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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, 24 November 14
CHOPPY WATERS IN DRY BULK - SGX
COALspot.com: Dry bulk freight rates have experienced a sharp rise in volatility in recent weeks as bulk commodity supply has ramped up, said SGX i ...
Monday, 24 November 14
Q1 2015 FOB NEWCASTLE COAL SWAP CLOSED AT $ 52.73
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery closed at US$ 52.73 on 21 November after losing US$ 0.40 (-0.75%) month ove ...
Monday, 24 November 14
CFR SOUTH CHINA COAL: Q2' 15 COAL SWAPS CLOSED LOWER COMPARED TO Q1' 15 SWAPS
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 0.63 (-0.99%) month over month and US$ 0.12 (-0.19%) da ...
Sunday, 23 November 14
SPOT FREIGHT RATES IMPROVED SLIGHTLY OVER PREVIOUS WEEK
COALspot.com: The BDI was up 5.41 pct week on week and closed at 1,324 points on Friday. All the segments were up this week except Panamax index.&n ...
Sunday, 23 November 14
ITALY'S STEAM COAL IMPORTS TO DROP BY 11% IN 2014 - ASSOCARBONI
COALspot.com: Italy’s steam coal imports expected to drop to 16 million tons in 2014 (-11% compared to 2013); coking coal imports to plunge t ...
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- Standard Chartered Bank - UAE
- Kalimantan Lumbung Energi - Indonesia
- Bangladesh Power Developement Board
- The Treasury - Australian Government
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Siam City Cement PLC, Thailand
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Bukit Baiduri Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- GMR Energy Limited - India
- Kaltim Prima Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Tamil Nadu electricity Board
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Medco Energi Mining Internasional
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Edison Trading Spa - Italy
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Price Waterhouse Coopers - Russia
- Gujarat Sidhee Cement - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Ministry of Mines - Canada
- Singapore Mercantile Exchange
- Central Java Power - Indonesia
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Deloitte Consulting - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- Dalmia Cement Bharat India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Planning Commission, India
- Kohat Cement Company Ltd. - Pakistan
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Videocon Industries ltd - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Kapuas Tunggal Persada - Indonesia
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- New Zealand Coal & Carbon
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Borneo Indobara - Indonesia
- Kideco Jaya Agung - Indonesia
- LBH Netherlands Bv - Netherlands
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Parliament of New Zealand
- CNBM International Corporation - China
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- Posco Energy - South Korea
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Gujarat Mineral Development Corp Ltd - India
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Xindia Steels Limited - India
- International Coal Ventures Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- TeaM Sual Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Chamber of Mines of South Africa
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- TNB Fuel Sdn Bhd - Malaysia
- CIMB Investment Bank - Malaysia
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Georgia Ports Authority, United States
- PetroVietnam Power Coal Import and Supply Company
- Indian Oil Corporation Limited
- Bayan Resources Tbk. - Indonesia
- Essar Steel Hazira Ltd - India
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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