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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, 14 November 14
MORE NATURAL GAS FROM RUSSIA TO HELP STABILISE CHINA PRICES - FITCH RATINGS
COALspot.com: Fitch Ratings has said possible additional natural gas supplies from Russia's OAO Gazprom to China via the Altai pipeline would h ...
Thursday, 13 November 14
SLOWER AND LOWER HAS BEEN THE TREND OF THE PANAMAX IN BOTH HEMISPHERES - FEARNLEYS
Handy
We are experiencing an oversupply of tonnage in the Atlantic which is out numbering the amount of cargoes, Fearnleys broker says in its lat ...
Thursday, 13 November 14
DRY BULK MARKET'S REBOUND HINGES ON IRON ORE OVERSUPPLY ISSUES MOVING FORWARD - HELLENIC SHIPPING NEWS
“One man’s benefit, is another man’s demise” is a phrase which can be used to describe today’s situation in the dry b ...
Thursday, 13 November 14
COAL MINISTER WANTS INDIA TO STOP COAL IMPORTS IN TWO OR THREE YEARS
COALspot.com: India to ramp up coal production to a billion tonnes by 2019 from its current level of 490 million tones. According to Power and Coal ...
Thursday, 13 November 14
MODERN DRY BULK SHIPS' PRICES START FIRMING UP - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
While the main story of the past few weeks has been the rebound of the dry bulk market, which has been a result of increased Chinese iron ore impor ...
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- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Lanco Infratech Ltd - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- IHS Mccloskey Coal Group - USA
- Alfred C Toepfer International GmbH - Germany
- Edison Trading Spa - Italy
- Antam Resourcindo - Indonesia
- Gujarat Sidhee Cement - India
- Baramulti Group, Indonesia
- PNOC Exploration Corporation - Philippines
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Vizag Seaport Private Limited - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Bhushan Steel Limited - India
- Intertek Mineral Services - Indonesia
- Indonesian Coal Mining Association
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- OPG Power Generation Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Aditya Birla Group - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Mercuria Energy - Indonesia
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Medco Energi Mining Internasional
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Heidelberg Cement - Germany
- Indian Oil Corporation Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Deloitte Consulting - India
- Metalloyd Limited - United Kingdom
- Mjunction Services Limited - India
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- The University of Queensland
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Ministry of Finance - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chamber of Mines of South Africa
- Trasteel International SA, Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Cement Manufacturers Association - India
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Africa Commodities Group - South Africa
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Wood Mackenzie - Singapore
- Planning Commission, India
- Latin American Coal - Colombia
- PowerSource Philippines DevCo
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Agrawal Coal Company - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Manunggal Multi Energi - Indonesia
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Australian Coal Association
- White Energy Company Limited
- PTC India Limited - India
- Indogreen Group - Indonesia
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
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