakistan Limited
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Commonwealth Bank - Australia
- Romanian Commodities Exchange
- Madhucon Powers Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Tamil Nadu electricity Board
- Cement Manufacturers Association - India
- Bukit Baiduri Energy - Indonesia
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Economic Council, Georgia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Anglo American - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Merrill Lynch Commodities Europe
- Essar Steel Hazira Ltd - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Australian Commodity Traders Exchange
- Kalimantan Lumbung Energi - Indonesia
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Oldendorff Carriers - Singapore
- Eastern Energy - Thailand
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- Indo Tambangraya Megah - Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- The State Trading Corporation of India Ltd
- Directorate Of Revenue Intelligence - India
- Posco Energy - South Korea
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Parliament of New Zealand
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Mintek Dendrill Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Bhatia International Limited - India
- Xindia Steels Limited - India
- Edison Trading Spa - Italy
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Binh Thuan Hamico - Vietnam
- SN Aboitiz Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Global Green Power PLC Corporation, Philippines
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