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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, 02 February 15
INDONESIA'S ADARO ENERGY PRODUCED 56.21 MILLION TONNES OF COAL IN 2014; UP 8% Y-O-Y
COALspot.com: PT. Adaro Energy, Indonesia’s largest coal producer, has increased coal production by 8% to 56.21 million tonnes (Mt) from both ...
Monday, 02 February 15
API 8 CFR SOUTH CHINA COAL SWAP PICKS UP W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.81 (-1.36%) per MT month over month and gained US$ 0.18&nb ...
Monday, 02 February 15
SOUTH KOREA'S KOMIPO INVITES BIDS FOR 280K MT OF SUB-BITUMINOUS COAL
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) issued an new tender to buy total 280,000 MT of Sub-bituminous coal coa ...
Sunday, 01 February 15
INDONESIA-TO-INDIA COAL FREIGHT RATES REMAIN WEAK NEXT WEEK
COALspot.com: The BDI continued its fall reached lowest levels since 1986 this week.
The BDI declined 15.55 pct to 608 points on Friday 30, Ja ...
Friday, 30 January 15
CONTANGO AND TANKERS - SKULD
KNOWLEDGE TO ELEVATE
Like an invitation to a dance, the word contango may have some people flustered, but for tanker owners this market phenome ...
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- Kumho Petrochemical, South Korea
- Directorate Of Revenue Intelligence - India
- Bhatia International Limited - India
- Independent Power Producers Association of India
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Orica Australia Pty. Ltd.
- Price Waterhouse Coopers - Russia
- Rio Tinto Coal - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Malabar Cements Ltd - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Binh Thuan Hamico - Vietnam
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Borneo Indobara - Indonesia
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Meenaskhi Energy Private Limited - India
- Eastern Coal Council - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Meralco Power Generation, Philippines
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Gujarat Mineral Development Corp Ltd - India
- Thai Mozambique Logistica
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Karbindo Abesyapradhi - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Carbofer General Trading SA - India
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Minerals Council of Australia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Bhushan Steel Limited - India
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Indonesian Coal Mining Association
- Electricity Authority, New Zealand
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Altura Mining Limited, Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Coalindo Energy - Indonesia
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Indian Oil Corporation Limited
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Therma Luzon, Inc, Philippines
- Singapore Mercantile Exchange
- International Coal Ventures Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Heidelberg Cement - Germany
- Bayan Resources Tbk. - Indonesia
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Eastern Energy - Thailand
- Romanian Commodities Exchange
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- IHS Mccloskey Coal Group - USA
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Larsen & Toubro Limited - India
- Global Coal Blending Company Limited - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Aditya Birla Group - India
- Australian Coal Association
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Aboitiz Power Corporation - Philippines
- Antam Resourcindo - Indonesia
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Metalloyd Limited - United Kingdom
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Standard Chartered Bank - UAE
- Bulk Trading Sa - Switzerland
- Lanco Infratech Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- ICICI Bank Limited - India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Krishnapatnam Port Company Ltd. - India
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Orica Mining Services - Indonesia
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