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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, 04 November 14
FOB NEWCASTLE COAL SWAPS GAINED WEEK OVER WEEK
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.09 (-1.99%) month over month and increased US$ 0.31 (+0.58% ...
Monday, 03 November 14
ADARO PRODUCED 41.90MT OF COAL FOR FIRST 9 MONTHS OF 2014
COALspot.com: Adaro’s coal production in the third quarter reached 14.03 Mt, a 2% increase compared to the same period of last year. Accordin ...
Monday, 03 November 14
CFR SOUTH CHINA COAL SWAP FOR Q4' 2014 DELIVERY LOST 2.80% MONTH OVER MONTH
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery has decreased US$ 1.86 (-2.80%) month over month and increased US$ 0.37 ( ...
Monday, 03 November 14
INDONESIAN'S COAL EXPORTS JUMP IN SEPTEMBER
COALspot.com: Indonesia, one of the world's largest coal producers and the global leading multi grade coal exporter shipped around $1.50 ...
Sunday, 02 November 14
CAPE INDEX WAS UP 46.65% WEEK ON WEEK
COALspot.com: The BDI and Cape index continued the strong upward trend this week. The BDI was up 19.80 pct and Cape index was up by 46.65 per ...
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- Georgia Ports Authority, United States
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- San Jose City I Power Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Tata Chemicals Ltd - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Electricity Generating Authority of Thailand
- Riau Bara Harum - Indonesia
- Kideco Jaya Agung - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Bukit Makmur.PT - Indonesia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- Altura Mining Limited, Indonesia
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Aboitiz Power Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Kepco SPC Power Corporation, Philippines
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Trasteel International SA, Italy
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- Heidelberg Cement - Germany
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Kumho Petrochemical, South Korea
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Essar Steel Hazira Ltd - India
- Bhatia International Limited - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- Grasim Industreis Ltd - India
- Binh Thuan Hamico - Vietnam
- Kartika Selabumi Mining - Indonesia
- Banpu Public Company Limited - Thailand
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Sakthi Sugars Limited - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Borneo Indobara - Indonesia
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Africa Commodities Group - South Africa
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Videocon Industries ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Pendopo Energi Batubara - Indonesia
- Simpson Spence & Young - Indonesia
- Bayan Resources Tbk. - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Medco Energi Mining Internasional
- Siam City Cement - Thailand
- Meralco Power Generation, Philippines
- Ambuja Cements Ltd - India
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Chettinad Cement Corporation Ltd - India
- Mjunction Services Limited - India
- Baramulti Group, Indonesia
- Minerals Council of Australia
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Mercuria Energy - Indonesia
- Uttam Galva Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Madhucon Powers Ltd - India
- Commonwealth Bank - Australia
- Sarangani Energy Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Malabar Cements Ltd - India
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Thai Mozambique Logistica
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Sojitz Corporation - Japan
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Renaissance Capital - South Africa
- Barasentosa Lestari - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Mercator Lines Limited - India
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Australian Coal Association
- The University of Queensland
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Singapore Mercantile Exchange
- SMC Global Power, Philippines
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- New Zealand Coal & Carbon
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Goldman Sachs - Singapore
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