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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, 16 December 14
THIS PRICE IS A STEAL - EVA TZIMA
COALspot.com: Despite concerns that the slowdown of the Chinese economy would affect imports of iron ore, it seems that this has not been the case ...
Tuesday, 16 December 14
FOB RICHARDS BAY COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT US$ 65.60 PMT
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month.
The Q1 swap has lost US$ 0.18 (-0.27%) month on month ...
Tuesday, 16 December 14
SUB-BIT FOB INDONESIA COAL SWAP CONTINUES ITS FALL
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week over week and day on day.
The Q1 swap has lost US$ 1.7 ...
Monday, 15 December 14
WILL TANKERS BENEFIT FROM REEMERGENCE OF FLOATING STORAGE PLAYS? - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The tanker market has been seeing high freight rates for some time now, riding on the back of low oil prices, which are boosting demand from develo ...
Monday, 15 December 14
INDONESIAN COAL PRICE REFERENCE CRASHES THROUGH $65
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in December. HBA for t ...
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- Parliament of New Zealand
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Bharathi Cement Corporation - India
- Posco Energy - South Korea
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- Central Electricity Authority - India
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Iligan Light & Power Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- Trasteel International SA, Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Tamil Nadu electricity Board
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- PTC India Limited - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- South Luzon Thermal Energy Corporation
- Globalindo Alam Lestari - Indonesia
- Bulk Trading Sa - Switzerland
- Bangladesh Power Developement Board
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Aditya Birla Group - India
- Australian Coal Association
- Indian Oil Corporation Limited
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Goldman Sachs - Singapore
- Coalindo Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Coal and Oil Company - UAE
- Makarim & Taira - Indonesia
- MS Steel International - UAE
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Georgia Ports Authority, United States
- Planning Commission, India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Lanco Infratech Ltd - India
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Baramulti Group, Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Banpu Public Company Limited - Thailand
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- CIMB Investment Bank - Malaysia
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Ministry of Transport, Egypt
- The Treasury - Australian Government
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- AsiaOL BioFuels Corp., Philippines
- London Commodity Brokers - England
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Jorong Barutama Greston.PT - Indonesia
- White Energy Company Limited
- Aboitiz Power Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Formosa Plastics Group - Taiwan
- PetroVietnam Power Coal Import and Supply Company
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Petron Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Agrawal Coal Company - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Riau Bara Harum - Indonesia
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