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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, 27 October 16
PANAMAX: FIRM ATLANTIC; TOPPISH PACIFIC - FEARNLEYS
Supramax
The trend from last week is passed on. ECSA still strong with Supras from N Brazil to Med fixed at $9,000 to $9,500 daily.
Accordin ...
Wednesday, 26 October 16
SHIPPING MARKET INSIGHT - KONSTANTINOS KONTOMICHIS
If the finale of a thriller movie finds the leading actor successfully surviving after all the sacrifices he has made, the audience presumes this t ...
Tuesday, 25 October 16
INDONESIAN COAL PRICES MARCH HIGHER CONTINUES
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing and it is expected to rally at l ...
Monday, 24 October 16
KOMIPO INVITES BIDS FOR 0.78 MILLION TONS OF BITUMINOUS COAL
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 780,000 Metric Tons of Bituminous Coal for its B ...
Monday, 24 October 16
U.S WEEKLY COAL PRODUCTION DECLINED 3.2% TO 16 MMST WEEK OVER WEEK
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
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- Orica Mining Services - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Siam City Cement - Thailand
- Eastern Coal Council - USA
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Sical Logistics Limited - India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Posco Energy - South Korea
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- PowerSource Philippines DevCo
- CIMB Investment Bank - Malaysia
- Sindya Power Generating Company Private Ltd
- Altura Mining Limited, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Central Electricity Authority - India
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Mintek Dendrill Indonesia
- Holcim Trading Pte Ltd - Singapore
- Madhucon Powers Ltd - India
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Siam City Cement PLC, Thailand
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Energy Link Ltd, New Zealand
- Standard Chartered Bank - UAE
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Tata Chemicals Ltd - India
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Bharathi Cement Corporation - India
- SMG Consultants - Indonesia
- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Meralco Power Generation, Philippines
- Central Java Power - Indonesia
- Global Green Power PLC Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Sidhee Cement - India
- Videocon Industries ltd - India
- The Treasury - Australian Government
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Eastern Energy - Thailand
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Kaltim Prima Coal - Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Commonwealth Bank - Australia
- Independent Power Producers Association of India
- Economic Council, Georgia
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- Vijayanagar Sugar Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- VISA Power Limited - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Global Business Power Corporation, Philippines
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Deloitte Consulting - India
- OPG Power Generation Pvt Ltd - India
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Parliament of New Zealand
- Agrawal Coal Company - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- ICICI Bank Limited - India
- Salva Resources Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- MS Steel International - UAE
- Port Waratah Coal Services - Australia
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Vizag Seaport Private Limited - India
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- London Commodity Brokers - England
- Star Paper Mills Limited - India
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Kumho Petrochemical, South Korea
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- GMR Energy Limited - India
- Mercuria Energy - Indonesia
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- India Bulls Power Limited - India
- Cigading International Bulk Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- New Zealand Coal & Carbon
- Maharashtra Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Thiess Contractors Indonesia
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