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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, 28 November 14
NEW BIMCO CLAUSE AIMS TO REDUCE SUPPLIERS' RELIANCE ON SHIP ARREST FOR CHARTERERS' UNPAID BUNKERS
KNOWLEDGE TO ELEVATE
Ship owners can, on occasion, find themselves in the invidious position of suffering unexpected loss of hire due to a tim ...
Friday, 28 November 14
JSW ENERGY AND GRM RESOURCES JOIN GLOBALCOAL
COALspot.com: globalCOAL® announced yesterday that two new Market Members have joined its online coal trading platform. According globaCOAL&rsq ...
Thursday, 27 November 14
MINING SERVICES TAX SPIKED BY 233% - BISNIS INDONESIA
COALspot.com: The Energy and Mineral Resources Department of Indonesia said the tax contribution from mining services sector in the 3rd Q 2014 ...
Thursday, 27 November 14
PANAMAX : EXPECTATION'S FOR A STRONG END OF YEAR RUSH, DISAPPEAR DAY BY DAY - FEARNLEYS
Handy
“We have experienced a firming market the last couple of weeks. More activity from cargo owners in the Atlantic and less available to ...
Wednesday, 26 November 14
OVERSUPPLY OF TONNAGE PUSHED PANAMAX SEGMENT DOWN FOR ANOTHER WEEK
COALspot.com: The Dry Bulk market managed to reverse its course from the week prior and with the sole exception of the Panamax segment, we witnesse ...
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- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Salva Resources Pvt Ltd - India
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Heidelberg Cement - Germany
- The Treasury - Australian Government
- Bulk Trading Sa - Switzerland
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Mjunction Services Limited - India
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wilmar Investment Holdings
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Simpson Spence & Young - Indonesia
- Samtan Co., Ltd - South Korea
- Agrawal Coal Company - India
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Kideco Jaya Agung - Indonesia
- Dalmia Cement Bharat India
- Mercuria Energy - Indonesia
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Pendopo Energi Batubara - Indonesia
- Wood Mackenzie - Singapore
- Coalindo Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Commonwealth Bank - Australia
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Ceylon Electricity Board - Sri Lanka
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Marubeni Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ind-Barath Power Infra Limited - India
- Chamber of Mines of South Africa
- The University of Queensland
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Economic Council, Georgia
- Parliament of New Zealand
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Australian Coal Association
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Edison Trading Spa - Italy
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Kaltim Prima Coal - Indonesia
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Star Paper Mills Limited - India
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Mercator Lines Limited - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Indian Energy Exchange, India
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Medco Energi Mining Internasional
- Minerals Council of Australia
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
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