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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, 13 February 24
WHAT IS THE OUTLOOK FOR THE NATURAL GAS SPOT PRICE IN 2024 AND 2025? EIA
We expect the U.S. benchmark Henry Hub natural gas spot price to average higher in 2024 and 2025 than in 2023, but to remain lower than $3.00 per m ...
Monday, 12 February 24
US THERMAL COAL EXPORTS HIT 5-YEAR HIGHS AND TOP $5 BLN IN 2023 - REUTERS
United States exporters of thermal coal earned more than $5 billion in 2023 as they shipped out more than 32.5 million metric tons of the high-poll ...
Tuesday, 06 February 24
NEW E-FUELS PROJECT TO MAKE INTERNATIONAL SHIPPING CLIMATE-NEUTRAL - RINA
Transport and trade on the ocean blue must be made much greener. This is the goal of the new €17 million European GAMMA project, where compani ...
Tuesday, 06 February 24
INDIA SEES ANNUAL COAL OUTPUT UP 10.9% IN 2024/25 - REUTERS
India expects domestic coal output to increase by 10.9% to 1.13 billion metric tons in the fiscal year ending March 2025, a senior government offic ...
Tuesday, 06 February 24
INDIA'S COAL PRODUCTION INCREASES BY 10.3% TO 99.73 MILLION TONNE IN JANUARY - PTI
The country’s coal output rose 10.3 per cent to 99.73 Million Tonne (MT) in January, over the same month in the previous fiscal.
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Showing 36 to 40 news of total 6871 |
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- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Australian Coal Association
- Planning Commission, India
- TeaM Sual Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Maheswari Brothers Coal Limited - India
- Trasteel International SA, Italy
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Orica Mining Services - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Coastal Gujarat Power Limited - India
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Anglo American - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Heidelberg Cement - Germany
- Straits Asia Resources Limited - Singapore
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Banpu Public Company Limited - Thailand
- Malabar Cements Ltd - India
- Renaissance Capital - South Africa
- Electricity Generating Authority of Thailand
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- IEA Clean Coal Centre - UK
- CNBM International Corporation - China
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- Interocean Group of Companies - India
- Attock Cement Pakistan Limited
- Independent Power Producers Association of India
- Economic Council, Georgia
- Madhucon Powers Ltd - India
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Baramulti Group, Indonesia
- Goldman Sachs - Singapore
- PetroVietnam Power Coal Import and Supply Company
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Semirara Mining Corp, Philippines
- Thai Mozambique Logistica
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- European Bulk Services B.V. - Netherlands
- Videocon Industries ltd - India
- Kepco SPC Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Minerals Council of Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Altura Mining Limited, Indonesia
- Gujarat Sidhee Cement - India
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- Indian Energy Exchange, India
- Samtan Co., Ltd - South Korea
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Indonesian Coal Mining Association
- Bukit Baiduri Energy - Indonesia
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Uttam Galva Steels Limited - India
- Rio Tinto Coal - Australia
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement PLC, Thailand
- Kapuas Tunggal Persada - Indonesia
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- GVK Power & Infra Limited - India
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Sojitz Corporation - Japan
- Formosa Plastics Group - Taiwan
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- South Luzon Thermal Energy Corporation
- SMC Global Power, Philippines
- Meenaskhi Energy Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Port Waratah Coal Services - Australia
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Bangladesh Power Developement Board
- Aboitiz Power Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Ceylon Electricity Board - Sri Lanka
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Toyota Tsusho Corporation, Japan
- Chamber of Mines of South Africa
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- PTC India Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- The University of Queensland
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Intertek Mineral Services - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Latin American Coal - Colombia
- Grasim Industreis Ltd - India
- Ambuja Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Indo Tambangraya Megah - Indonesia
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