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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, 03 November 16
THE INDEX BASED COAL SALES & PURCHASE STRATEGY MAKES MORE EFFICIENT, SAYS 55.17% END-USERS
Considering the current coal market condition, the Index based coal sales & purchase strategy make more efficient was deemed the winner by 57.0 ...
Thursday, 03 November 16
CAPESIZE: BRAZIL/CHINA RATES MOVED TO THE $11 PMT LEVEL; WEST AUSTRALIA/CHINA ROUTE MOVED UP CLOSE TO MID $5 PMT LEVEL - FEARNLEYS
Supramax
In the Atlantic we see a bit more activity than in the eastern hemisphere, says Fearnleys in its latest weekly report. Fhauls via Black ...
Wednesday, 02 November 16
SHIPPING MARKET INSIGHT
A week before the U.S. presidential election, everyone is eager to see the socio-political effects that the result of these elections will have. As ...
Wednesday, 02 November 16
SHIP OPERATING COSTS ARE EXPECTED TO RISE IN BOTH 2016 AND 2017 - MOORE STEPHENS
Vessel operating costs are expected to rise in both 2016 and 2017. Repairs and maintenance and spares are the cost categories which are likely to i ...
Tuesday, 01 November 16
PANAMAX : A FAIR AMOUNT OF SIDEWAYS SHIPPING IN RATES - ALLIED SHIPPING
Capesize
A very sluggish start to the week, with rates dropping considerably as all optimism seems to have evaporated over the weekend. According ...
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- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Planning Commission, India
- Gujarat Mineral Development Corp Ltd - India
- Therma Luzon, Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Singapore Mercantile Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Xindia Steels Limited - India
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- VISA Power Limited - India
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Sakthi Sugars Limited - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Metalloyd Limited - United Kingdom
- Trasteel International SA, Italy
- Central Electricity Authority - India
- CIMB Investment Bank - Malaysia
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Meralco Power Generation, Philippines
- Romanian Commodities Exchange
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Port Waratah Coal Services - Australia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Kapuas Tunggal Persada - Indonesia
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Aditya Birla Group - India
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Siam City Cement - Thailand
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Riau Bara Harum - Indonesia
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Green Power PLC Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Medco Energi Mining Internasional
- Indo Tambangraya Megah - Indonesia
- Indian Oil Corporation Limited
- Orica Australia Pty. Ltd.
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Iligan Light & Power Inc, Philippines
- Indika Energy - Indonesia
- Orica Mining Services - Indonesia
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Commonwealth Bank - Australia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Samtan Co., Ltd - South Korea
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Neyveli Lignite Corporation Ltd, - India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- OPG Power Generation Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- ICICI Bank Limited - India
- Marubeni Corporation - India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- GVK Power & Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Electricity Authority, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Aboitiz Power Corporation - Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Antam Resourcindo - Indonesia
- Krishnapatnam Port Company Ltd. - India
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- Kartika Selabumi Mining - Indonesia
- Latin American Coal - Colombia
- Australian Coal Association
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- New Zealand Coal & Carbon
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- PNOC Exploration Corporation - Philippines
- Oldendorff Carriers - Singapore
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Australian Commodity Traders Exchange
- Coalindo Energy - Indonesia
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