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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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Sunday, 10 September 23
CHINA AUGUST COAL IMPORTS OF 44.3 MLN T HIT RECORD - REUTERS
China, the world’s top coal consumer, imported 44.3 million metric tons of the fuel last month, customs data showed, the highest amount in an ...
Tuesday, 22 August 23
CHINA'S COAL PRODUCTION LOGS STEADY GROWTH IN JANUARY-JULY: XINHUA
China’s output of raw coal went up 3.6 percent year on year in the first seven months of this year, official data showed.
The ...
Sunday, 13 August 23
THE COMMODITIES FEED: LNG SUPPLY RISKS LINGER - ING
Energy – OPEC sees deficit over remainder of 2023
Oil prices came under some pressure yesterday with ICE Brent settling a litt ...
Wednesday, 09 August 23
COAL TRADE TO RETURN TO 2019 LEVELS - BALTIC EXCHANGE
The International Energy Agency’s mid-year Coal Market Update for 2023 brings both positive and concerning news for the global coal industry. ...
Sunday, 23 July 23
ANALYSIS-INDIA'S COAL MINING BET STUMBLES AS WARY BANKS WEIGH RISING RISKS - REUTERS
India’s drive to ramp up coal output to meet growing energy demand is faltering due to banks’ reluctance to finance newly auctioned min ...
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- Meenaskhi Energy Private Limited - India
- Bhoruka Overseas - Indonesia
- Heidelberg Cement - Germany
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Essar Steel Hazira Ltd - India
- Orica Australia Pty. Ltd.
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Economic Council, Georgia
- Interocean Group of Companies - India
- Pendopo Energi Batubara - Indonesia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Carbofer General Trading SA - India
- Australian Coal Association
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Bukit Baiduri Energy - Indonesia
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Jorong Barutama Greston.PT - Indonesia
- Jindal Steel & Power Ltd - India
- ASAPP Information Group - India
- Wood Mackenzie - Singapore
- Altura Mining Limited, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- The University of Queensland
- Independent Power Producers Association of India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Planning Commission, India
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Videocon Industries ltd - India
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Merrill Lynch Commodities Europe
- ICICI Bank Limited - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- VISA Power Limited - India
- Global Business Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Anglo American - United Kingdom
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- International Coal Ventures Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Port Waratah Coal Services - Australia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- SN Aboitiz Power Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Bulk Trading Sa - Switzerland
- New Zealand Coal & Carbon
- Bharathi Cement Corporation - India
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Star Paper Mills Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Energy Link Ltd, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Timah Investasi Mineral - Indoneisa
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Eastern Energy - Thailand
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indika Energy - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Savvy Resources Ltd - HongKong
- Kapuas Tunggal Persada - Indonesia
- Chamber of Mines of South Africa
- San Jose City I Power Corp, Philippines
- Indonesian Coal Mining Association
- Antam Resourcindo - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Tata Chemicals Ltd - India
- TeaM Sual Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
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