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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, 18 March 15
Q2 INDONESIAN COAL SWAP DROP 1.45% M-O-M; GAIN 0.63% W-O-W
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and gained week over week.
The Q2 swap fell US$ 0.70 (1.45%) ...
Tuesday, 17 March 15
GAS TO CHALLENGE COAL IN THE ASIAN POWER GENERATION MIX - WOOD MACKENZIE
KNOWLEDGE TO ELEVATE
Wood Mackenzie says that coal is facing increasing competition from gas in the power sector. Coal has dominated as the fu ...
Tuesday, 17 March 15
RIO TINTO PAID US$ 7.1 BILLION IN TAXES IN 2014
COALspot.com: Rio Tinto has published its latest Taxes paid report, detailing the US$7.1 billion in taxes paid by the company around the world in 2 ...
Tuesday, 17 March 15
NEARLY 17% OF US COAL PRODUCTION UNECONOMIC AT CURRENT MARKET PRICING - WOOD MACKENZIE
COALspot.com: Close to 17% of forecast 2015 US coal production is at risk of idling or closure, totalling 162 million short tons (Mst), as these mi ...
Tuesday, 17 March 15
Q3' SA COAL SWAP CLOSED $57.30 PMT W/E 13 MARCH
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q2' 2015 declined month over month and gained week on week.
The Q2 swap has fe ...
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- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- McConnell Dowell - Australia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Riau Bara Harum - Indonesia
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Alfred C Toepfer International GmbH - Germany
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Medco Energi Mining Internasional
- Thai Mozambique Logistica
- Semirara Mining and Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Chamber of Mines of South Africa
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhatia International Limited - India
- Wood Mackenzie - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Ind-Barath Power Infra Limited - India
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Siam City Cement PLC, Thailand
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Goldman Sachs - Singapore
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Karaikal Port Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Star Paper Mills Limited - India
- Bharathi Cement Corporation - India
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Coal and Oil Company - UAE
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Edison Trading Spa - Italy
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Australian Coal Association
- Independent Power Producers Association of India
- Sree Jayajothi Cements Limited - India
- European Bulk Services B.V. - Netherlands
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Ministry of Transport, Egypt
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Commonwealth Bank - Australia
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Economic Council, Georgia
- Thiess Contractors Indonesia
- White Energy Company Limited
- Indo Tambangraya Megah - Indonesia
- Oldendorff Carriers - Singapore
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- IHS Mccloskey Coal Group - USA
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Australian Commodity Traders Exchange
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Energy Development Corp, Philippines
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- PTC India Limited - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Siam City Cement - Thailand
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Planning Commission, India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Global Green Power PLC Corporation, Philippines
- Standard Chartered Bank - UAE
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
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