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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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Thursday, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
Wednesday, 26 October 16
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
If the finale of a thriller movie finds the leading actor successfully surviving after all the sacrifices he has made, the audience presumes this t ...
Tuesday, 25 October 16
INDONESIAN COAL PRICES MARCH HIGHER CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 24 October 16
KOMIPO INVITES BIDS FOR 0.78 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Monday, 24 October 16
U.S WEEKLY COAL PRODUCTION DECLINED 3.2% TO 16 MMST WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
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- IHS Mccloskey Coal Group - USA
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Billiton Holdings Pty Ltd - Australia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Maheswari Brothers Coal Limited - India
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Georgia Ports Authority, United States
- Larsen & Toubro Limited - India
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Gujarat Electricity Regulatory Commission - India
- Mjunction Services Limited - India
- Africa Commodities Group - South Africa
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- New Zealand Coal & Carbon
- Sical Logistics Limited - India
- Power Finance Corporation Ltd., India
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Sakthi Sugars Limited - India
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- ASAPP Information Group - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Deloitte Consulting - India
- Minerals Council of Australia
- Binh Thuan Hamico - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Interocean Group of Companies - India
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Kepco SPC Power Corporation, Philippines
- GMR Energy Limited - India
- The Treasury - Australian Government
- Lanco Infratech Ltd - India
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- Trasteel International SA, Italy
- Jaiprakash Power Ventures ltd
- Renaissance Capital - South Africa
- Directorate Of Revenue Intelligence - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vedanta Resources Plc - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Bhatia International Limited - India
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Malabar Cements Ltd - India
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Coalindo Energy - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Bulk Trading Sa - Switzerland
- Directorate General of MIneral and Coal - Indonesia
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Timah Investasi Mineral - Indoneisa
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Energy Development Corp, Philippines
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Aditya Birla Group - India
- Ambuja Cements Ltd - India
- Antam Resourcindo - Indonesia
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Independent Power Producers Association of India
- Siam City Cement - Thailand
- Chamber of Mines of South Africa
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- SMC Global Power, Philippines
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Indian Energy Exchange, India
- Planning Commission, India
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Oldendorff Carriers - Singapore
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Globalindo Alam Lestari - Indonesia
- Posco Energy - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Gujarat Sidhee Cement - India
- Sinarmas Energy and Mining - Indonesia
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
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