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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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Sunday, 20 July 14
THE FREIGHT MARKET CONTINUED ITS DOWNWARD TREND
COALspot.com: The market continued its downward trend this week as all segments were down compared to last week. The Cape and Panamax indices being ...
Friday, 18 July 14
3RD CHINA INTERNATIONAL SHALE GAS SUMMIT
Building on the massive success of the past 2 shale gas programs that has generated huge success by attracting 500+ industry players, and intrig ...
Friday, 18 July 14
US WEEKLY COAL PRODUCTION UP BY 1.4% TO 18.3 MMST
COALspot.com – United States the world's second largest coal producer, produced approximately 18.3 million short tons (mmst) of coal in a ...
Thursday, 17 July 14
PANAMAX : MARKET HAS COOLED DOWN AGAIN TO LOW AND DEPRESSED LEVELS
Handy
The supra market remains pretty flat in the Atlantic while for the smaller sizes there has been little reported with ships chasing business ...
Thursday, 17 July 14
INDIAN GOVERNMENT WISE TO TAKE ADVANTAGE OF CURRENTLY LOW THERMAL COAL PRICES AND SHIPPING RATES - JEFFREY LANDSBERG
With thermal coal import prices (and also shipping rates) very low at present, India's government would be very wise to take advantage of curre ...
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- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Energy Link Ltd, New Zealand
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Karbindo Abesyapradhi - Indoneisa
- Australian Coal Association
- Essar Steel Hazira Ltd - India
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Rio Tinto Coal - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Tata Chemicals Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- VISA Power Limited - India
- Anglo American - United Kingdom
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Ministry of Mines - Canada
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Bukit Makmur.PT - Indonesia
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Banpu Public Company Limited - Thailand
- Carbofer General Trading SA - India
- Bhatia International Limited - India
- Cement Manufacturers Association - India
- Karaikal Port Pvt Ltd - India
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Therma Luzon, Inc, Philippines
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Simpson Spence & Young - Indonesia
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Africa Commodities Group - South Africa
- Coastal Gujarat Power Limited - India
- Posco Energy - South Korea
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Energy Development Corp, Philippines
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Straits Asia Resources Limited - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Kumho Petrochemical, South Korea
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Independent Power Producers Association of India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Asmin Koalindo Tuhup - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Riau Bara Harum - Indonesia
- IHS Mccloskey Coal Group - USA
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Interocean Group of Companies - India
- Romanian Commodities Exchange
- Meenaskhi Energy Private Limited - India
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Grasim Industreis Ltd - India
- Parliament of New Zealand
- Thai Mozambique Logistica
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Chettinad Cement Corporation Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Petron Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Makarim & Taira - Indonesia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Ambuja Cements Ltd - India
- Sojitz Corporation - Japan
- Kobexindo Tractors - Indoneisa
- Sree Jayajothi Cements Limited - India
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- White Energy Company Limited
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Semirara Mining and Power Corporation, Philippines
- Wood Mackenzie - Singapore
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Mintek Dendrill Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Kohat Cement Company Ltd. - Pakistan
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- GAC Shipping (India) Pvt Ltd
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- The Treasury - Australian Government
- Barasentosa Lestari - Indonesia
- Siam City Cement PLC, Thailand
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Coal and Oil Company - UAE
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- Ceylon Electricity Board - Sri Lanka
- Bayan Resources Tbk. - Indonesia
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- PowerSource Philippines DevCo
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
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