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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, 10 March 15
OIL PRICE FORECASTING - IGNORE THE EXPERTS: COLIN MARSHALL
KNOWLEDGE TO ELEVATE
Experts put themselves on a pedestal, making claims to have special forecasting abilities for oil price trends. They, too ...
Tuesday, 10 March 15
FOB NEWCASTLE COAL SWAPS HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q2’ 2015 delivery declined US$ 0.24 per MT (-0.47%) month over month and US$ 1.52 (-2.93%) we ...
Tuesday, 10 March 15
CFR SOUTH CHINA POWER-STATION COAL SWAPS DECLINE
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery fell US$ 0.42 (-0.74%) per MT month over month and declined US$ 1.00 &nbs ...
Monday, 09 March 15
INDONESIA GREETS INDIA RATE CUT AS GOOD FOR EXPORTS - GLOBEASIA
Indonesian commodity producers and economists have hailed the Indian central bank’s rate cut as good for boosting exports from Southeast Asia ...
Monday, 09 March 15
CHINA'S SUPREME COURT ISSUES NEW JUDICIAL INTERPRETATION ON SHIP ARREST AND JUDICIAL SALE OF SHIPS - GARD
KNOWLEDGE TO ELEVATE
China is not traditionally a popular jurisdiction for ship arrest. However, Members and clients with ships calling at por ...
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- Standard Chartered Bank - UAE
- Jorong Barutama Greston.PT - Indonesia
- Straits Asia Resources Limited - Singapore
- Cigading International Bulk Terminal - Indonesia
- Central Electricity Authority - India
- Parliament of New Zealand
- Iligan Light & Power Inc, Philippines
- Medco Energi Mining Internasional
- Vedanta Resources Plc - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Semirara Mining Corp, Philippines
- Siam City Cement PLC, Thailand
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Bhatia International Limited - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Wilmar Investment Holdings
- Kideco Jaya Agung - Indonesia
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Samtan Co., Ltd - South Korea
- Rio Tinto Coal - Australia
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- PNOC Exploration Corporation - Philippines
- Commonwealth Bank - Australia
- VISA Power Limited - India
- White Energy Company Limited
- Posco Energy - South Korea
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Lanco Infratech Ltd - India
- Xindia Steels Limited - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- LBH Netherlands Bv - Netherlands
- Manunggal Multi Energi - Indonesia
- Altura Mining Limited, Indonesia
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- London Commodity Brokers - England
- Savvy Resources Ltd - HongKong
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Binh Thuan Hamico - Vietnam
- Singapore Mercantile Exchange
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Indika Energy - Indonesia
- Energy Development Corp, Philippines
- Electricity Generating Authority of Thailand
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- PTC India Limited - India
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Deloitte Consulting - India
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kobexindo Tractors - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- Energy Link Ltd, New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Heidelberg Cement - Germany
- Thai Mozambique Logistica
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- Coal and Oil Company - UAE
- South Luzon Thermal Energy Corporation
- Kapuas Tunggal Persada - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Independent Power Producers Association of India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Borneo Indobara - Indonesia
- Interocean Group of Companies - India
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
- San Jose City I Power Corp, Philippines
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Ministry of Mines - Canada
- Planning Commission, India
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Sical Logistics Limited - India
- The University of Queensland
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- PowerSource Philippines DevCo
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Aditya Birla Group - India
- Economic Council, Georgia
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