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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, 16 March 15
MAKING THE WORLD GO ROUND - SEABORNE TRADE! - CLARKSONS
Money, or even love if you prefer, are claimed to make the world go round. For the shipping world, however, it’s trade that sets things spinn ...
Monday, 16 March 15
API 5 FOB NEWCASTLE COAL SWAPS: DECLINED
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 2.48 per MT (-4.77%) month over month and US$ 0.93 (-1.84%) we ...
Monday, 16 March 15
CFR SOUTH CHINA THERMAL COAL SWAP DECLINED 3.74% M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 2.17 (-3.74%) per MT month over month and US$ 0.67 (-1 ...
Sunday, 15 March 15
BDI DECLINED LESSER THAN 1% WEEK OVER WEEK; INDO-INDIA FIRM
COALspot.com: The most of indices, including bulk dry index were falling this week. The BDI has been down by just 0.53 points and closing at 562 po ...
Saturday, 14 March 15
CAPESIZE DRY BULKERS TO AVERAGE BETWEEN $3,000 AND $9,000/DAY IN THE COMING WEEKS SAYS BIMCO
BIMCO issued its latest short-term estimates for the dry bulk market. For March/May: BIMCO assesses that the Capesize time charter (T/C) average ra ...
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- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- The University of Queensland
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- Singapore Mercantile Exchange
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Sarangani Energy Corporation, Philippines
- White Energy Company Limited
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Parliament of New Zealand
- Eastern Coal Council - USA
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Cement Manufacturers Association - India
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Energy Development Corp, Philippines
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Binh Thuan Hamico - Vietnam
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- Coal and Oil Company - UAE
- VISA Power Limited - India
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Carbofer General Trading SA - India
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Bukit Makmur.PT - Indonesia
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Goldman Sachs - Singapore
- Toyota Tsusho Corporation, Japan
- Sree Jayajothi Cements Limited - India
- Bharathi Cement Corporation - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Kartika Selabumi Mining - Indonesia
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Trasteel International SA, Italy
- Kalimantan Lumbung Energi - Indonesia
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Grasim Industreis Ltd - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- IEA Clean Coal Centre - UK
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Borneo Indobara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- TeaM Sual Corporation - Philippines
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Global Business Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Salva Resources Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Siam City Cement - Thailand
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sojitz Corporation - Japan
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- New Zealand Coal & Carbon
- Independent Power Producers Association of India
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- SN Aboitiz Power Inc, Philippines
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