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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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Tuesday, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Aditya Birla Group - India
- Edison Trading Spa - Italy
- Minerals Council of Australia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Directorate General of MIneral and Coal - Indonesia
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Central Electricity Authority - India
- Mjunction Services Limited - India
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Formosa Plastics Group - Taiwan
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- Antam Resourcindo - Indonesia
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Australian Commodity Traders Exchange
- White Energy Company Limited
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Merrill Lynch Commodities Europe
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kohat Cement Company Ltd. - Pakistan
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Krishnapatnam Port Company Ltd. - India
- Star Paper Mills Limited - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Economic Council, Georgia
- Wilmar Investment Holdings
- Electricity Generating Authority of Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sojitz Corporation - Japan
- Chettinad Cement Corporation Ltd - India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- VISA Power Limited - India
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Central Java Power - Indonesia
- PTC India Limited - India
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Georgia Ports Authority, United States
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Planning Commission, India
- Semirara Mining Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- International Coal Ventures Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kapuas Tunggal Persada - Indonesia
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Ministry of Transport, Egypt
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bangladesh Power Developement Board
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Tamil Nadu electricity Board
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Gujarat Sidhee Cement - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- Medco Energi Mining Internasional
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Vizag Seaport Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Mines - Canada
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Heidelberg Cement - Germany
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Asmin Koalindo Tuhup - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
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