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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, 26 January 15
API 8 CFR SOUTH CHINA COAL SWAP CONTINUE TO SLIDE M-O-M; ROSE W-O-W
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery declined US$ 0.79 (-1.33%) per MT month over month and gained US$ 2.10&nb ...
Sunday, 25 January 15
PANAMAX FREIGHT RATES STILL FALLING
COALspot.com: The BDI was slightly down this week to 720 points. The BDI lost 2.83 pct week on week.
The cape index continued its upward trend ...
Friday, 23 January 15
U.S. WEEKLY COAL PRODUCTION FOR WEEK ENDING JAN. 17 UP 2.5%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.4 million short tons (mmst) of coal ...
Thursday, 22 January 15
PANAMAX: A SOFTER TONE AND OVERALL A SLUGGISH MARKET - FEARNLEYS
Handy
The handy and supra market has experienced yet another week with slow activity and softening rates in both hemispheres, broker Fearnleys AS ...
Thursday, 22 January 15
BUMI RESOURCES POSTS NET INCOME OF $13.3 MILLION 9M-2014
COALspot.com: Bumi Resources, Indonesia’s largest coal miner, reported today that, the company has recorded a net income of $13.3 million for ...
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- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Barasentosa Lestari - Indonesia
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Minerals Council of Australia
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- ASAPP Information Group - India
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Siam City Cement PLC, Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karbindo Abesyapradhi - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Kartika Selabumi Mining - Indonesia
- Mercator Lines Limited - India
- Wood Mackenzie - Singapore
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Carbofer General Trading SA - India
- Eastern Energy - Thailand
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- PTC India Limited - India
- Australian Coal Association
- Australian Commodity Traders Exchange
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Sidhee Cement - India
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Chamber of Mines of South Africa
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Energy Link Ltd, New Zealand
- CIMB Investment Bank - Malaysia
- Billiton Holdings Pty Ltd - Australia
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- GAC Shipping (India) Pvt Ltd
- The State Trading Corporation of India Ltd
- Larsen & Toubro Limited - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Mercuria Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- Krishnapatnam Port Company Ltd. - India
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Simpson Spence & Young - Indonesia
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Electricity Authority, New Zealand
- Global Coal Blending Company Limited - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Vizag Seaport Private Limited - India
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Ceylon Electricity Board - Sri Lanka
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- PetroVietnam Power Coal Import and Supply Company
- Goldman Sachs - Singapore
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Deloitte Consulting - India
- Meenaskhi Energy Private Limited - India
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
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