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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, 18 November 14
VALEMAX DEAL TO DETERMINE DRY BULK MARKET'S FATE - DREWRY MARITIME RESEARCH
Vale’s accord to sell and lease four Valemax vessels to COSCO might have negative repercussions on dry bulk freight rates. Vale has committed ...
Tuesday, 18 November 14
SUB-BIT FOB INDONESIA COAL SWAP DELIVERY Q2' 2015 CLOSED AT $ 49.55; DOWN 4.10% M-O-M
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, gained week on week and day on day.
The Q1 swap has lost US ...
Tuesday, 18 November 14
FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT $ 66.31; UP 1.33% W-O-W
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has gained US$ 0.27 (+0.41%) month over month and US$ 0.87 (+1.33%) week ...
Tuesday, 18 November 14
CHEAP OIL PRICES COULD RESHAPE GLOBAL OIL EXPORTING MAP - HELLENIC SHIPPING
Tanker owners have enjoyed a rather healthy 2014, but as the year draws to a close, the fall of oil prices is bound to reshape traditional, as well ...
Monday, 17 November 14
SKULD ISSUES URGENT NOTICE ON BANKRUPTCY OF OW BUNKER A/S
Further to the Association’s advices of 7 November 2014, more information has come to light with respect to the potential impact and scale of ...
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- MS Steel International - UAE
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- PTC India Limited - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Bharathi Cement Corporation - India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Pendopo Energi Batubara - Indonesia
- Medco Energi Mining Internasional
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- ASAPP Information Group - India
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- Petron Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Tata Chemicals Ltd - India
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Binh Thuan Hamico - Vietnam
- The University of Queensland
- Mjunction Services Limited - India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Carbofer General Trading SA - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Metalloyd Limited - United Kingdom
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Deloitte Consulting - India
- Thai Mozambique Logistica
- Mercuria Energy - Indonesia
- Vizag Seaport Private Limited - India
- Simpson Spence & Young - Indonesia
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Meenaskhi Energy Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Coastal Gujarat Power Limited - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Coal and Oil Company - UAE
- Cement Manufacturers Association - India
- Bahari Cakrawala Sebuku - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Indonesian Coal Mining Association
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Port Waratah Coal Services - Australia
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Semirara Mining and Power Corporation, Philippines
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- White Energy Company Limited
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Economic Council, Georgia
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Heidelberg Cement - Germany
- Coalindo Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Sakthi Sugars Limited - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- SMG Consultants - Indonesia
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Bhushan Steel Limited - India
- Energy Development Corp, Philippines
- Xindia Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- San Jose City I Power Corp, Philippines
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Holcim Trading Pte Ltd - Singapore
- Global Green Power PLC Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GVK Power & Infra Limited - India
- Ind-Barath Power Infra Limited - India
- IEA Clean Coal Centre - UK
- Singapore Mercantile Exchange
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Electricity Generating Authority of Thailand
- Maharashtra Electricity Regulatory Commission - India
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