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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, 05 December 14
CHINESE SPECIAL STEEL MAKERS' RISK PROFILES MORE RESILIENT - FITCH
Fitch Ratings says the risk profiles of Chinese makers of special steel, especially high-end products, are more like those of manufacturers and mor ...
Friday, 05 December 14
U.S. YEAR-TO-DATE COAL PRODUCTION REACHED AROUND 905 MMST - EIA
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19 million short tons (mmst) of coal i ...
Thursday, 04 December 14
CAPE MARKET IS DEVELOPING FROM BAD TO WORSE
Handy
The Atlantic market has been pretty stable and balanced this week, Fearnleys AS says in its latest weekly report.
The broker furt ...
Thursday, 04 December 14
DRY BULK MARKET; ANOTHER DISAPPOINTING WEEK
COALspot.com: For those who have been hoping to see alignment of freight direction across the Dry Bulk market, this must have been another disappoi ...
Wednesday, 03 December 14
PROGRESSING SMELTER PROJECTS IN INDONESIA
Press Release: Indonesia’s ban on ‘raw mineral export’ that was designed to encouraging downstream investment in mineral processi ...
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- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- New Zealand Coal & Carbon
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Deloitte Consulting - India
- Simpson Spence & Young - Indonesia
- Latin American Coal - Colombia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Sakthi Sugars Limited - India
- Electricity Generating Authority of Thailand
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- PowerSource Philippines DevCo
- Anglo American - United Kingdom
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Jindal Steel & Power Ltd - India
- Mercator Lines Limited - India
- London Commodity Brokers - England
- Ministry of Transport, Egypt
- Merrill Lynch Commodities Europe
- Indian Energy Exchange, India
- ASAPP Information Group - India
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Price Waterhouse Coopers - Russia
- Sinarmas Energy and Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Toyota Tsusho Corporation, Japan
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Directorate Of Revenue Intelligence - India
- Orica Australia Pty. Ltd.
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- The University of Queensland
- Power Finance Corporation Ltd., India
- Central Electricity Authority - India
- Minerals Council of Australia
- Parry Sugars Refinery, India
- Global Business Power Corporation, Philippines
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Interocean Group of Companies - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- Global Green Power PLC Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Eastern Coal Council - USA
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Electricity Authority, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Timah Investasi Mineral - Indoneisa
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Indonesian Coal Mining Association
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Eastern Energy - Thailand
- The Treasury - Australian Government
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Economic Council, Georgia
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Karaikal Port Pvt Ltd - India
- Bangladesh Power Developement Board
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Ministry of Mines - Canada
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Siam City Cement PLC, Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- SMG Consultants - Indonesia
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Aboitiz Power Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Edison Trading Spa - Italy
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Mercuria Energy - Indonesia
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- International Coal Ventures Pvt Ltd - India
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