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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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Thursday, 01 January 15
FOB RICHARDS BAY COAL SWAPS CLOSED AT $63.47 PMT ON 26 DEC, SGX DATA SHOWS
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month and week over week.
The Q1 swap has lost US$ 3.37 (-4. ...
Wednesday, 31 December 14
COASTAL ENERGEN (C&O) COMMENCES 1ST UNIT OF 1200 MW POWER PLANT IN INDIA
COALspot.com: Coastal Energen, part of the Coal & Oil Group, announced last week the commissioning and commencement of power production at the ...
Wednesday, 31 December 14
SUB-BIT INDONESIA COAL Q2' 15 DELIVERY SWAP CLOSED 1.03% LOWER COMPARED TO AVERAGE Q1' 15 DELIVERY PRICE - SGX
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week.
The Q1 swap has lost US$ 1.35 (-2 ...
Tuesday, 30 December 14
SHIP PRICES KEEP ON FALLING, SALES COME EARLY FOR SHIP OWNERS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship prices keep on falling on the back of low freight rates. According to the latest report from shipbroker Allied Shipbroking, January sales seem ...
Tuesday, 30 December 14
INDIA INC TO BENEFIT AS IMPORTED COAL PRICES SET TO FALL - RAHUL PRITHIANI
The Hindu: India‘s coal import volumes are set to rise by over 30 per cent over the next two years to 214 million tonnes in 2015-16, as domes ...
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- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Grasim Industreis Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Kobexindo Tractors - Indoneisa
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Formosa Plastics Group - Taiwan
- Trasteel International SA, Italy
- Kaltim Prima Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- Sinarmas Energy and Mining - Indonesia
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Indian Energy Exchange, India
- Port Waratah Coal Services - Australia
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Energy Link Ltd, New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Sakthi Sugars Limited - India
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Bhatia International Limited - India
- Siam City Cement PLC, Thailand
- Eastern Energy - Thailand
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Planning Commission, India
- Ministry of Mines - Canada
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Aditya Birla Group - India
- Tamil Nadu electricity Board
- Kumho Petrochemical, South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Africa Commodities Group - South Africa
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Mintek Dendrill Indonesia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- TeaM Sual Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Standard Chartered Bank - UAE
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- New Zealand Coal & Carbon
- Merrill Lynch Commodities Europe
- Indonesian Coal Mining Association
- Aboitiz Power Corporation - Philippines
- Orica Mining Services - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining and Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- CIMB Investment Bank - Malaysia
- Rio Tinto Coal - Australia
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- SMG Consultants - Indonesia
- Sree Jayajothi Cements Limited - India
- SMC Global Power, Philippines
- The University of Queensland
- Coal and Oil Company - UAE
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Ministry of Finance - Indonesia
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Kalimantan Lumbung Energi - Indonesia
- Antam Resourcindo - Indonesia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Thai Mozambique Logistica
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Interocean Group of Companies - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Globalindo Alam Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- VISA Power Limited - India
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