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Thursday, 12 June 14
CONSOLIDATION IS THE ' NAME OF THE GAME' WHEN IT COMES TO SHIPYARDS ACROSS ASIA - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
 Intense competition, a swelling of new greenfield shipyards over the past few years mainly in China, especially prior to the 2008 global financial crisis, coupled with the diminishing demand over the past few years prior to 2013-2014 period, means that many shipyards are facing “exstinction” if no course of action is undertaken. This means consolidation to improve economies of scale and increase competitiveness.
In its latest weekly report, shipbroker Intermodal noted that the recent takeover of Sasebo Heavy Industries by Namura Zosen, is a sign of things to come. According to Intermodal’s SnP broker, Mr. Tasos Papadopoulos, “this is the second consolidation move of its type in Japan; following the formation of Japan Marine United (JMU) through the merger of IHI Marine United and Universal Shipbuilding, which was set to turn two medium-sized Japanese shipbuilders into one of Japan’s major shipbuilding groups.
At the same time it is worth remembering one of last year’ failed attempts, when talks between Kawasaki Heavy Industries Ltd. And Mitsui Engineering & Shipbuilding Co. reached a stalemate. Despite setbacks like this, the Japanese government seems to be continuing to push its efforts to reduce the number of Japanese shipbuilders and in effect boosting the competitiveness of its industry against that of lower-cost rivals such as China and South Korea”, Papadopoulos noted.
He added that “China CSSC Holdings Limited is also planning to restructure its facilities and reduce the number of its affiliated shipyards; it is rumoured that mergers of four major shipyards are under firm discussions, Hudong-Zhounghua Shipbuilding with Shanghai Shipyard and Shanghai Waigaoqiao Shipbuilding (SWS) together with Jiangnan Shipyard. Market players consider that the merger would boost up CSSC, by curbing keen competition between companies under its wings for new business and orders, optimizing manpower and improving production efficiency”.
According to Intermodal’s broker, “based on the current orderbook, the hardest hit sector has been China’s privately owned small to medium sized shipyards whose market share have considerably declined and it seems realistic that some may soon exit. These “lower standard, lower tech’” shipyards are struggling to survive, with small shipyards like Bluesky and Jingang, amongst others, having already filed for bankruptcy, whilst shipbuilding operations have been suspended at many other private shipyards in China which are struggling with cash flow difficulties; worth reminding that Rongsheng Heavy Industries Group, a mega-sized private yard, has been close to collapse due to similar cash flow issues and has asked the government for a bail out since July of last year”.
Papadopoulos also noted that “considering the large number of shipbuilders in China, industry experts have predicted that for the industry to stabilize, 30 to 50 percent will probably have to shut down operations over the next five years. This is supported by Yangzijiang’s executive chairman Ren Yuanlin’s statement that “a third of the nation’s yards face the danger of closure in about five years after failing to win orders.” However, Xu Minle, an analyst at Bank of China International Ltd pointed out that “compared with shutting down of companies, mergers and acquisitions are less likely to cause social unrest.” It is obvious that shutting down shipyards is a hard choice for any government to make, while mergers and acquisitions are a “soft” alternative.
Yet as much as it would benefit the industry to have a decline in shipbuilding capacity through M&A, it is not always an easy task to bring the two parties together. Maybe as a shift from the past, this time around, governments will choose to use incentives to trim the excess fat from their shipbuilding industry, rather than trying to support them all through artificial government-backed ordering and subsidies. The shipping industry could do with less “Sanko Steamship orders” (pertaining to the order of 123 dry bulkers in 1982 rumoured to have been supported then by the Japanese government) and more “Japan Marine United” mergers”, he concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News
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Wednesday, 23 July 14
WEEKLY SHIPPING MARKET INSIGHT - INTERMODAL
In Australia, the world’s largest mining group, BHP Billiton, will beat the iron ore export target of more than 220 million tonnes for 2014. ...
Wednesday, 23 July 14
HARD COAL 2013: THE WORLD'S SECOND-MOST IMPORTANT ENERGY SOURCE AND GUARANTOR FOR THE SECURITY OF ENERGY SUPPLIES DURING TIMES OF CRISIS
Hard coal is again in 2013 the fastest-growing fossil primary energy source in the world. As shown in the BP Statistical Review 2014, it covered ab ...
Tuesday, 22 July 14
INDONESIAN ELECTION RESULT ENCOURAGING FOR FOREIGN INVESTMENT IN ENERGY AND MINING SECTORS - WOOD MACKENZIE
Joko Widodo-Jusuf Kalla has been announced as the official winner of Indonesia's presidential election. Joko Widodo, or Jokowi, is viewed as a ...
Tuesday, 22 July 14
THE CURRENT COAL PRICES ARE UNPROFITABLE FOR MINERS; COAL PRICES WILL GRADUALLY INCREASE - FITCH
COALspot.com: The Fitch Ratings expect the benchmark Newcastle coal prices (currently at about USD70/MT) to gradually increase.
Fitch's la ...
Tuesday, 22 July 14
SUB-BIT FOB INDONESIA COAL Q3' 14 DOWN 5.21%; Q4' 14 DOWN 3.56%; Q1' 15 DOWN 4.75% M-O-M
COALspot.com: Indonesian coal swaps for average Q3’ 2014 flat on day, weak week on week and on month according to AsiaClear OTC coal swap' ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Global Coal Blending Company Limited - Australia
- Economic Council, Georgia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Bharathi Cement Corporation - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coastal Gujarat Power Limited - India
- Kapuas Tunggal Persada - Indonesia
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Interocean Group of Companies - India
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- ICICI Bank Limited - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- New Zealand Coal & Carbon
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Mintek Dendrill Indonesia
- Sical Logistics Limited - India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- CNBM International Corporation - China
- Wood Mackenzie - Singapore
- Heidelberg Cement - Germany
- India Bulls Power Limited - India
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Indonesian Coal Mining Association
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- Altura Mining Limited, Indonesia
- MS Steel International - UAE
- Indo Tambangraya Megah - Indonesia
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- SN Aboitiz Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Electricity Generating Authority of Thailand
- Rashtriya Ispat Nigam Limited - India
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Eastern Coal Council - USA
- Electricity Authority, New Zealand
- Madhucon Powers Ltd - India
- Therma Luzon, Inc, Philippines
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Central Electricity Authority - India
- Deloitte Consulting - India
- Mjunction Services Limited - India
- Planning Commission, India
- Parliament of New Zealand
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Trasteel International SA, Italy
- Power Finance Corporation Ltd., India
- LBH Netherlands Bv - Netherlands
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Romanian Commodities Exchange
- Agrawal Coal Company - India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Ministry of Transport, Egypt
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Mercator Lines Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Australian Coal Association
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Star Paper Mills Limited - India
- Banpu Public Company Limited - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Australian Commodity Traders Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Thai Mozambique Logistica
- Savvy Resources Ltd - HongKong
- Kepco SPC Power Corporation, Philippines
- PTC India Limited - India
- Larsen & Toubro Limited - India
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Orica Mining Services - Indonesia
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- McConnell Dowell - Australia
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Grasim Industreis Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Marubeni Corporation - India
- SMG Consultants - Indonesia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Bhushan Steel Limited - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
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