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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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Tuesday, 11 April 23
OIL RISES ON CHINA STIMULUS EXPECTATIONS, WEAKER DOLLAR - REUTERS
Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude sto ...
Sunday, 09 April 23
CHINA’S BUSINESS INCOME REBOUND POINTS TO IMPROVING ECONOMY: OFFICIAL - XINHUA
Chinese businesses have posted a strong rebound in sales revenue since the beginning of this year in the latest signal of an improving economy.
...
Sunday, 09 April 23
COAL INDIA TO BOOST SUPPLIES TO INDUSTRIES AS UTILITIES’ INVENTORIES RISE - REUTERS
Coal India Ltd will increase supplies to industries, the world’s largest coal miner said on Wednesday as fuel inventories at utilities run by ...
Thursday, 06 April 23
MARKET INSIGHT - INTERMODAL
LNG Current Supply/Demand Dynamics
This year, LNG supply will likely exceed demand, so prices will need to decline to levels that will encourag ...
Sunday, 26 March 23
EUROPE’S RUSH TO LNG COULD TURN INTO 'WORLD’S MOST EXPENSIVE AND UNNECESSARY INSURANCE POLICY'- CNBC
Europe’s rapid buildout of liquefied natural gas infrastructure is on track to far exceed demand by the end of the decade, according to new r ...
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Showing 111 to 115 news of total 6871 |
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- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Dalmia Cement Bharat India
- Bhatia International Limited - India
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- SN Aboitiz Power Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mjunction Services Limited - India
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- TNB Fuel Sdn Bhd - Malaysia
- Madhucon Powers Ltd - India
- Ministry of Mines - Canada
- Oldendorff Carriers - Singapore
- Pendopo Energi Batubara - Indonesia
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Jaiprakash Power Ventures ltd
- Riau Bara Harum - Indonesia
- Indo Tambangraya Megah - Indonesia
- Binh Thuan Hamico - Vietnam
- Australian Coal Association
- Independent Power Producers Association of India
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Bhushan Steel Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- South Luzon Thermal Energy Corporation
- VISA Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Eastern Energy - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Star Paper Mills Limited - India
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Jindal Steel & Power Ltd - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Kumho Petrochemical, South Korea
- Tata Chemicals Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- Essar Steel Hazira Ltd - India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- IEA Clean Coal Centre - UK
- Parliament of New Zealand
- Global Coal Blending Company Limited - Australia
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Kapuas Tunggal Persada - Indonesia
- PNOC Exploration Corporation - Philippines
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- GAC Shipping (India) Pvt Ltd
- Banpu Public Company Limited - Thailand
- Planning Commission, India
- PetroVietnam Power Coal Import and Supply Company
- The University of Queensland
- Cement Manufacturers Association - India
- GVK Power & Infra Limited - India
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Orica Mining Services - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- London Commodity Brokers - England
- Carbofer General Trading SA - India
- Bayan Resources Tbk. - Indonesia
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Standard Chartered Bank - UAE
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- Electricity Authority, New Zealand
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Grasim Industreis Ltd - India
- Indogreen Group - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Commonwealth Bank - Australia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Indian Oil Corporation Limited
- Intertek Mineral Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Siam City Cement - Thailand
- White Energy Company Limited
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- New Zealand Coal & Carbon
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Sakthi Sugars Limited - India
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Malabar Cements Ltd - India
- Sree Jayajothi Cements Limited - India
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Indika Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Jorong Barutama Greston.PT - Indonesia
- PTC India Limited - India
- Toyota Tsusho Corporation, Japan
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- Goldman Sachs - Singapore
- Bulk Trading Sa - Switzerland
- Australian Commodity Traders Exchange
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Sidhee Cement - India
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Coalindo Energy - Indonesia
- McConnell Dowell - Australia
- Bukit Baiduri Energy - Indonesia
- Videocon Industries ltd - India
- Baramulti Group, Indonesia
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Sarangani Energy Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
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