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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, 21 January 15
PANAMAX MARKET MOVED SIDEWAYS OVERALL LAST WEEK - INTERMODAL
COALspot.com: The positive sentiment in which the week prior ended carried on through-out last week as well, the end of which marked the first posi ...
Wednesday, 21 January 15
SHIFT IN INTERNATIONAL COAL TRADE TO THE PACIFIC BASIN WILL CONTINUE - IMF
COALspot.com: The shift in international coal trade to the Pacific Basin will continue, IMF said in its latest Medium-Term Coal Market Report.
...
Wednesday, 21 January 15
THERMAL COAL PRICE OUTLOOK DEPENDENT ON INDIAN IMPORT DEMAND - MATTHEW BOYLE, CRU
COALspot.com: Supply and demand side developments in India will be an important determinant of future market dynamics and prices for thermal coal a ...
Wednesday, 21 January 15
PORT OF NEWCASTLE COAL EXPORTS JUMP 16.19% ON MONTH TO 15.80 MIL MT IN DECEMBER' 14
COALspot.com: The Port of Newcastle, Australia’s major trading ports and the world’s largest coal export port, has shipped $1.136 billi ...
Tuesday, 20 January 15
INDIA TO SURPASS THE UNITED STATES AND BECOME THE SECOND-LARGEST COAL CONSUMER IN THE WORLD BY 2019 - IMF
COALspot.com: In 2013, coal added more primary energy than any other fuel and was the fastest-growing fossil fuel, enhancing its position as the se ...
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- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- TeaM Sual Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Salva Resources Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- Port Waratah Coal Services - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Standard Chartered Bank - UAE
- Formosa Plastics Group - Taiwan
- Riau Bara Harum - Indonesia
- Minerals Council of Australia
- Bukit Makmur.PT - Indonesia
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- New Zealand Coal & Carbon
- International Coal Ventures Pvt Ltd - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- Latin American Coal - Colombia
- Pendopo Energi Batubara - Indonesia
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Ind-Barath Power Infra Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- ASAPP Information Group - India
- Ministry of Finance - Indonesia
- Intertek Mineral Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Planning Commission, India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Deloitte Consulting - India
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Mercuria Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IEA Clean Coal Centre - UK
- Australian Coal Association
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Orica Australia Pty. Ltd.
- Bukit Baiduri Energy - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Posco Energy - South Korea
- Krishnapatnam Port Company Ltd. - India
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Star Paper Mills Limited - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- GVK Power & Infra Limited - India
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Coastal Gujarat Power Limited - India
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- Metalloyd Limited - United Kingdom
- Economic Council, Georgia
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Medco Energi Mining Internasional
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Heidelberg Cement - Germany
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Global Business Power Corporation, Philippines
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Sojitz Corporation - Japan
- Binh Thuan Hamico - Vietnam
- Parliament of New Zealand
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Grasim Industreis Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- ICICI Bank Limited - India
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Coalindo Energy - Indonesia
- Power Finance Corporation Ltd., India
- CNBM International Corporation - China
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Georgia Ports Authority, United States
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
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