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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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Showing 56 to 60 news of total 6871 |
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- Posco Energy - South Korea
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Bhatia International Limited - India
- Thai Mozambique Logistica
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Maharashtra Electricity Regulatory Commission - India
- Anglo American - United Kingdom
- Lanco Infratech Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- SN Aboitiz Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- ICICI Bank Limited - India
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Tamil Nadu electricity Board
- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
- Indika Energy - Indonesia
- GVK Power & Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Sakthi Sugars Limited - India
- Australian Coal Association
- CNBM International Corporation - China
- Chamber of Mines of South Africa
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Baramulti Group, Indonesia
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Rio Tinto Coal - Australia
- Global Coal Blending Company Limited - Australia
- Xindia Steels Limited - India
- Therma Luzon, Inc, Philippines
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Videocon Industries ltd - India
- Power Finance Corporation Ltd., India
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- LBH Netherlands Bv - Netherlands
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- Deloitte Consulting - India
- Ambuja Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Central Java Power - Indonesia
- Bhoruka Overseas - Indonesia
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Mintek Dendrill Indonesia
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Mercator Lines Limited - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Madhucon Powers Ltd - India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Gujarat Sidhee Cement - India
- GMR Energy Limited - India
- Cement Manufacturers Association - India
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- CIMB Investment Bank - Malaysia
- Bangladesh Power Developement Board
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Krishnapatnam Port Company Ltd. - India
- Ministry of Mines - Canada
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Parliament of New Zealand
- Siam City Cement - Thailand
- Globalindo Alam Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Miang Besar Coal Terminal - Indonesia
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- Kartika Selabumi Mining - Indonesia
- Aditya Birla Group - India
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Semirara Mining and Power Corporation, Philippines
- The Treasury - Australian Government
- Cigading International Bulk Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Bulk Trading Sa - Switzerland
- Edison Trading Spa - Italy
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Indian Oil Corporation Limited
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Dalmia Cement Bharat India
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Eastern Coal Council - USA
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Timah Investasi Mineral - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- PTC India Limited - India
- Central Electricity Authority - India
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- The University of Queensland
- Star Paper Mills Limited - India
- Petron Corporation, Philippines
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