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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 February 15
Q2' CFR SOUTH CHINA COAL SWAP DECLINED 3.28% TO $ 56.92 W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q2’ 2015 delivery declined US$ 1.93 (-3.28%) per MT month over month and US$ 0.10 (-0 ...
Sunday, 08 February 15
BDI FELL CONTINUOUSLY HIT A THREE DECADES LOW
COALspot.com: This week Baltic Exchange Dry Freight Index (BDI) fell continuously hit a three decades low.
The BDI continuously fell and was d ...
Friday, 06 February 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 1.1% FROM LAST WEEK - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 20.1 million short tons (mmst) of coal ...
Friday, 06 February 15
SHIP DAMAGED BY FIRE CAUSED BY PIRATES FOUND TO BE CONSTRUCTIVE TOTAL LOSS - TAYLOR WESSING
KNOWLEDGE TO ELEVATE
The High Court was asked to determine a number of preliminary issues, including whether a vessel was a constructive total ...
Thursday, 05 February 15
BDI HAS NOW FALLEN A LEVEL CLOSE TO THE INDEX'S HISTORIC LOW - INTERMODAL
They say a picture is worth a thousand words and in this instance just one look at the tables above is enough to understand the great pressure the ...
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- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Madhucon Powers Ltd - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Larsen & Toubro Limited - India
- Edison Trading Spa - Italy
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Metalloyd Limited - United Kingdom
- Central Electricity Authority - India
- Trasteel International SA, Italy
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Parliament of New Zealand
- Energy Development Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- PowerSource Philippines DevCo
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- The University of Queensland
- Uttam Galva Steels Limited - India
- Independent Power Producers Association of India
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- Bhatia International Limited - India
- Chamber of Mines of South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Cement Manufacturers Association - India
- PTC India Limited - India
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- South Luzon Thermal Energy Corporation
- White Energy Company Limited
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Planning Commission, India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- Goldman Sachs - Singapore
- Attock Cement Pakistan Limited
- Bayan Resources Tbk. - Indonesia
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Indogreen Group - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- ASAPP Information Group - India
- Indonesian Coal Mining Association
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GMR Energy Limited - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Minerals Council of Australia
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Standard Chartered Bank - UAE
- Sinarmas Energy and Mining - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- San Jose City I Power Corp, Philippines
- Formosa Plastics Group - Taiwan
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Directorate Of Revenue Intelligence - India
- Agrawal Coal Company - India
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Semirara Mining Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Ind-Barath Power Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Energy Link Ltd, New Zealand
- Romanian Commodities Exchange
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