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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, 19 December 14
U.S WEEKLY COAL PRODUCTION REACHED APPROXIMATELY 19.8 MMST; UP 1.0% WOW
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.8 million short tons (mmst) of coal ...
Friday, 19 December 14
HANDY: SOFTER TONE; PANAMAX: QUIET WEEK; CAPESIZE; PAINFUL WEEK
Handy
A softer tone for rates and volumes for the Supras, perhaps less apparent in the Pacific the last week before the season holidays and good ...
Thursday, 18 December 14
INDONESIA TO REVISE UP COAL OUTPUT TARGET TO 460 MILLION TONS IN 2015
COALspot.com: Indonesian government has revised up its next year coal output forecast to 460 million tons from its previous forecast of 421 million ...
Wednesday, 17 December 14
CAPES RATES SLIPPED BELOW $5,600/DAY, FELL 84% YOY
COALspot.com: In the very rare occurrence when the BCI stands below the BDI, words to describe market sentiment are probably poor, said Intermodal ...
Wednesday, 17 December 14
MARKET INSIGHT - INTERMODAL SHANGHAI, SNP TEAM
As the end of the fourth quarter is approaching, we are all witness to the second hand market prices softening day by day. Any new deal surfacing t ...
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- Commonwealth Bank - Australia
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- GMR Energy Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- McConnell Dowell - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ceylon Electricity Board - Sri Lanka
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Anglo American - United Kingdom
- Goldman Sachs - Singapore
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- CNBM International Corporation - China
- CIMB Investment Bank - Malaysia
- Dalmia Cement Bharat India
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Chamber of Mines of South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Videocon Industries ltd - India
- Deloitte Consulting - India
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Merrill Lynch Commodities Europe
- Parry Sugars Refinery, India
- Central Java Power - Indonesia
- Baramulti Group, Indonesia
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Rio Tinto Coal - Australia
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Carbofer General Trading SA - India
- GVK Power & Infra Limited - India
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Vizag Seaport Private Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- IEA Clean Coal Centre - UK
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Xindia Steels Limited - India
- Indian Energy Exchange, India
- GAC Shipping (India) Pvt Ltd
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Ministry of Transport, Egypt
- Mintek Dendrill Indonesia
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Bhatia International Limited - India
- Agrawal Coal Company - India
- Parliament of New Zealand
- PowerSource Philippines DevCo
- Australian Coal Association
- New Zealand Coal & Carbon
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Malabar Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Bhoruka Overseas - Indonesia
- Antam Resourcindo - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Formosa Plastics Group - Taiwan
- LBH Netherlands Bv - Netherlands
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Minerals Council of Australia
- Karbindo Abesyapradhi - Indoneisa
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Economic Council, Georgia
- Chettinad Cement Corporation Ltd - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Ministry of Mines - Canada
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Planning Commission, India
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
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