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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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Wednesday, 28 January 15
CAPES CONTINUED THEIR UPWARD MOVEMENT LAST WEEK - INTERMODAL
COALspot.com: The Dry Bulk market displayed a mirror performance of that of the week prior, with the Capesize market correcting further upwards and ...
Tuesday, 27 January 15
Q1 FOB INDONESIA COAL SWAP CLOSED AT $ 47.87 FOR WEEK ENDING JAN. 23
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 gain week over week and declined month on month.
The Q1 swap has decline US$ 0.9 ...
Tuesday, 27 January 15
Q2 FOB NEWCASTLE COAL SWAP UP 4.5% W-O-W
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery declined US$ 0.28 per MT (-0.54%) month over month and increased US$ 1.23 ( ...
Monday, 26 January 15
OVERSUPPLY, AMPLE STOCKPILES, AND LACKLUSTER UNDERLYING STEEL DEMAND KEPT COKING COAL PRICES LOW IN 2014
COALspot.com: Coking coal prices (FOB & CFR) fell 15% and 18% respectively during the year, amidst persistent oversupply, ample inventory and s ...
Monday, 26 January 15
FOB RICHARDS BAY Q2 COAL SWAP CLOSED LOWER THAN Q1 CLOSING
COALspot.com: API 4 FOB Richards Bay Coal swap for delivery Q1' 2015 declined month over month and day on day.
The Q1 swap has fell ...
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- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Intertek Mineral Services - Indonesia
- Directorate Of Revenue Intelligence - India
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Marubeni Corporation - India
- Thai Mozambique Logistica
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Semirara Mining and Power Corporation, Philippines
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Kartika Selabumi Mining - Indonesia
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- MS Steel International - UAE
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- Simpson Spence & Young - Indonesia
- Indika Energy - Indonesia
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Ministry of Mines - Canada
- Madhucon Powers Ltd - India
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- Renaissance Capital - South Africa
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Jaiprakash Power Ventures ltd
- Bhoruka Overseas - Indonesia
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Petron Corporation, Philippines
- Goldman Sachs - Singapore
- Global Green Power PLC Corporation, Philippines
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- South Luzon Thermal Energy Corporation
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- Alfred C Toepfer International GmbH - Germany
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- Bharathi Cement Corporation - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GVK Power & Infra Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Sakthi Sugars Limited - India
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Meralco Power Generation, Philippines
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- Manunggal Multi Energi - Indonesia
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Cement Manufacturers Association - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Tamil Nadu electricity Board
- Vizag Seaport Private Limited - India
- Port Waratah Coal Services - Australia
- Karaikal Port Pvt Ltd - India
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Planning Commission, India
- Kobexindo Tractors - Indoneisa
- White Energy Company Limited
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Ambuja Cements Ltd - India
- Dalmia Cement Bharat India
- PowerSource Philippines DevCo
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- VISA Power Limited - India
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
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