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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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Monday, 08 January 24
KOSPO TO BUY 80000 MT OF INDONESIAN LOW CALORIFIC VALUE COAL FOR FEB 2024
Korea Southern Power Co., Ltd. (KOSPO), is inviting bids for the supply of Indonesian Low Calorific Value Coal from qualified suppliers for Korean ...
Monday, 08 January 24
SEABORNE TRADE REACHES 12.4BN TONNES - CLARKSONS
China will establish a back-up coal production system by 2027 to stabilise prices and secure coal supply, the state planner said on Wednesday, even ...
Monday, 08 January 24
CAPESIZES START THE NEW YEAR ON POSITIVE NOTE - BALTIC EXCHANGE
Capesize
This week the capsize market has been marked by a mix of activities and challenges. Despite a slow start following the Christmas and N ...
Friday, 05 January 24
MORGAN STANLEY SEES LOWER OIL PRICES IN 2024 ON OVERSUPPLY CONCERNS - REUTERS
Morgan Stanley sees Brent crude prices anchored near $80 per barrel in the first half in 2024 before declining towards the end of the year as it ex ...
Friday, 05 January 24
INDIA'S COAL OUTPUT RISES NEARLY 11 PC IN DEC TO 92.87 MT - PTI
India’s coal production increased by 10.75 per cent to 92.87 million tonne in December 2023 as compared to the year-ago period, an official s ...
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- Bukit Asam (Persero) Tbk - Indonesia
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- The Treasury - Australian Government
- Petrochimia International Co. Ltd.- Taiwan
- Jindal Steel & Power Ltd - India
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- Electricity Authority, New Zealand
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Binh Thuan Hamico - Vietnam
- Kapuas Tunggal Persada - Indonesia
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Oldendorff Carriers - Singapore
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Bulk Trading Sa - Switzerland
- Indian Oil Corporation Limited
- Lanco Infratech Ltd - India
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Siam City Cement - Thailand
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Globalindo Alam Lestari - Indonesia
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- PTC India Limited - India
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Standard Chartered Bank - UAE
- Samtan Co., Ltd - South Korea
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Global Business Power Corporation, Philippines
- Madhucon Powers Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Cigading International Bulk Terminal - Indonesia
- White Energy Company Limited
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Kideco Jaya Agung - Indonesia
- Power Finance Corporation Ltd., India
- Bhoruka Overseas - Indonesia
- Indian Energy Exchange, India
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Maheswari Brothers Coal Limited - India
- Ambuja Cements Ltd - India
- Bhushan Steel Limited - India
- Georgia Ports Authority, United States
- CNBM International Corporation - China
- Africa Commodities Group - South Africa
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Coastal Gujarat Power Limited - India
- Salva Resources Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Price Waterhouse Coopers - Russia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Vedanta Resources Plc - India
- Gujarat Sidhee Cement - India
- European Bulk Services B.V. - Netherlands
- Australian Commodity Traders Exchange
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Global Coal Blending Company Limited - Australia
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Deloitte Consulting - India
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- India Bulls Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- GAC Shipping (India) Pvt Ltd
- PowerSource Philippines DevCo
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Latin American Coal - Colombia
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Sojitz Corporation - Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- McConnell Dowell - Australia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Orica Australia Pty. Ltd.
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Rio Tinto Coal - Australia
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Australian Coal Association
- Parry Sugars Refinery, India
- Economic Council, Georgia
- The University of Queensland
- Renaissance Capital - South Africa
- ASAPP Information Group - India
- Timah Investasi Mineral - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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