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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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Friday, 23 February 24
STRONG OUTLOOK FOR THE TANKER MARKET IN 2024 AND BEYOND - DNV
Several factors have aligned over the past two years to create a robust and profitable market for tanker owners, which is expected to drive newbuil ...
Friday, 23 February 24
AUSTRALIAN COAL FLOWS TO ASIA HOVER ABOVE LAST YEAR’S VOLUME TONNES - SIGNAL GROUP
In the final days of February, the dry bulk freight market appeared to maintain a relatively stable momentum, particularly evident in the large ves ...
Friday, 23 February 24
RUSSIAN COAL SHIPMENTS FALL 14% AS SANCTIONS BITE - BIMCO
During the first seven weeks of 2024, Russian coal shipments have fallen 14% y/y. Volumes have gradually declined since October 2023 when logistica ...
Thursday, 22 February 24
BIMCO PUBLISHES SHIP FINANCING FORMS TO ENSURE UNINTERRUPTED USE OF SHIPS
BIMCO has published two standard Quiet Enjoyment Letters (QELs), the first standard form QELs available to the industry, to offer a tool that can e ...
Monday, 19 February 24
METALS INVESTMENT: THE DARKEST HOUR IS JUST BEFORE THE DAWN - WOOD MACKENZIE
Things often seem at their worst just before they get better. In terms of meeting our net zero 2050 scenario, we’ve reached a watershed momen ...
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Showing 31 to 35 news of total 6871 |
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- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Ministry of Finance - Indonesia
- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- San Jose City I Power Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Straits Asia Resources Limited - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Riau Bara Harum - Indonesia
- Sical Logistics Limited - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- Parliament of New Zealand
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Malabar Cements Ltd - India
- Goldman Sachs - Singapore
- PTC India Limited - India
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- White Energy Company Limited
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Heidelberg Cement - Germany
- Cigading International Bulk Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Essar Steel Hazira Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Gujarat Electricity Regulatory Commission - India
- Sree Jayajothi Cements Limited - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Minerals Council of Australia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Indian Oil Corporation Limited
- Tamil Nadu electricity Board
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- Independent Power Producers Association of India
- Bharathi Cement Corporation - India
- Merrill Lynch Commodities Europe
- Australian Coal Association
- Intertek Mineral Services - Indonesia
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- South Luzon Thermal Energy Corporation
- Agrawal Coal Company - India
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Barasentosa Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- SMG Consultants - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Altura Mining Limited, Indonesia
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Miang Besar Coal Terminal - Indonesia
- Singapore Mercantile Exchange
- Binh Thuan Hamico - Vietnam
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- London Commodity Brokers - England
- Anglo American - United Kingdom
- Eastern Energy - Thailand
- Ministry of Mines - Canada
- Kaltim Prima Coal - Indonesia
- Power Finance Corporation Ltd., India
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Attock Cement Pakistan Limited
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Electricity Generating Authority of Thailand
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- CIMB Investment Bank - Malaysia
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Globalindo Alam Lestari - Indonesia
- Carbofer General Trading SA - India
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Vizag Seaport Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Star Paper Mills Limited - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Ministry of Transport, Egypt
- Bahari Cakrawala Sebuku - Indonesia
- PowerSource Philippines DevCo
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Bhoruka Overseas - Indonesia
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Vijayanagar Sugar Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Lanco Infratech Ltd - India
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
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