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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, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
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- Sojitz Corporation - Japan
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining Corp, Philippines
- Aditya Birla Group - India
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Sree Jayajothi Cements Limited - India
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Holcim Trading Pte Ltd - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- IHS Mccloskey Coal Group - USA
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Anglo American - United Kingdom
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Larsen & Toubro Limited - India
- South Luzon Thermal Energy Corporation
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- Coalindo Energy - Indonesia
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Samtan Co., Ltd - South Korea
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- PTC India Limited - India
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- CIMB Investment Bank - Malaysia
- Salva Resources Pvt Ltd - India
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Lanco Infratech Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Sarangani Energy Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Posco Energy - South Korea
- Interocean Group of Companies - India
- The Treasury - Australian Government
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- White Energy Company Limited
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- MS Steel International - UAE
- Krishnapatnam Port Company Ltd. - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Dalmia Cement Bharat India
- Makarim & Taira - Indonesia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Price Waterhouse Coopers - Russia
- PowerSource Philippines DevCo
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Xindia Steels Limited - India
- Petron Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Eastern Energy - Thailand
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