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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, 07 November 14
U.S. PRODUCED 85.60 MILLION SHORT TONS OF COAL IN OCTOBER, UP 2.88% M-O-M
COALspot.com – United States the world's one of the largest coal producers, produced approximately 19.0 million short tons (mmst) of coal ...
Thursday, 06 November 14
THE ATLANTIC HAS REMAINED STRONG WITH A HEALTHY SUPPLY OF NEW CARGOES
Handy
This week has continued its slow trend in both hemispheres and even though rates are a bit up w-o-w it is not a clear sign for any improvem ...
Wednesday, 05 November 14
CAPESIZE SEGMENT ENJOYED FIRMING RATES ACROSS BOTH BASINS
Following a fantastic week in terms of rate performance for Capes, the Dry Bulk market managed to note another positive weekly closing, which stron ...
Wednesday, 05 November 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
COALspot.com: The steep appreciation in dry bulker values between late 2012 and March 2014 resulted in unrealistically expensive ship values compar ...
Tuesday, 04 November 14
INDONESIAN COAL SWAPS FOR 2015 DELIVERIES SHOW A WEAK TREND
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week, the trend was same as las ...
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Merrill Lynch Commodities Europe
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Ambuja Cements Ltd - India
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- PTC India Limited - India
- Africa Commodities Group - South Africa
- Simpson Spence & Young - Indonesia
- Binh Thuan Hamico - Vietnam
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Offshore Bulk Terminal Pte Ltd, Singapore
- Maharashtra Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Lanco Infratech Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mintek Dendrill Indonesia
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Wilmar Investment Holdings
- Rashtriya Ispat Nigam Limited - India
- Anglo American - United Kingdom
- Latin American Coal - Colombia
- Jaiprakash Power Ventures ltd
- Oldendorff Carriers - Singapore
- Aboitiz Power Corporation - Philippines
- Ministry of Mines - Canada
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Carbofer General Trading SA - India
- Thiess Contractors Indonesia
- San Jose City I Power Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- White Energy Company Limited
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Larsen & Toubro Limited - India
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- Straits Asia Resources Limited - Singapore
- Mercator Lines Limited - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Meenaskhi Energy Private Limited - India
- Vedanta Resources Plc - India
- Gujarat Mineral Development Corp Ltd - India
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Baramulti Group, Indonesia
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Siam City Cement - Thailand
- The University of Queensland
- Parliament of New Zealand
- Sree Jayajothi Cements Limited - India
- Heidelberg Cement - Germany
- Dalmia Cement Bharat India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Savvy Resources Ltd - HongKong
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Central Electricity Authority - India
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- GMR Energy Limited - India
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- SMG Consultants - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Edison Trading Spa - Italy
- Bulk Trading Sa - Switzerland
- Tamil Nadu electricity Board
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Tata Chemicals Ltd - India
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Madhucon Powers Ltd - India
- Global Green Power PLC Corporation, Philippines
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Planning Commission, India
- Pipit Mutiara Jaya. PT, Indonesia
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Bangladesh Power Developement Board
- CIMB Investment Bank - Malaysia
- Manunggal Multi Energi - Indonesia
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
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