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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, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- PNOC Exploration Corporation - Philippines
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Straits Asia Resources Limited - Singapore
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Planning Commission, India
- Singapore Mercantile Exchange
- Mercuria Energy - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Vedanta Resources Plc - India
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bhushan Steel Limited - India
- CNBM International Corporation - China
- Kepco SPC Power Corporation, Philippines
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Kapuas Tunggal Persada - Indonesia
- Agrawal Coal Company - India
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- Attock Cement Pakistan Limited
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Indogreen Group - Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Bulk Trading Sa - Switzerland
- Pipit Mutiara Jaya. PT, Indonesia
- Antam Resourcindo - Indonesia
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Uttam Galva Steels Limited - India
- Jaiprakash Power Ventures ltd
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- The University of Queensland
- Salva Resources Pvt Ltd - India
- MS Steel International - UAE
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Sree Jayajothi Cements Limited - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Lanco Infratech Ltd - India
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Minerals Council of Australia
- PTC India Limited - India
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Samtan Co., Ltd - South Korea
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- AsiaOL BioFuels Corp., Philippines
- Maharashtra Electricity Regulatory Commission - India
- Karaikal Port Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GMR Energy Limited - India
- ICICI Bank Limited - India
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Central Electricity Authority - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Anglo American - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- McConnell Dowell - Australia
- Indonesian Coal Mining Association
- Globalindo Alam Lestari - Indonesia
- Meralco Power Generation, Philippines
- ASAPP Information Group - India
- Bukit Makmur.PT - Indonesia
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Indika Energy - Indonesia
- SMG Consultants - Indonesia
- Mintek Dendrill Indonesia
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Carbofer General Trading SA - India
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Ind-Barath Power Infra Limited - India
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bhoruka Overseas - Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Indian Oil Corporation Limited
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- White Energy Company Limited
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Deloitte Consulting - India
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
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