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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, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
Sunday, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
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- Chettinad Cement Corporation Ltd - India
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kapuas Tunggal Persada - Indonesia
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- Attock Cement Pakistan Limited
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Leighton Contractors Pty Ltd - Australia
- Port Waratah Coal Services - Australia
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Sical Logistics Limited - India
- Sakthi Sugars Limited - India
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Gujarat Mineral Development Corp Ltd - India
- Latin American Coal - Colombia
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sindya Power Generating Company Private Ltd
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Alfred C Toepfer International GmbH - Germany
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coalindo Energy - Indonesia
- Orica Mining Services - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Mjunction Services Limited - India
- ASAPP Information Group - India
- McConnell Dowell - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- GVK Power & Infra Limited - India
- Bhushan Steel Limited - India
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Kumho Petrochemical, South Korea
- Ministry of Finance - Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- Minerals Council of Australia
- The University of Queensland
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Bharathi Cement Corporation - India
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Larsen & Toubro Limited - India
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Savvy Resources Ltd - HongKong
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Interocean Group of Companies - India
- Uttam Galva Steels Limited - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Aditya Birla Group - India
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Energy - Thailand
- Australian Coal Association
- Parry Sugars Refinery, India
- Neyveli Lignite Corporation Ltd, - India
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Vijayanagar Sugar Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
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