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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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Saturday, 22 November 14
THE FALL IN BUNKER PRICES REDUCE FUEL COSTS SIGNIFICANTLY - BIMCO, PETER SAND
For a ship that burns 24 tonnes of fuel per day while steaming, fuel costs are reduced by as much as USD 1 million a year if current price level st ...
Saturday, 22 November 14
DRY BULKERS NEWBUILDING DELIVERIES REACHED 11.8 MILLION DWT DURING THIRD QUARTER, NET FLEET GROWTH FOR 2014 TO REACH 5% - HELLENIC SHIPPING NEWS
The dry bulk market has rebounded since its less than impressive performance since the start of the year, but overall, third quarter figures could ...
Friday, 21 November 14
BUMI ENTERS INTO CONDITIONAL SALE & PURCHASE AGREEMENT TO SELL FBS STAKE
COALspot.com: PT Bumi Resources Tbk, one of the Indonesia's largest coal producers confirms that it has executed a Conditional Sale and Purchas ...
Friday, 21 November 14
U.S LAST WEEK'S COAL PRODUCTION STAYS FLAT W-O-W
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
Thursday, 20 November 14
MOST MAJOR ASIAN ECONOMIES TO BENEFIT FROM LOWER OIL - FITCH
COALspot.com: The 25% drop in the price of oil since July is likely to lift economic growth prospects, improve terms of trade, and have a pot ...
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- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Singapore Mercantile Exchange
- Bulk Trading Sa - Switzerland
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Metalloyd Limited - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coalindo Energy - Indonesia
- CIMB Investment Bank - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Samtan Co., Ltd - South Korea
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bhushan Steel Limited - India
- Minerals Council of Australia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Price Waterhouse Coopers - Russia
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Economic Council, Georgia
- MS Steel International - UAE
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Formosa Plastics Group - Taiwan
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- Wilmar Investment Holdings
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Interocean Group of Companies - India
- Indonesian Coal Mining Association
- Kapuas Tunggal Persada - Indonesia
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Parliament of New Zealand
- Miang Besar Coal Terminal - Indonesia
- Manunggal Multi Energi - Indonesia
- Baramulti Group, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- ICICI Bank Limited - India
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Mercuria Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Deloitte Consulting - India
- Bhatia International Limited - India
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercator Lines Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- European Bulk Services B.V. - Netherlands
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- SN Aboitiz Power Inc, Philippines
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Carbofer General Trading SA - India
- Directorate Of Revenue Intelligence - India
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Salva Resources Pvt Ltd - India
- Mjunction Services Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Parry Sugars Refinery, India
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