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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, 12 February 15
DRY BULK OWNERS SCRAP MORE VESSELS, AS MARKET REACHES HISTORICAL LOWS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has reached historical lows this week, with the Baltic Dry Index (BDI) now trading at levels below operating expense levels for ...
Thursday, 12 February 15
INDONESIAN COAL PRICE REFERENCE INCHED DOWN 1.44% IN FEBRUARY
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down Indonesian coal bench mark price this month to US$ 62.92 pe ...
Thursday, 12 February 15
NEWBUILDING ORDERING ACTIVITY DRAGS ON, AS OWNERS ARE LOOKING FOR LOWER PRICES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Ship owners appear to be waiting for lower prices in their dealings with Asian shipyards, as the dry bulk market is at historical lows. According t ...
Wednesday, 11 February 15
DRY BULK MARKET REMAINED UNDER PRESSURE : STABILIZING CAPE MARKET HARDLY HELPED SENTIMENT
COALspot.com: The Dry Bulk market remained under pressure last week, while the stabilizing Cape market hardly helped sentiment.
Greece based s ...
Wednesday, 11 February 15
BDI HITTING THE ALL-TIME LOW; FFA MARKETS NOT SHOWING ANY POSITIVE SIGNS
With the BDI hitting the all-time low and with FFA markets not showing any positive signs for a possible recovery in the near future, pessimism is ...
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- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- The University of Queensland
- PowerSource Philippines DevCo
- VISA Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Grasim Industreis Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- San Jose City I Power Corp, Philippines
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bhushan Steel Limited - India
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Eastern Energy - Thailand
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Transport, Egypt
- Asmin Koalindo Tuhup - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Eastern Coal Council - USA
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Bharathi Cement Corporation - India
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- Petrochimia International Co. Ltd.- Taiwan
- TeaM Sual Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Vizag Seaport Private Limited - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Star Paper Mills Limited - India
- ICICI Bank Limited - India
- Malabar Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
- India Bulls Power Limited - India
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- ASAPP Information Group - India
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Sical Logistics Limited - India
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Posco Energy - South Korea
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Iligan Light & Power Inc, Philippines
- Mintek Dendrill Indonesia
- Coalindo Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Altura Mining Limited, Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Xindia Steels Limited - India
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- Power Finance Corporation Ltd., India
- Chettinad Cement Corporation Ltd - India
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Borneo Indobara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Kumho Petrochemical, South Korea
- Singapore Mercantile Exchange
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Alfred C Toepfer International GmbH - Germany
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sindya Power Generating Company Private Ltd
- Formosa Plastics Group - Taiwan
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Vedanta Resources Plc - India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Central Java Power - Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- IHS Mccloskey Coal Group - USA
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Attock Cement Pakistan Limited
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Orica Mining Services - Indonesia
- Bayan Resources Tbk. - Indonesia
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