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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, 02 August 24
COAL MARKET DEVELOPMENTS: FALLING PRICES AMID RECORD-HIGH OUTPUT - WORLD BANK
Coal prices inched up in May (m/m) following an 8 percent decline in 2024Q1. The Australian and South African benchmarks have plummeted more ...
Friday, 26 July 24
FUELEU MARITME IS COMING. IS YOUR CHARTERPARTY READY? - GARD
With less than six months to implementation of FuelEU Maritime in EU and EEA trades, there has been little published advice regarding how to alloca ...
Thursday, 04 July 24
INDIA'S COAL PRODUCTION RISES 14% IN JUNE - PTI
The country’s coal production rose by 14.49% to 84.63 million tonne (MT) in June. The country’s coal output was 73.92 MT in June last f ...
Tuesday, 02 July 24
NTPC CAPTIVE COAL OUTPUT GROWS 15% IN Q1; DESPATCH RISES 17%
State-owned NTPC on Monday reported a 15 per cent year-on-year increase in the production of coal from captives mines to 9.862 metric million tonne ...
Friday, 28 June 24
KOSPO INVITED BIDS FOR 400,000 MT OF MINIMUM 4000 NCV COAL FOR FIVE YEARS
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for total 400,000 MT of Low Calorific Value Coal for 5 years starting from July 2024 until ...
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Showing 6 to 10 news of total 6871 |
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- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Orica Mining Services - Indonesia
- Essar Steel Hazira Ltd - India
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bhoruka Overseas - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Oldendorff Carriers - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Ceylon Electricity Board - Sri Lanka
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Electricity Generating Authority of Thailand
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Iligan Light & Power Inc, Philippines
- Siam City Cement - Thailand
- Manunggal Multi Energi - Indonesia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Borneo Indobara - Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Kapuas Tunggal Persada - Indonesia
- Independent Power Producers Association of India
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- ASAPP Information Group - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Chamber of Mines of South Africa
- Planning Commission, India
- Electricity Authority, New Zealand
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PTC India Limited - India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Interocean Group of Companies - India
- Jaiprakash Power Ventures ltd
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Pendopo Energi Batubara - Indonesia
- Africa Commodities Group - South Africa
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Bukit Baiduri Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Karaikal Port Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Antam Resourcindo - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Chettinad Cement Corporation Ltd - India
- Therma Luzon, Inc, Philippines
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Minerals Council of Australia
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Altura Mining Limited, Indonesia
- Trasteel International SA, Italy
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Directorate Of Revenue Intelligence - India
- Jindal Steel & Power Ltd - India
- Deloitte Consulting - India
- Krishnapatnam Port Company Ltd. - India
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- Thai Mozambique Logistica
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Bhatia International Limited - India
- Mercuria Energy - Indonesia
- San Jose City I Power Corp, Philippines
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Edison Trading Spa - Italy
- Latin American Coal - Colombia
- Bukit Asam (Persero) Tbk - Indonesia
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Bharathi Cement Corporation - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- MS Steel International - UAE
- Sical Logistics Limited - India
- Wood Mackenzie - Singapore
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- CNBM International Corporation - China
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Star Paper Mills Limited - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Oil Corporation Limited
- Aboitiz Power Corporation - Philippines
- Global Business Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- The Treasury - Australian Government
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
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