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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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Friday, 13 March 15
U.S. COAL PRODUCTION UP 2.3% WEEK OVER WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.5 million short tons (mmst) of coal ...
Friday, 13 March 15
ADARO RECORDED A 7% INCREASE IN EBITDA OF $877 MILLION IN 2014
“Coal market continues to be difficult and challenging” – Adaro Energy
The world’s Top 5 thermal coal exporter, ...
Thursday, 12 March 15
CAPESIZE : ACTIVITY IS LOW; PANAMAX: BIT MORE ACTIVITY; HANDY: A FIRMING WEEK
Handy
It has been a firming week in both hemispheres this week and especially in the Pacific, says Fearnleys AS in its week's week report.
...
Thursday, 12 March 15
COAL MINERS REMAIN UNDER PRESSURE AS GLUT CONTINUES - THE JAKARTA POST
Indonesia’s major coal miners reported a significant drop in their earnings last year as the sharp drop in the global demand, mainly from Chi ...
Thursday, 12 March 15
FOB INDONESIA COAL SWAP DROP TO $47.33 A TON IN THE WEEK ENDED MAR.6
COALspot.com: Indonesian coal swaps for delivery Q2' 2015 drop month on month and week over week.
The Q2 swap fell US$ 0.37 (0.78%) month ...
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- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Orica Mining Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- GMR Energy Limited - India
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Baramulti Group, Indonesia
- Economic Council, Georgia
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Port Waratah Coal Services - Australia
- Mjunction Services Limited - India
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Kartika Selabumi Mining - Indonesia
- Aboitiz Power Corporation - Philippines
- The University of Queensland
- Renaissance Capital - South Africa
- Miang Besar Coal Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Cigading International Bulk Terminal - Indonesia
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SMG Consultants - Indonesia
- Carbofer General Trading SA - India
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Trasteel International SA, Italy
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Meralco Power Generation, Philippines
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- IHS Mccloskey Coal Group - USA
- Samtan Co., Ltd - South Korea
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- GN Power Mariveles Coal Plant, Philippines
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Marubeni Corporation - India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Sindya Power Generating Company Private Ltd
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Kumho Petrochemical, South Korea
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Global Business Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Xindia Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Kalimantan Lumbung Energi - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Electricity Authority, New Zealand
- VISA Power Limited - India
- Bhushan Steel Limited - India
- Planning Commission, India
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Parliament of New Zealand
- White Energy Company Limited
- Sarangani Energy Corporation, Philippines
- Tamil Nadu electricity Board
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Wood Mackenzie - Singapore
- Semirara Mining Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
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