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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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- GAC Shipping (India) Pvt Ltd
- Marubeni Corporation - India
- CNBM International Corporation - China
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Vizag Seaport Private Limited - India
- Edison Trading Spa - Italy
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Kapuas Tunggal Persada - Indonesia
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GVK Power & Infra Limited - India
- Sojitz Corporation - Japan
- Metalloyd Limited - United Kingdom
- Bhoruka Overseas - Indonesia
- London Commodity Brokers - England
- Kartika Selabumi Mining - Indonesia
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Electricity Authority, New Zealand
- Kideco Jaya Agung - Indonesia
- Grasim Industreis Ltd - India
- GMR Energy Limited - India
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Merrill Lynch Commodities Europe
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- IHS Mccloskey Coal Group - USA
- Indogreen Group - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Salva Resources Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Oldendorff Carriers - Singapore
- Power Finance Corporation Ltd., India
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
- Cement Manufacturers Association - India
- Directorate Of Revenue Intelligence - India
- Economic Council, Georgia
- Agrawal Coal Company - India
- Gujarat Mineral Development Corp Ltd - India
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Binh Thuan Hamico - Vietnam
- ICICI Bank Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- Indian Oil Corporation Limited
- White Energy Company Limited
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Independent Power Producers Association of India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Mintek Dendrill Indonesia
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- GN Power Mariveles Coal Plant, Philippines
- Rio Tinto Coal - Australia
- SN Aboitiz Power Inc, Philippines
- Jaiprakash Power Ventures ltd
- Price Waterhouse Coopers - Russia
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Karaikal Port Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Sindya Power Generating Company Private Ltd
- Alfred C Toepfer International GmbH - Germany
- Parry Sugars Refinery, India
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Goldman Sachs - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Globalindo Alam Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Ind-Barath Power Infra Limited - India
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Planning Commission, India
- Commonwealth Bank - Australia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Global Green Power PLC Corporation, Philippines
- Coal and Oil Company - UAE
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Georgia Ports Authority, United States
- Heidelberg Cement - Germany
- Semirara Mining and Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Larsen & Toubro Limited - India
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Bukit Asam (Persero) Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Bhushan Steel Limited - India
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Australian Coal Association
- PowerSource Philippines DevCo
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Anglo American - United Kingdom
- Central Java Power - Indonesia
- Videocon Industries ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Borneo Indobara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Kumho Petrochemical, South Korea
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
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