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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, 28 October 14
SGX'S FOB RICHARDS BAY COAL SWAP FOR DELIVERY Q1' 2015 CLOSED AT $ 68.07 ON 24 OCT
COALspot.com: API 4 FOB Richards Bay coal swap for Q4’ 2014 delivery decreased US$ 0.65 (-0.96%) month over month and increased US$ 1.79 (+2. ...
Tuesday, 28 October 14
SUB-BIT FOB INDONESIA COAL SWAP FOR Q1' 15 DELIVERY CLOSED 3.68% LOWER MONTH ON MONTH
COALspot.com: Indonesian coal swaps for delivery Q4' 2014 lost month on month and gained day on day and week on week.
The swap has lost US ...
Monday, 27 October 14
GOVT PROMISES TO EASE LICENSING PROCEDURES IN MINING SECTOR - THE JAKARTA POST
The Energy and Mineral Resources Ministry’s directorate general for mineral and coal plans to simplify the complicated licensing procedures i ...
Monday, 27 October 14
FOB NEWCASTLE COAL SWAP FOR Q1' 15 DELIVERY CLOSED $ 0.10 LESSER THAN Q4' 14 CLOSING OF $ 53.27 PMT
COALspot.com: API 5 FOB Newcastle Coal swap for Q4’ 2014 delivery decreased US$ 1.43 (-2.61%) month over month and increased US$ 0.05 (+0.09% ...
Monday, 27 October 14
CFR SOUTH CHINA COAL SWAPS PERFORMED POSITIVE THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q4’ 2014 delivery decreased US$ 1.68 (-2.55%) month over month and increased US$ 0.87 (+1.3 ...
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- GN Power Mariveles Coal Plant, Philippines
- Gujarat Sidhee Cement - India
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- Ministry of Finance - Indonesia
- Pendopo Energi Batubara - Indonesia
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Malabar Cements Ltd - India
- Medco Energi Mining Internasional
- Port Waratah Coal Services - Australia
- OPG Power Generation Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- LBH Netherlands Bv - Netherlands
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Vedanta Resources Plc - India
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Eastern Energy - Thailand
- Sojitz Corporation - Japan
- Africa Commodities Group - South Africa
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Ministry of Transport, Egypt
- Directorate General of MIneral and Coal - Indonesia
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- IHS Mccloskey Coal Group - USA
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Price Waterhouse Coopers - Russia
- ICICI Bank Limited - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- India Bulls Power Limited - India
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Cigading International Bulk Terminal - Indonesia
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Parliament of New Zealand
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- PowerSource Philippines DevCo
- Alfred C Toepfer International GmbH - Germany
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- ASAPP Information Group - India
- Sinarmas Energy and Mining - Indonesia
- MS Steel International - UAE
- Toyota Tsusho Corporation, Japan
- Wood Mackenzie - Singapore
- TeaM Sual Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Economic Council, Georgia
- CNBM International Corporation - China
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Sakthi Sugars Limited - India
- Jaiprakash Power Ventures ltd
- Anglo American - United Kingdom
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Xindia Steels Limited - India
- Mintek Dendrill Indonesia
- Planning Commission, India
- The State Trading Corporation of India Ltd
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- London Commodity Brokers - England
- Latin American Coal - Colombia
- Australian Coal Association
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Maheswari Brothers Coal Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
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