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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, 09 March 15
CHINA'S IMPORTS - NEVER MORE IMPORTANT TO SHIPPING? - CLARKSONS
Over the last 15 years China has led maritime forecasters a right old dance. In 2002, rumours that Chinese iron ore imports were about to take off ...
Sunday, 08 March 15
FREIGHT RATES FROM INDONESIA TO INDIA IS TRENDING UP
COALspot.com: The freight market continued to see gains this week and all the indices were rose except for Cape index. The BDI was increased 4.62 p ...
Friday, 06 March 15
BALTIC DRY INDEX: IS THIS POWERFUL INDICATOR SIGNALING A GLOBAL RECESSION? - STREET AUTHORITY
Although memories of the Great Recession linger, a case can be made that better days lie ahead.
That’s because central banks around the ...
Friday, 06 March 15
U.S. WEEKLY COAL PRODUCTION ROSE 3.5% WEEK ON WEEK
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.1 million short tons (mmst) of coal ...
Thursday, 05 March 15
PANAMAX : THE ATLANTIC ROUND IS NOW PAYING AROUND US$ 5K PER DAY
COALspot.com: Handy - The activity in the handy/supra segment is back. “ We see more fresh cargo in the market for 2nd half March dates ...
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- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- The State Trading Corporation of India Ltd
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Indian Oil Corporation Limited
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- White Energy Company Limited
- ASAPP Information Group - India
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- VISA Power Limited - India
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Planning Commission, India
- Cigading International Bulk Terminal - Indonesia
- Simpson Spence & Young - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Kobexindo Tractors - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Coastal Gujarat Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Savvy Resources Ltd - HongKong
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- ICICI Bank Limited - India
- Georgia Ports Authority, United States
- McConnell Dowell - Australia
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Deloitte Consulting - India
- PTC India Limited - India
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Mintek Dendrill Indonesia
- Orica Mining Services - Indonesia
- Parry Sugars Refinery, India
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Essar Steel Hazira Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Finance - Indonesia
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Economic Council, Georgia
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- London Commodity Brokers - England
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- Pendopo Energi Batubara - Indonesia
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Iligan Light & Power Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- PowerSource Philippines DevCo
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Global Business Power Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Edison Trading Spa - Italy
- Krishnapatnam Port Company Ltd. - India
- Holcim Trading Pte Ltd - Singapore
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Sical Logistics Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thiess Contractors Indonesia
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Gujarat Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- TeaM Sual Corporation - Philippines
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Australian Coal Association
- Neyveli Lignite Corporation Ltd, - India
- Intertek Mineral Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- GMR Energy Limited - India
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Bukit Baiduri Energy - Indonesia
- Independent Power Producers Association of India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Merrill Lynch Commodities Europe
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Ambuja Cements Ltd - India
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
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