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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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Wednesday, 26 November 14
SHIPPING MARKET INSIGHT - EVA TZIMA
The tanker market has been enjoying some good returns lately. Ok, that may be a big understatement, but with all the ups and downs of the past year ...
Tuesday, 25 November 14
FISCAL BREAKEVEN OIL PRICES SHOW SOVEREIGN VULNERABILITY - FITCH
COALspot.com: The vulnerability of the sovereign credit profiles of net oil exporters, as shown by their fiscal breakeven oil prices, suggests that ...
Tuesday, 25 November 14
UK: TRIBUNAL RULES ON SPEED AND PERFORMANCE CLAIMS UNDER TWO CONSECUTIVE TIME CHARTERPARTIES - REED SMITH
KNOWLEDGE TO ELEVATE
“Owners not to be responsible if the vessel under the currency of this charter party stays at port or anchorage or ...
Tuesday, 25 November 14
FOB RICHARDS BAY COAL SWAP FOR Q4' 15 DELIVERY CLOSED AT US$ 68.20
COALspot.com: API 4 FOB Richards Bay Coal for delivery Q1' 2015 gained month on month, week on week and day over day.
The Q1 swap has gain ...
Tuesday, 25 November 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q2' 15 DELIVERY CLOSED AT $ 49.55
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week.
The Q1 swap has lost US$ 0.12 (-0.24%) ...
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- Bhushan Steel Limited - India
- Kepco SPC Power Corporation, Philippines
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Kaltim Prima Coal - Indonesia
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sical Logistics Limited - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- MS Steel International - UAE
- SMG Consultants - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Globalindo Alam Lestari - Indonesia
- Indian Oil Corporation Limited
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kartika Selabumi Mining - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Thiess Contractors Indonesia
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Borneo Indobara - Indonesia
- Wilmar Investment Holdings
- Iligan Light & Power Inc, Philippines
- Sakthi Sugars Limited - India
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Manunggal Multi Energi - Indonesia
- Indian Energy Exchange, India
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Semirara Mining and Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Romanian Commodities Exchange
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Singapore Mercantile Exchange
- GMR Energy Limited - India
- Eastern Coal Council - USA
- Sarangani Energy Corporation, Philippines
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Goldman Sachs - Singapore
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Coal and Oil Company - UAE
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Central Electricity Authority - India
- VISA Power Limited - India
- The State Trading Corporation of India Ltd
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Toyota Tsusho Corporation, Japan
- Latin American Coal - Colombia
- Edison Trading Spa - Italy
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Minerals Council of Australia
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Standard Chartered Bank - UAE
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Videocon Industries ltd - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Planning Commission, India
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Aboitiz Power Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sindya Power Generating Company Private Ltd
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Uttam Galva Steels Limited - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Rashtriya Ispat Nigam Limited - India
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