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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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Friday, 26 December 14
SHIPS FACE LOWER SULPHUR FUEL REQUIREMENTS IN EMISSION CONTROL AREAS FROM 1 JANUARY 2015 - IMO
Ships trading in designated emission control areas will have to use on board fuel oil with a sulphur content of no more than 0.10% from 1 January 2 ...
Wednesday, 24 December 14
CAPE DEMAND WAS STILL EXTREMELY SOFT THIS PAST WEEK ACROSS BOTH BASINS - INTERMODAL
COALspot.com: The performance of the Dry Bulk market, which found itself in desperate search of support for yet another week, has left very little ...
Wednesday, 24 December 14
MARKET INSIGHT - JOHN N. COTZIAS, INTERMODAL SNP BROKER
The year is coming to an end, and we should be able to assess if this was a good year, a bad year, or even a lousy one? The answer clearly de ...
Tuesday, 23 December 14
Q1'15 FOB INDONESIA COAL SWAP GAINED 48 CENTS IN ONE WEEK
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month and gained week over week and day on day.
The Q1 swap has lo ...
Tuesday, 23 December 14
Q4'15 FOB RICHARDS BAY COAL SWAPS FALL $ 3.85 IN A MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 2.13 (-3.17%) month on month ...
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- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Thai Mozambique Logistica
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Central Electricity Authority - India
- The State Trading Corporation of India Ltd
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Standard Chartered Bank - UAE
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Jindal Steel & Power Ltd - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Wilmar Investment Holdings
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Australian Coal Association
- Antam Resourcindo - Indonesia
- Oldendorff Carriers - Singapore
- Deloitte Consulting - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- White Energy Company Limited
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Medco Energi Mining Internasional
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Makarim & Taira - Indonesia
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- Parliament of New Zealand
- Uttam Galva Steels Limited - India
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Baramulti Group, Indonesia
- Planning Commission, India
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Energy Development Corp, Philippines
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bangladesh Power Developement Board
- Goldman Sachs - Singapore
- ASAPP Information Group - India
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- MS Steel International - UAE
- VISA Power Limited - India
- Mercator Lines Limited - India
- Meralco Power Generation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Economic Council, Georgia
- Central Java Power - Indonesia
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Lanco Infratech Ltd - India
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Grasim Industreis Ltd - India
- Georgia Ports Authority, United States
- Price Waterhouse Coopers - Russia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- SN Aboitiz Power Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Meenaskhi Energy Private Limited - India
- Global Green Power PLC Corporation, Philippines
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