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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, 26 February 23
MAWANI AND JEDDAH CHAMBER SIGN AN AGREEMENT TO BUILD INTEGRATED LOGISTICS PARK
Press Release: The Saudi Ports Authority (Mawani) and Jeddah Chamber of Commerce and Industry have today inked an agreement to set up an integrated ...
Saturday, 25 February 23
INDONESIA IS STILL BY FAR THE TOP SUPPLIER OF COAL TO CHINA - BANCHERO COSTA
After a slow start in the first quarter, global coal trade has really picked up pace last year, and is now fully back to pre-Covid levels, said ban ...
Wednesday, 22 February 23
MARKET INSIGHT - INTERMODAL
The short-term outlook of the global soybean market is currently pivoted by a combination of weather patterns that are affecting the harvest progre ...
Saturday, 18 February 23
OIL UNLIKELY TO BREAK ABOVE $100/BBL THIS YEAR, J.P.MORGAN SAYS –- REUTERS
Brent oil prices are unlikely to breach the $100 a barrel level this year, barring any significant geopolitical drivers, with OPEC+ potentially add ...
Saturday, 18 February 23
CHINA'S COAL PRICES FALL TO 1 YR-LOW, CLOUDING DEMAND AND IMPORT OUTLOOK - REUTERS
China’s thermal coal prices hit their lowest levels in a year this week on rising inventories as domestic mine production is recovering faste ...
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- Orica Australia Pty. Ltd.
- Commonwealth Bank - Australia
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Salva Resources Pvt Ltd - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- The Treasury - Australian Government
- The State Trading Corporation of India Ltd
- SMG Consultants - Indonesia
- White Energy Company Limited
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Meralco Power Generation, Philippines
- Gujarat Sidhee Cement - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Kepco SPC Power Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Marubeni Corporation - India
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Karbindo Abesyapradhi - Indoneisa
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Singapore Mercantile Exchange
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- Africa Commodities Group - South Africa
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Star Paper Mills Limited - India
- Semirara Mining and Power Corporation, Philippines
- PTC India Limited - India
- OPG Power Generation Pvt Ltd - India
- Interocean Group of Companies - India
- Economic Council, Georgia
- Minerals Council of Australia
- Manunggal Multi Energi - Indonesia
- Simpson Spence & Young - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Grasim Industreis Ltd - India
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Essar Steel Hazira Ltd - India
- Romanian Commodities Exchange
- GAC Shipping (India) Pvt Ltd
- Rashtriya Ispat Nigam Limited - India
- Toyota Tsusho Corporation, Japan
- Tata Chemicals Ltd - India
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Lanco Infratech Ltd - India
- Riau Bara Harum - Indonesia
- Trasteel International SA, Italy
- Australian Coal Association
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Sree Jayajothi Cements Limited - India
- Vizag Seaport Private Limited - India
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Bharathi Cement Corporation - India
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Sindya Power Generating Company Private Ltd
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
- SMC Global Power, Philippines
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Global Business Power Corporation, Philippines
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- GVK Power & Infra Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- AsiaOL BioFuels Corp., Philippines
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- San Jose City I Power Corp, Philippines
- Central Electricity Authority - India
- Planning Commission, India
- Standard Chartered Bank - UAE
- Indian Oil Corporation Limited
- Neyveli Lignite Corporation Ltd, - India
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Anglo American - United Kingdom
- Attock Cement Pakistan Limited
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- VISA Power Limited - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Vedanta Resources Plc - India
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