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Tuesday, 25 October 16
THINGS ARE SLOWLY STARTING TO IMPROVE AS CORRECTIONS ARE MADE - ALLIED
 It seems as though left, right and centre, all we see nowadays is the word “restructuring”.
There is restructuring amongst bankers and financiers of shipping. There is restructuring amongst commodity traders. There is restructuring amongst shipbuilders. There is restructuring amongst ship owners. There is even restructuring of the fleet, said George Lazaridis
In his weekly report.
According to George Lazaridis, Head of Market Research & Asset Valuations of Allied Ship broking, It has certainly been the case that there were many issues in the market that needed to be “corrected” and as earnings dipped across all market sectors the urgency of these corrections increased. The reality is that earnings across all parts of the shipping industry have been under strain for over 5 year now, but as things got more difficult there was little that was being done to purge the issues, while in some cases the over exuberance held by many in the industry led them to take further steps which would inevitably cause further issues down the line.
The broker further said, taking the case of the shipbuilding industry for one and looking at what the IMF recently pointed out while discussing the restructuring burden that S. Korea would have to face now, it is clear that in part it was commercial decisions being made on the part of shipbuilders that led them to such high corporate debt problems and problematic cash flows.
Had it not been for the excessive push for ever bigger operations and more shipbuilding contracts and we would not be facing such a massive glut in supply today. In retrospect the approach that Japanese shipbuilders took to restructure, consolidate and optimize shipbuilding operations proved to be the right decision, while trying to take this approach today is a lot harder than it would have been had it been done 2-4 years earlier. This is not only an isolated case present only in S. Korea alone. Similar points can be made about the Chinese shipbuilding industry, as well as other parts of the shipping industry.
The Allied broker further noted, for one there are numerous voices out there that throw blame on the ship financing sector and granted that in part it was both the ease by which financing continued to be provide to a select few in the market and the direction it took, but equally to blame were those who took up the option without safeguarding their interests and calculating the increased risk they put themselves into.
According to the Greece-based shipbroker, In terms of direction this financing took, the issue was as to how much of this was being pushed over towards new buildings on the grounds that new designs were more competitive and newer units were less risky options for the financier. This would inevitably mean that we were always overshooting what demand would dictate we needed to have. Let’s not forget that most who placed these new “ECO” ships were doing so while saying that these new ships would push the older designs out of the market and make them obsolete.
The Allied said that the restructuring which is now being undertaken may well have been overdue, but nevertheless it has not come too late.
The Allied concluded that things are slowly starting to improve as corrections are made. Shipbuilding capacity has decreased and will likely continue to decrease over the coming months. The orderbook has also dropped rapidly, while ship supply has been kept fairly well balanced in most sectors and segments. There has been a considerable amount of debt from ship owners that has been restructured and refinanced while it has also encompassed a more realistic approach to the risks at hand. All these might not sound as much today as they tend to be the consequence of the poor decisions made in the past, but one needs to keep in mind that they must also be seen as the kick-off that will inevitably lead us onwards on to the next boom.
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Friday, 06 September 24
REBOUND IN OIL DEMAND COULD LIFT MARKET IN LATTER HALF OF 2024 - BIMCO
Supply/demand
Based on a strong second half demand, the supply/balance is forecast to strengthen in 2024 but weaken slightly in 2025 as n ...
Friday, 06 September 24
GLOBAL SEABORNE LNG TRADE HAS CONTINUED TO INCREASE LAST YEAR - BANCHERO COSTA
Global seaborne LNG trade has continued to increase last year, helped also by the events in Ukraine which forced Europe to diversify away from Russ ...
Wednesday, 28 August 24
SEABORNE COAL IMPORTS INTO INDIA INCREASED BY +9.9% Y-O-Y TO 146.6 MLN T - BANCHERO COSTA
Global coal trade has really picked up pace over the past year, and is now fully back to pre-Covid levels said Banchero Costa Research in its lates ...
Tuesday, 06 August 24
EXERCISE CAUTION WITH AMMONIA SWITCH - BALTIC EXCHANGE
A new study from the Massachusetts Institute of Technology (MIT) has thrown a spanner into the plan to transition ships from diesel fuel to ammonia ...
Friday, 02 August 24
ENERGY MARKET DEVELOPMENTS: COAL AND NATURAL GAS PRICES REACH RECORD HIGHS - WORLD BANK
The recent surge in natural gas and coal prices has been so swift that the main benchmarks were roughly three times higher in 2022Q2 compared to a ...
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- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Bayan Resources Tbk. - Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Africa Commodities Group - South Africa
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Sical Logistics Limited - India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Price Waterhouse Coopers - Russia
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Attock Cement Pakistan Limited
- Petrochimia International Co. Ltd.- Taiwan
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Sree Jayajothi Cements Limited - India
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Tata Chemicals Ltd - India
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Manunggal Multi Energi - Indonesia
- Renaissance Capital - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- Holcim Trading Pte Ltd - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- IEA Clean Coal Centre - UK
- VISA Power Limited - India
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- The University of Queensland
- Goldman Sachs - Singapore
- Edison Trading Spa - Italy
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- The Treasury - Australian Government
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Planning Commission, India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Alfred C Toepfer International GmbH - Germany
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Makarim & Taira - Indonesia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Central Electricity Authority - India
- Antam Resourcindo - Indonesia
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Independent Power Producers Association of India
- Directorate General of MIneral and Coal - Indonesia
- Kepco SPC Power Corporation, Philippines
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Romanian Commodities Exchange
- PNOC Exploration Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Vijayanagar Sugar Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Banpu Public Company Limited - Thailand
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Ambuja Cements Ltd - India
- Bhoruka Overseas - Indonesia
- Bhatia International Limited - India
- Madhucon Powers Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- Australian Coal Association
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Therma Luzon, Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Petron Corporation, Philippines
- Rio Tinto Coal - Australia
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ind-Barath Power Infra Limited - India
- Kumho Petrochemical, South Korea
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Riau Bara Harum - Indonesia
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- SN Aboitiz Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Dalmia Cement Bharat India
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