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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, 08 December 14
GOVERMENT TO WITHDRAW CNC STATUS OVER SUSPECTED FLAWS - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to review the clean and clear (CnC) status held by ...
Monday, 08 December 14
FOB NEWCASTLE COAL SWAPS SLIP W-O-W AND M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.10 on 5 December after losing US$ 0.55 (-1.04%) month over ...
Sunday, 07 December 14
SUPRAMAX S8 ROUTE SLIGHTLY INCREASED WEEK ON WEEK
COALspot.com: The BDI continued its fall as cape index fell heavily week on week.
The BDI lost around14.83 pct within last five working day an ...
Saturday, 06 December 14
TANKER FLOATING STORAGE PLAYS COULD COME INTO PLAY IF VLCC RATES STAY AT CURRENT LEVEL - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Contango: A phenomenon in commodities futures price curves where the delivery price of a futures contract is greater than the current price. With t ...
Saturday, 06 December 14
MUNDRA PORT MAKES HISTORY BY HANDLING THE LARGEST BULK CARRIER TO CALL ON WEST COAST OF INDIA
COALspot.com: Adani Ports & SEZ Ltd, India’s largest port developer and part of Adani Group, yesterday said its Mundra Port successf ...
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- ICICI Bank Limited - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- VISA Power Limited - India
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- PTC India Limited - India
- Indonesian Coal Mining Association
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Vijayanagar Sugar Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Goldman Sachs - Singapore
- Chettinad Cement Corporation Ltd - India
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Merrill Lynch Commodities Europe
- Bukit Makmur.PT - Indonesia
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Orica Mining Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Sojitz Corporation - Japan
- Timah Investasi Mineral - Indoneisa
- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Aditya Birla Group - India
- South Luzon Thermal Energy Corporation
- Renaissance Capital - South Africa
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- PowerSource Philippines DevCo
- Africa Commodities Group - South Africa
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Latin American Coal - Colombia
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Asam (Persero) Tbk - Indonesia
- The University of Queensland
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Mercuria Energy - Indonesia
- Parry Sugars Refinery, India
- Indo Tambangraya Megah - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Madhucon Powers Ltd - India
- Deloitte Consulting - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Baramulti Group, Indonesia
- Bayan Resources Tbk. - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Trasteel International SA, Italy
- PNOC Exploration Corporation - Philippines
- Malabar Cements Ltd - India
- Australian Coal Association
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Price Waterhouse Coopers - Russia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Agrawal Coal Company - India
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Parliament of New Zealand
- Standard Chartered Bank - UAE
- Cement Manufacturers Association - India
- Oldendorff Carriers - Singapore
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- Power Finance Corporation Ltd., India
- Chamber of Mines of South Africa
- Savvy Resources Ltd - HongKong
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- London Commodity Brokers - England
- Krishnapatnam Port Company Ltd. - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Sree Jayajothi Cements Limited - India
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