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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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Thursday, 05 March 15
INDIA WILL BE THE LARGEST DRIVER OF GLOBAL SEABORNE COKING COAL DEMAND GROWTH IN 2015 - WOOD MACKENZIE
Global demand growth will remain weak because of China’s negative demand growth.
COALspot.com: At Coaltrans India, Wood Mackenzie says I ...
Thursday, 05 March 15
BUKIT ASAM BOOKED US$ 1 BILLION REVENUE IN 2014
COALspot.com: Indonesian publicly listed and state owned coal miner PT. Bukit Asam, has announced that, the revenue of the company for the period J ...
Wednesday, 04 March 15
AN AGENDA FOR CHANGE - FITCH INDONESIA CONFERENCE
Fitch Indonesia Conference - 5 March 2015
Fitch Ratings will host its annual Indonesia conference on 5 March 2015.
The theme of this year ...
Wednesday, 04 March 15
KEEP CALM AND INVEST IN DRY - THEODORE NTALAKOS
Keep Calm and Carry On was originally a motivational poster, intended to raise the morale of the British public, produced by the British government ...
Tuesday, 03 March 15
INDONESIAN COAL EXPORT VOLUME TO DECLINE 50% BY 2019
COALspot.com: The Indonesian government is planning to reduce coal export volume by 50% within the next five years while keeping its coal productio ...
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- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Bhatia International Limited - India
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- SMC Global Power, Philippines
- Pendopo Energi Batubara - Indonesia
- Makarim & Taira - Indonesia
- VISA Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Chettinad Cement Corporation Ltd - India
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- Medco Energi Mining Internasional
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- MS Steel International - UAE
- GMR Energy Limited - India
- ASAPP Information Group - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Agrawal Coal Company - India
- Vizag Seaport Private Limited - India
- Bharathi Cement Corporation - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indogreen Group - Indonesia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- London Commodity Brokers - England
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Timah Investasi Mineral - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- The State Trading Corporation of India Ltd
- GN Power Mariveles Coal Plant, Philippines
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Ministry of Mines - Canada
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Jindal Steel & Power Ltd - India
- Madhucon Powers Ltd - India
- Meralco Power Generation, Philippines
- Bukit Makmur.PT - Indonesia
- GVK Power & Infra Limited - India
- Bulk Trading Sa - Switzerland
- Jorong Barutama Greston.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Kaltim Prima Coal - Indonesia
- Xindia Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Posco Energy - South Korea
- Marubeni Corporation - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Maheswari Brothers Coal Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Sical Logistics Limited - India
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Videocon Industries ltd - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Merrill Lynch Commodities Europe
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Offshore Bulk Terminal Pte Ltd, Singapore
- Directorate General of MIneral and Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Directorate Of Revenue Intelligence - India
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Central Electricity Authority - India
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- CIMB Investment Bank - Malaysia
- Coal and Oil Company - UAE
- PowerSource Philippines DevCo
- South Luzon Thermal Energy Corporation
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