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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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Saturday, 18 March 23
HEDGE TO OFFSET LNG VOLATILITY, TRADERS TOLD - BALTIC EXCHANGE
A shift in imports from Asia to Europe led to significant volatility in liquefied natural gas shipping last year, prompting industry experts to urg ...
Friday, 17 March 23
INDONESIAN COAL PRICE REFERENCE UP AROUND 2.17% IN MARCH 2023
COALspot.com: Indonesian Coal Price Reference up around 2.17% in March 2023.
According to the new HBA regulation No. 41.K/MB.0 ...
Saturday, 11 March 23
MARKET INSIGHT - INTERMODAL
Uncertainty over the recovery of Chinese demand, demand destruction in Europe, as well as weather conditions will pivot the LNG market this summer. ...
Wednesday, 08 March 23
INDONESIAN COAL REFERENCE PRICE FORMULA HAS OFFICIALLY CHANGED
Indonesian Minister of Energy and Mineral Resources has officially changed the guideline for determining the benchmark price for the sale of coal c ...
Thursday, 02 March 23
INDIA'S SEABORNE CRUDE OIL IMPORTS IN 2022 INCREASED BY 11.5% YOY - BANCHERO COSTA
2022 has turned out to be a very positive year for crude oil trade, despite the surging oil prices and risks of economic recession, Banchero Costa ...
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- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Eastern Energy - Thailand
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Posco Energy - South Korea
- White Energy Company Limited
- Wilmar Investment Holdings
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- Barasentosa Lestari - Indonesia
- Independent Power Producers Association of India
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Sarangani Energy Corporation, Philippines
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Ambuja Cements Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Indogreen Group - Indonesia
- Economic Council, Georgia
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- ASAPP Information Group - India
- Antam Resourcindo - Indonesia
- Thiess Contractors Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- Renaissance Capital - South Africa
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Ministry of Finance - Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Global Business Power Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Kalimantan Lumbung Energi - Indonesia
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Romanian Commodities Exchange
- GMR Energy Limited - India
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- McConnell Dowell - Australia
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Baramulti Group, Indonesia
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement PLC, Thailand
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Kumho Petrochemical, South Korea
- Indika Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Samtan Co., Ltd - South Korea
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Petron Corporation, Philippines
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Bhushan Steel Limited - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- London Commodity Brokers - England
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- VISA Power Limited - India
- Thai Mozambique Logistica
- Malabar Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Global Coal Blending Company Limited - Australia
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Meralco Power Generation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Mjunction Services Limited - India
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- SN Aboitiz Power Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Metalloyd Limited - United Kingdom
- Siam City Cement - Thailand
- MS Steel International - UAE
- The State Trading Corporation of India Ltd
- Australian Coal Association
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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