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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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Sunday, 11 January 15
BDI DECLINED 8% ON WEEK; BCI LOST 31%
COALspot.com: The BDI continued its decline in the first week of this year or lost 8 pct week over week. The BDI was closed at 709 points whi ...
Friday, 09 January 15
U.S. EASTERN SPOT STEAM COAL PRICES FELL IN 2014; ROSE IN WEST - EIA
U.S. Eastern spot steam coal prices declined in 2014 compared to 2013 levels because of a decline in steam coal exports.
According to U.S. Ene ...
Friday, 09 January 15
WEEKLY U.S. COAL PRODUCTION UP AN ESTIMATED 2.2% Y-O-Y
COALspot.com – United States the world's one of the largest coal producers, produced approximately 17.6 million short tons (mmst) of coal ...
Thursday, 08 January 15
INDONESIA PRESSES ON WITH HIGHER COAL ROYALTY FEE TO BOOST STATE REVENUE - JG
The Indonesian government is pressing on with its plan to raise the royalty charged to coal miners in order to increase state revenue, but the move ...
Wednesday, 07 January 15
FUEL EFFICIENT SHIPS MAKE LESS SENSE IN LOWER BUNKER PRICE MARKET, BUT FUEL COSTS ARE BOUND TO RISE AGAIN
The shipping industry entered 2015 on mixed emotions, as a relatively buoyant tanker market is met by a rather lackluster dry bulk market. Still, a ...
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- Kepco SPC Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Planning Commission, India
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Pipit Mutiara Jaya. PT, Indonesia
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Directorate General of MIneral and Coal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Banpu Public Company Limited - Thailand
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Electricity Authority, New Zealand
- Wood Mackenzie - Singapore
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Independent Power Producers Association of India
- Riau Bara Harum - Indonesia
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Global Green Power PLC Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Latin American Coal - Colombia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- San Jose City I Power Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Coalindo Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Energy - Thailand
- Indika Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Essar Steel Hazira Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Merrill Lynch Commodities Europe
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Energy Link Ltd, New Zealand
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Economic Council, Georgia
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Karbindo Abesyapradhi - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- PNOC Exploration Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Parliament of New Zealand
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- The Treasury - Australian Government
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Georgia Ports Authority, United States
- MS Steel International - UAE
- Alfred C Toepfer International GmbH - Germany
- Sree Jayajothi Cements Limited - India
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Australian Commodity Traders Exchange
- Mjunction Services Limited - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Energy Development Corp, Philippines
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Romanian Commodities Exchange
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Mercator Lines Limited - India
- White Energy Company Limited
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Commonwealth Bank - Australia
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Karaikal Port Pvt Ltd - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Sindya Power Generating Company Private Ltd
- Dalmia Cement Bharat India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
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