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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, 01 November 16
IMPROVEMENT ON THE DEMAND SIDE ONLY BUT THE SUPPLY SIDE IS WORSE OFF - BIMCO
Back in May, BIMCO disclosed a projected “road to recovery” for the dry bulk shipping industry. The main message back then on what the ...
Monday, 31 October 16
INDONESIAN 5000 GAR COAL ROSE 5.56% WEEK OVER WEEK - CS COAL INDEX
COALspot.com: The price for thermal coal has recovered substantially since April 2016. The China’s new policy on its domestic coal miners, th ...
Friday, 28 October 16
STEAM COAL IMPORTS: CHINA AND INDIA'S ROLE REVERSALS - BEN TRIMMEL
While a sharp decline in European imports is a key driver of the expected fall in steam coal trade this year, China and India remain leading actors ...
Friday, 28 October 16
U.S. WEEKLY COAL OUTPUT ROSE DURING THE WEEK ENDING OCTOBER 22 - EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.5 million short ton ...
Thursday, 27 October 16
73.08 PERCENT OF COAL PRODUCERS PREDICTED INDIA WILL NOT STOP COAL IMPORTS IN 2 TO 3 YEARS - POLL
COALspot released its weekly opinion poll "How likely do you think India will STOP thermal coal imports in 2-3 years?" this Monday.
...
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- Indika Energy - Indonesia
- London Commodity Brokers - England
- Kohat Cement Company Ltd. - Pakistan
- TeaM Sual Corporation - Philippines
- GVK Power & Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Romanian Commodities Exchange
- Maheswari Brothers Coal Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Madhucon Powers Ltd - India
- Orica Mining Services - Indonesia
- Chamber of Mines of South Africa
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Energy Development Corp, Philippines
- MS Steel International - UAE
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Kobexindo Tractors - Indoneisa
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Marubeni Corporation - India
- Planning Commission, India
- Minerals Council of Australia
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Banpu Public Company Limited - Thailand
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- VISA Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Siam City Cement - Thailand
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Kepco SPC Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Wood Mackenzie - Singapore
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- ASAPP Information Group - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- San Jose City I Power Corp, Philippines
- White Energy Company Limited
- Dalmia Cement Bharat India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Aboitiz Power Corporation - Philippines
- Aditya Birla Group - India
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- McConnell Dowell - Australia
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Toyota Tsusho Corporation, Japan
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Australian Coal Association
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- Jaiprakash Power Ventures ltd
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Energy Link Ltd, New Zealand
- Petron Corporation, Philippines
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Sakthi Sugars Limited - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mercuria Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Leighton Contractors Pty Ltd - Australia
- Sinarmas Energy and Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- India Bulls Power Limited - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Sarangani Energy Corporation, Philippines
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Indonesian Coal Mining Association
- PowerSource Philippines DevCo
- Therma Luzon, Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Standard Chartered Bank - UAE
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Thiess Contractors Indonesia
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