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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, 17 November 14
INDONESIAN COAL PRICE REFERENCE CONTINUES FREE FALL; SLUMPS TO 69-MONTH LOW
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia revised down the coal bench mark price once again in November. HBA for t ...
Monday, 17 November 14
API 5 FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED AT $ 52.75
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2015 delivery has decreased US$ 1.77 (-3.25%) month over month and US$ 0.02 (-0.04%) day ...
Monday, 17 November 14
SOUTH CHINA COAL SWAP SLIGHTLY INCREASED WEEK OVER WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 1.73 (-2.67%) month over month and US$ 0.10 (-0.16%) da ...
Sunday, 16 November 14
THE BDI LOST 12.59% WEEK ON WEEK; THE BCI LOST 19.95%
COALspot.com: The BDI fell 12.59 percent to 1256 point week on week on Friday 14 November. All the segments were also most down this week. The cape ...
Friday, 14 November 14
U.S. WEEKLY COAL OUTPUT SLIPS SLIGHTLY WEEK ENDING NOVEMBER 08
COALspot.com – United States the world's one of the largest coal producers, produced approximately 18.9 million short tons (mmst) of coal ...
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- Economic Council, Georgia
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Baramulti Group, Indonesia
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- The University of Queensland
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Indian Energy Exchange, India
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Riau Bara Harum - Indonesia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GMR Energy Limited - India
- Edison Trading Spa - Italy
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Chettinad Cement Corporation Ltd - India
- Sarangani Energy Corporation, Philippines
- Ministry of Finance - Indonesia
- VISA Power Limited - India
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Wilmar Investment Holdings
- Formosa Plastics Group - Taiwan
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- Renaissance Capital - South Africa
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Banpu Public Company Limited - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Cement Manufacturers Association - India
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Bhushan Steel Limited - India
- Samtan Co., Ltd - South Korea
- Bukit Makmur.PT - Indonesia
- Posco Energy - South Korea
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Tata Chemicals Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Billiton Holdings Pty Ltd - Australia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Parliament of New Zealand
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Australian Commodity Traders Exchange
- Bayan Resources Tbk. - Indonesia
- Toyota Tsusho Corporation, Japan
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- MS Steel International - UAE
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- South Luzon Thermal Energy Corporation
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Manunggal Multi Energi - Indonesia
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Standard Chartered Bank - UAE
- Indogreen Group - Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- PTC India Limited - India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Jaiprakash Power Ventures ltd
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Mintek Dendrill Indonesia
- Metalloyd Limited - United Kingdom
- Port Waratah Coal Services - Australia
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Anglo American - United Kingdom
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Parry Sugars Refinery, India
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Deloitte Consulting - India
- Indo Tambangraya Megah - Indonesia
- SMG Consultants - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Neyveli Lignite Corporation Ltd, - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Central Java Power - Indonesia
- Latin American Coal - Colombia
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