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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, 02 December 14
FOB RICHARDS BAY COAL SWAPS LOST MONTH OVER MONTH
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 lost month on month, week on week and day over day.
The Q1 swap has lost U ...
Tuesday, 02 December 14
SUB-BIT FOB INDONESIA COAL Q1' 15 DELIVERY SWAP CLOSED AT US$ 49.50
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$ 0.4 ...
Monday, 01 December 14
SGX'S FOB NEWCASTLE COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 52.50
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.50 on 28 November after losing US$ 1.20 (-2.23%) month ove ...
Monday, 01 December 14
Q2' 15 DELIVERY CFR SOUTH CHINA COAL SWAP CLOSED 0.42% LOWER THAN Q1' 15 DELIVERY CLOSING
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 2.45 (-3.78%) month over month and US$ 0.67 (-1.06%) we ...
Sunday, 30 November 14
SUPRAMAX COAL FREIGHT RATES FROM INDONESIA TO INDIA : FIRM
COALspot.com: The BDI fell 171 points and closed at 1153 points on Friday 28 November 2014. The Cape index also lost 887 points and closed at 2151 ...
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- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Marubeni Corporation - India
- Minerals Council of Australia
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Economic Council, Georgia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Bhushan Steel Limited - India
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Therma Luzon, Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Thai Mozambique Logistica
- Siam City Cement PLC, Thailand
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Cigading International Bulk Terminal - Indonesia
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Central Electricity Authority - India
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- VISA Power Limited - India
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Aboitiz Power Corporation - Philippines
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Alfred C Toepfer International GmbH - Germany
- GAC Shipping (India) Pvt Ltd
- Barasentosa Lestari - Indonesia
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Mercator Lines Limited - India
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- ICICI Bank Limited - India
- Coastal Gujarat Power Limited - India
- New Zealand Coal & Carbon
- Intertek Mineral Services - Indonesia
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- MS Steel International - UAE
- Coalindo Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Trasteel International SA, Italy
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Ind-Barath Power Infra Limited - India
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Tata Chemicals Ltd - India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Romanian Commodities Exchange
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Asmin Koalindo Tuhup - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- Mercuria Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Goldman Sachs - Singapore
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Dalmia Cement Bharat India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Independent Power Producers Association of India
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ambuja Cements Ltd - India
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Edison Trading Spa - Italy
- Parliament of New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tamil Nadu electricity Board
- Chettinad Cement Corporation Ltd - India
- Kobexindo Tractors - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Planning Commission, India
- Jaiprakash Power Ventures ltd
- Orica Australia Pty. Ltd.
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Indian Energy Exchange, India
- Lanco Infratech Ltd - India
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Formosa Plastics Group - Taiwan
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Savvy Resources Ltd - HongKong
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Global Business Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Uttam Galva Steels Limited - India
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