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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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Tuesday, 30 December 14
U.S WEEKLY COAL PRODUCTION ALMOST FLAT AT -0.2%
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Monday, 29 December 14
CHINESE COAL IMPORTS: REGULATORY RISKS? - CLARKSONS
In recent years, Chinese seaborne coal imports have surged, registering average growth of 67% p.a. between 2009 and 2013 to total 265mt. However, t ...
Monday, 29 December 14
BULK MARKET ENDS YEAR ON SOUR NOTE, SHIPBROKER SEES 'BUMPY ROAD AHEAD' - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
2014 was supposed to be the year that the dry bulk market would stage a comeback and a sustainable one for that matter. However, while for the most ...
Monday, 29 December 14
Q1'15 CFR SOUTH CHINA COAL SWAP CLOSED AT $59.42
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.51 (-5.58%) month over month and US$ 0.08 (-0.13%) ...
Monday, 29 December 14
SGX'S FOB NEWCASTLE COAL SWAPS IMPROVED W-O-W, LOST M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.44 per MT (-2.73%) month over month and gained US$ 0.36 (+0.71%) ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- PTC India Limited - India
- Binh Thuan Hamico - Vietnam
- MS Steel International - UAE
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
- Indika Energy - Indonesia
- CNBM International Corporation - China
- Tata Chemicals Ltd - India
- Semirara Mining Corp, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Georgia Ports Authority, United States
- Karaikal Port Pvt Ltd - India
- The University of Queensland
- Interocean Group of Companies - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Borneo Indobara - Indonesia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Xindia Steels Limited - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- The Treasury - Australian Government
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Mjunction Services Limited - India
- Central Java Power - Indonesia
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Attock Cement Pakistan Limited
- GMR Energy Limited - India
- OPG Power Generation Pvt Ltd - India
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Grasim Industreis Ltd - India
- Australian Coal Association
- Wilmar Investment Holdings
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- SMG Consultants - Indonesia
- Maheswari Brothers Coal Limited - India
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- South Luzon Thermal Energy Corporation
- Indo Tambangraya Megah - Indonesia
- Makarim & Taira - Indonesia
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Gujarat Mineral Development Corp Ltd - India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Power Finance Corporation Ltd., India
- Essar Steel Hazira Ltd - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Indogreen Group - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- Riau Bara Harum - Indonesia
- Thai Mozambique Logistica
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Bhatia International Limited - India
- Australian Commodity Traders Exchange
- Lanco Infratech Ltd - India
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Meenaskhi Energy Private Limited - India
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- London Commodity Brokers - England
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Sojitz Corporation - Japan
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