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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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Thursday, 20 November 14
HANDY: INDO ROUNDS ARE BEING FIXED IN REGION OF US$ 10K - FEARNLEYS
Handy
In the Atlantic we have experienced firmer rates this week much lead by the grain activity out of USG. Vsls open in the USG can achieve in ...
Thursday, 20 November 14
DEMAND FOR DRY BULK CARRIERS INCREASES ON THE BACK OF HEIGHTENED FREIGHT RATE MARKET - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners are looking to take advantage of favorable market conditions through the acquisition of more dry bulk carriers. According to shipbroker ...
Wednesday, 19 November 14
INDONESIA FUEL-PRICE RISE A CLEAR, POSITIVE REFORM SIGNAL - FITCH
COALspot.com: Indonesia's hike of more than 30% in administered fuel prices, announced on 17 November, provides a clear, positive signal of the ...
Wednesday, 19 November 14
CAPES WERE UNDER PRESSURE; LOST 20% WITHIN A WEEK
COALspot.com: " The negative environment in which the week prior ended, marked this past week as well, which closed off on Friday noting the f ...
Wednesday, 19 November 14
SHIPPING MARKET INSIGHT - BY KATERINA RESTIS
The current Ebola outbreak in West Africa has been declared as a worldwide health emergency by the World Health Organization and has had a great im ...
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- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Bangladesh Power Developement Board
- Sindya Power Generating Company Private Ltd
- Indonesian Coal Mining Association
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Georgia Ports Authority, United States
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Electricity Authority, New Zealand
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- SN Aboitiz Power Inc, Philippines
- Xindia Steels Limited - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Coalindo Energy - Indonesia
- Planning Commission, India
- Chamber of Mines of South Africa
- Pendopo Energi Batubara - Indonesia
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Posco Energy - South Korea
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Riau Bara Harum - Indonesia
- Uttam Galva Steels Limited - India
- Economic Council, Georgia
- Altura Mining Limited, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Baramulti Group, Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- LBH Netherlands Bv - Netherlands
- Madhucon Powers Ltd - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Siam City Cement PLC, Thailand
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indian Energy Exchange, India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- SMC Global Power, Philippines
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Thai Mozambique Logistica
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Indika Energy - Indonesia
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Sinarmas Energy and Mining - Indonesia
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Ministry of Finance - Indonesia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Jindal Steel & Power Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining and Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Africa Commodities Group - South Africa
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sojitz Corporation - Japan
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Australian Coal Association
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Goldman Sachs - Singapore
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Maharashtra Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Bharathi Cement Corporation - India
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
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