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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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Monday, 15 December 14
CFR SOUTH CHINA COAL SWAP LOST $3.37 M-O-M
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased by US$ 3,37 (-5.33%) month over month and US$ 1.58 (-2.57%) ...
Monday, 15 December 14
Q1' 15 FOB NEWCASTLE COAL SWAP CLOSED AT $ 51.45 ON 12 DEC
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery lost US$ 1.45 per MT (-2.74%) closed at US$ 51.45 on 12 December month over ...
Sunday, 14 December 14
FREIGHT RATES ARE EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The Baltic Dry Index (BDI), a measure of commodity-shipping costs, fell 12.12 pct to 863 points week ending 12 December 2014.
Th ...
Friday, 12 December 14
LIMITED TRADING AND AN OVERSUPPLY OF TONNAGE PUSHED HANDY SIZE SHIPS TO DOWN IN USG
Handy
We have seen the TA spot market come down this week lead by limited trading and an oversupply of tonnage in the USG, Fearnleys said in its ...
Friday, 12 December 14
U.S WEEKLY COAL PRODUCTION UP 3.4% W/E DECEMBER 6
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.6 million short tons (mmst) of coal ...
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- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Commonwealth Bank - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Mintek Dendrill Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Indonesian Coal Mining Association
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Holcim Trading Pte Ltd - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- White Energy Company Limited
- Carbofer General Trading SA - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Price Waterhouse Coopers - Russia
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Mercuria Energy - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Planning Commission, India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- ICICI Bank Limited - India
- Directorate Of Revenue Intelligence - India
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- Parry Sugars Refinery, India
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Central Java Power - Indonesia
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Minerals Council of Australia
- Semirara Mining Corp, Philippines
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Georgia Ports Authority, United States
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Siam City Cement PLC, Thailand
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- European Bulk Services B.V. - Netherlands
- Eastern Energy - Thailand
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Tamil Nadu electricity Board
- Leighton Contractors Pty Ltd - Australia
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Mercator Lines Limited - India
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- Riau Bara Harum - Indonesia
- Australian Coal Association
- Bharathi Cement Corporation - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- Trasteel International SA, Italy
- Indo Tambangraya Megah - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
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