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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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Showing 36 to 40 news of total 6871 |
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- Economic Council, Georgia
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Sarangani Energy Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Edison Trading Spa - Italy
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Binh Thuan Hamico - Vietnam
- Cement Manufacturers Association - India
- The Treasury - Australian Government
- Central Electricity Authority - India
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Carbofer General Trading SA - India
- Mercuria Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Mintek Dendrill Indonesia
- Antam Resourcindo - Indonesia
- Wilmar Investment Holdings
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Interocean Group of Companies - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Renaissance Capital - South Africa
- Globalindo Alam Lestari - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Xindia Steels Limited - India
- Australian Coal Association
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Rio Tinto Coal - Australia
- Tamil Nadu electricity Board
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Bangladesh Power Developement Board
- MS Steel International - UAE
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Aboitiz Power Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- London Commodity Brokers - England
- Parliament of New Zealand
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- The State Trading Corporation of India Ltd
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Madhucon Powers Ltd - India
- Sree Jayajothi Cements Limited - India
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- TeaM Sual Corporation - Philippines
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Aditya Birla Group - India
- Coal and Oil Company - UAE
- Central Java Power - Indonesia
- Lanco Infratech Ltd - India
- VISA Power Limited - India
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Larsen & Toubro Limited - India
- Planning Commission, India
- IHS Mccloskey Coal Group - USA
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Videocon Industries ltd - India
- CNBM International Corporation - China
- Attock Cement Pakistan Limited
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Directorate General of MIneral and Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Thai Mozambique Logistica
- Oldendorff Carriers - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
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