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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, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- PTC India Limited - India
- Jindal Steel & Power Ltd - India
- Jaiprakash Power Ventures ltd
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Georgia Ports Authority, United States
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Simpson Spence & Young - Indonesia
- Bangladesh Power Developement Board
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- Kohat Cement Company Ltd. - Pakistan
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- White Energy Company Limited
- Electricity Authority, New Zealand
- India Bulls Power Limited - India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- Ministry of Transport, Egypt
- GN Power Mariveles Coal Plant, Philippines
- Malabar Cements Ltd - India
- Chettinad Cement Corporation Ltd - India
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Kepco SPC Power Corporation, Philippines
- Goldman Sachs - Singapore
- Indo Tambangraya Megah - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Price Waterhouse Coopers - Russia
- European Bulk Services B.V. - Netherlands
- Central Java Power - Indonesia
- IHS Mccloskey Coal Group - USA
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Heidelberg Cement - Germany
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Parliament of New Zealand
- Meralco Power Generation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- Agrawal Coal Company - India
- Rashtriya Ispat Nigam Limited - India
- Formosa Plastics Group - Taiwan
- Asmin Koalindo Tuhup - Indonesia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Dalmia Cement Bharat India
- Oldendorff Carriers - Singapore
- ASAPP Information Group - India
- Interocean Group of Companies - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Star Paper Mills Limited - India
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- SN Aboitiz Power Inc, Philippines
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Thiess Contractors Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Altura Mining Limited, Indonesia
- Therma Luzon, Inc, Philippines
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Carbofer General Trading SA - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Mjunction Services Limited - India
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Global Coal Blending Company Limited - Australia
- CIMB Investment Bank - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- PNOC Exploration Corporation - Philippines
- The University of Queensland
- Singapore Mercantile Exchange
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- London Commodity Brokers - England
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