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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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Wednesday, 31 January 24
CHINA'S INNER MONGOLIA COAL OUTPUT HIT 1.21B TONS IN 2023 - XINHUA
North China’s Inner Mongolia autonomous region churned out 1.21 billion tons of coal in 2023 as it strives to guarantee the country’s e ...
Wednesday, 31 January 24
GAS EXPORTS COST U.S. CONSUMERS MORE THAN $100 BILLION OVER 16-MONTH PERIOD - IEEFA
Limited Demand Growth Could Dampen the Dry Bulk Market in the Coming Months BIMCOStarting in late 2021—before its invasion of Ukraine—R ...
Tuesday, 30 January 24
LIMITED DEMAND GROWTH COULD DAMPEN THE DRY BULK MARKET IN THE COMING MONTHS - BIMCO
Demand
In our base scenario, we expect cargo demand to grow by 0-1% in 2024 and 0.5-1.5% in 2025. This is a 0.5 percentage point reduction for ...
Friday, 26 January 24
RED SEA DIVERSIONS ADD NEARLY A MILLION DOLLARS PER VOYAGE TO SHIPPING COSTS WHILE DOUBLING TRANSIT TIME - LSEG
The incremental costs of diverting a tanker from Asia to NW Europe via the Cape of Good Hope is accounting for an extra $932,905 USD per voyage whi ...
Friday, 26 January 24
HARD COAL GUARDIAN ANGEL OF THE ENERGY SUPPLY - GERMANY COAL IMPORTERS ASSOCIATION
- No security of supply without hard coal
- The Substitute Power Plant Provision Act (EKBG) must be extended
- Higher grid fees due to the ...
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Showing 46 to 50 news of total 6871 |
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- AsiaOL BioFuels Corp., Philippines
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Deloitte Consulting - India
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Bukit Asam (Persero) Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- PNOC Exploration Corporation - Philippines
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Chamber of Mines of South Africa
- Kohat Cement Company Ltd. - Pakistan
- Tata Chemicals Ltd - India
- Aditya Birla Group - India
- Sree Jayajothi Cements Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Heidelberg Cement - Germany
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Metalloyd Limited - United Kingdom
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- MS Steel International - UAE
- Ministry of Mines - Canada
- Therma Luzon, Inc, Philippines
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Lanco Infratech Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- Coastal Gujarat Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Karbindo Abesyapradhi - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Sakthi Sugars Limited - India
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- Formosa Plastics Group - Taiwan
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Alfred C Toepfer International GmbH - Germany
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Ind-Barath Power Infra Limited - India
- Commonwealth Bank - Australia
- Bayan Resources Tbk. - Indonesia
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Asmin Koalindo Tuhup - Indonesia
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Indo Tambangraya Megah - Indonesia
- Orica Australia Pty. Ltd.
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Kobexindo Tractors - Indoneisa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Central Electricity Authority - India
- Electricity Authority, New Zealand
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- SN Aboitiz Power Inc, Philippines
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Jindal Steel & Power Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- CIMB Investment Bank - Malaysia
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Bulk Trading Sa - Switzerland
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Global Business Power Corporation, Philippines
- Tamil Nadu electricity Board
- Anglo American - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Cement Manufacturers Association - India
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Indian Energy Exchange, India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Transport, Egypt
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Semirara Mining Corp, Philippines
- Barasentosa Lestari - Indonesia
- ASAPP Information Group - India
- VISA Power Limited - India
- Uttam Galva Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Mercuria Energy - Indonesia
- Planning Commission, India
- Parry Sugars Refinery, India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Australian Coal Association
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
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