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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, 10 November 14
Q4' 15 FOB INDONESIA COAL SWAP CLOSED LOWER THAN Q1' 15 CLOSING PRICE OF US$ 49.58 ON LAST FRIDAY
COALspot.com: Indonesian coal swaps for delivery Q1' 2015 lost month on month, week on week and day on day.
The Q1 swap has lost just US$ ...
Monday, 10 November 14
SGX'S API 4 FOB RICHARDS BAY COAL SWAP FOR Q1' 2015 DELIVERY CLOSED AT US$ 65.44 ON 7 NOV, LOST 4.08% M-O-M
COALspot.com: API 4 FOB Richards Bay Coal swap for Q1’ 2015 delivery has decreased US$ 2.78 (-4.08%) month over month and US$ 1.41 (-2.11%) w ...
Monday, 10 November 14
MOZAMBIQUE SIGNED CONTRACT WITH ETA STAR OF UAE FOR OPEN CAST COAL MINE IN TETE - AIM
- ETA Star to build slurry pipeline over the 600 kilometers to Beira in Mozambique to transport coal.
- The viability studies show the presence o ...
Monday, 10 November 14
YEAR 2015 CFR SOUTH CHINA COAL SWAP SHOWS A WEAK TREND THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2015 delivery has decreased US$ 3.74 (-5.63%) month over month and US$ 2.19 (+3.37%) we ...
Sunday, 09 November 14
CAPE INDEX UP 3.06%; PANAMAX INDEX FELL 4.05%
COALspot.com: The BDI was almost at same levels compared to last week closing or just increased 0.77 pct from last week. The BDI was closed at 1437 ...
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- London Commodity Brokers - England
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Siam City Cement - Thailand
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Anglo American - United Kingdom
- Economic Council, Georgia
- Standard Chartered Bank - UAE
- Wilmar Investment Holdings
- IEA Clean Coal Centre - UK
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- San Jose City I Power Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Maheswari Brothers Coal Limited - India
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Interocean Group of Companies - India
- Tamil Nadu electricity Board
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Kepco SPC Power Corporation, Philippines
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- Latin American Coal - Colombia
- Altura Mining Limited, Indonesia
- Kumho Petrochemical, South Korea
- Marubeni Corporation - India
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Vedanta Resources Plc - India
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Ministry of Finance - Indonesia
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- Indian Oil Corporation Limited
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Makarim & Taira - Indonesia
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Chettinad Cement Corporation Ltd - India
- Grasim Industreis Ltd - India
- The University of Queensland
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Sakthi Sugars Limited - India
- Global Green Power PLC Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Globalindo Alam Lestari - Indonesia
- Lanco Infratech Ltd - India
- Wood Mackenzie - Singapore
- Bhatia International Limited - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Independent Power Producers Association of India
- Holcim Trading Pte Ltd - Singapore
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Price Waterhouse Coopers - Russia
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Timah Investasi Mineral - Indoneisa
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- The Treasury - Australian Government
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Attock Cement Pakistan Limited
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Binh Thuan Hamico - Vietnam
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Central Java Power - Indonesia
- GMR Energy Limited - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- VISA Power Limited - India
- PTC India Limited - India
- Medco Energi Mining Internasional
- Trasteel International SA, Italy
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Sical Logistics Limited - India
- Bayan Resources Tbk. - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Rashtriya Ispat Nigam Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Billiton Holdings Pty Ltd - Australia
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Electricity Authority, New Zealand
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- South Luzon Thermal Energy Corporation
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- MS Steel International - UAE
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Simpson Spence & Young - Indonesia
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