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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, 23 December 14
SHIPOWNERS ARE FINALIZING MORE DEALS AS YEAR END COMES CLOSER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS WORLDWIDE
With the 2014 year just a few days before waving goodbye, shipowners are looking to close their pending deals in both the newbuilding and S&P m ...
Monday, 22 December 14
Q2'15 CFR SOUTH CHINA COAL SWAP CLOSED $ 0.30 LOWER THAN Q1'15 CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3.67 (-5.81%) month over month and US$ 0.35 (-0.58%) ...
Monday, 22 December 14
API 5 FOB NEWCASTLE COAL SWAPS ARE HEADING SOUTH
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.71 per MT (-3.24%) and closed at US$ 51.02 on 19 December month ...
Sunday, 21 December 14
PANAMAX COAL FREIGHT FROM INDONESIA TO INDIA FALLS FURTHER
COALspot.com: The BDI continued its fall as cape index lost heavily week on week.
The BDI was down 6.95 percent week over week and closed at 8 ...
Friday, 19 December 14
HOW WILL LOWER BUNKER PRICES AFFECT THE SUBSTANTIAL OVERCAPACITY IN DRY BULK MARKET? - BIMCO
As bunker fuel costs have come down from USD 600 per tonnes to USD 330 per tonnes in the past 6 months, much talk about increased ship speed have s ...
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Uttam Galva Steels Limited - India
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Thai Mozambique Logistica
- Toyota Tsusho Corporation, Japan
- Barasentosa Lestari - Indonesia
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Lanco Infratech Ltd - India
- SMC Global Power, Philippines
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Timah Investasi Mineral - Indoneisa
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- The University of Queensland
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Karaikal Port Pvt Ltd - India
- Marubeni Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Indo Tambangraya Megah - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Agrawal Coal Company - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- SN Aboitiz Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Vedanta Resources Plc - India
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Power Finance Corporation Ltd., India
- Meralco Power Generation, Philippines
- Directorate Of Revenue Intelligence - India
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Parliament of New Zealand
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Goldman Sachs - Singapore
- Semirara Mining Corp, Philippines
- GMR Energy Limited - India
- Pendopo Energi Batubara - Indonesia
- The Treasury - Australian Government
- Economic Council, Georgia
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- New Zealand Coal & Carbon
- Ministry of Transport, Egypt
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- White Energy Company Limited
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Mines - Canada
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Planning Commission, India
- McConnell Dowell - Australia
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Xindia Steels Limited - India
- Kartika Selabumi Mining - Indonesia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Makarim & Taira - Indonesia
- GAC Shipping (India) Pvt Ltd
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- VISA Power Limited - India
- Larsen & Toubro Limited - India
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Renaissance Capital - South Africa
- Standard Chartered Bank - UAE
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
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