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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, 03 December 14
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
The dry bulk market seems unable to turn sentiment round and is still looking for direction. The BCI's 887-point free fall last week had an obv ...
Wednesday, 03 December 14
CAPESIZE DRY BULK CARRIERS ENTER 2015 WITH MIXED FORTUNES, WITH A POSITIVE AND A NEGATIVE SCENARIO BOTH EMERGING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The future of the Capesize dry bulk market appears to be engulfed from mixed “feelings” among analysts and market participants, despite ...
Tuesday, 02 December 14
KEY PLAYERS SHED NEW PERSPECTIVES ON COAL MARKETS
Press Release: Singapore’s ONLY and longest established Coal Trade event. Whilst Coal prices remain challenging, there is widespread consensu ...
Tuesday, 02 December 14
KOMIPO INVITES BIDS FOR 585,000 METRIC TONS OF COAL FOR Q1'15
COALspot.com - Korea Midland Power Co. Ltd. (KOMIPO) is inviting bids for the supply of 585,000 Metric Tons of coal. According to invitation, 5700 ...
Tuesday, 02 December 14
U.S WEEKLY COAL PRODUCTION FELL 1.4% WEEK ON WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.6 million short tons (mmst) o ...
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- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- CNBM International Corporation - China
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Aditya Birla Group - India
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- London Commodity Brokers - England
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Romanian Commodities Exchange
- Vedanta Resources Plc - India
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Economic Council, Georgia
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Tata Chemicals Ltd - India
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- IHS Mccloskey Coal Group - USA
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Wood Mackenzie - Singapore
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- PTC India Limited - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Eastern Coal Council - USA
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Chamber of Mines of South Africa
- White Energy Company Limited
- Simpson Spence & Young - Indonesia
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Australian Coal Association
- Altura Mining Limited, Indonesia
- Medco Energi Mining Internasional
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
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