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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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Thursday, 09 November 23
GREEK AND CHINESE COMPANIES OWN 34% OF THE GLOBAL FLEET’S CARGO CAPACITY - BIMCO
“The global fleet of cargo carrying ships consists of around 61,000 ships with a deadweight capacity of about 2,200 million tonnes. The ships ...
Monday, 23 October 23
CHINA SEPT COAL OUTPUT HITS SIX-MONTH HIGH ON RISING POWER DEMAND - REUTERS
China’s September coal output rose 0.4% from August to the highest level since March, official data showed on Wednesday, on rising power dema ...
Monday, 23 October 23
INDIA COAL INVENTORIES DROP AT FASTEST PACE IN TWO YEARS, BOOSTING IMPORTS - REUTERS
Coal inventories at Indian power plants in the first half of October fell at their fastest rate in two years, an analysis of government data showed ...
Tuesday, 19 September 23
LNG SHIPPING STOCKS: THE ASIAN GROWTH UP-INDICES
Last week, the UP World LNG Shipping Index (UPI) gained 3.81 points or 2.51%, closing at 155.85 points. This index tracks the performance of LNG sh ...
Sunday, 10 September 23
GOLDMAN SACHS PREDICTS OIL PRICE TO HIT $100 ON OPEC CUTS - YAHOO FINANCE
Oil supply cuts by Saudi Arabia and Russia could lead to Brent crude jumping as high as $107 a barrel in 2024, Goldman Sachs Commodities Research h ...
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Showing 81 to 85 news of total 6871 |
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- Tata Chemicals Ltd - India
- Binh Thuan Hamico - Vietnam
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Antam Resourcindo - Indonesia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Bharathi Cement Corporation - India
- Timah Investasi Mineral - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Altura Mining Limited, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Neyveli Lignite Corporation Ltd, - India
- Agrawal Coal Company - India
- Bahari Cakrawala Sebuku - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PowerSource Philippines DevCo
- Directorate Of Revenue Intelligence - India
- Rio Tinto Coal - Australia
- Grasim Industreis Ltd - India
- Semirara Mining and Power Corporation, Philippines
- GMR Energy Limited - India
- Heidelberg Cement - Germany
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Bayan Resources Tbk. - Indonesia
- Bhatia International Limited - India
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhushan Steel Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Petron Corporation, Philippines
- Commonwealth Bank - Australia
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Kobexindo Tractors - Indoneisa
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Indian Energy Exchange, India
- Eastern Coal Council - USA
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- SMC Global Power, Philippines
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Sojitz Corporation - Japan
- Ministry of Finance - Indonesia
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Tamil Nadu electricity Board
- The University of Queensland
- Electricity Authority, New Zealand
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Standard Chartered Bank - UAE
- Leighton Contractors Pty Ltd - Australia
- ICICI Bank Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Essar Steel Hazira Ltd - India
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- PNOC Exploration Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Larsen & Toubro Limited - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
- Karbindo Abesyapradhi - Indoneisa
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Sical Logistics Limited - India
- Kapuas Tunggal Persada - Indonesia
- Australian Coal Association
- Orica Mining Services - Indonesia
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- Riau Bara Harum - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Maheswari Brothers Coal Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Anglo American - United Kingdom
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- International Coal Ventures Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Vizag Seaport Private Limited - India
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Central Electricity Authority - India
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