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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, 09 July 14
PANAMAX MARKET FINALLY CORRECTING UPWARDS; AVERAGE TC MORE THAN DOUBLING WEEK ON WEEK - INTERMODAL
The Dry Bulk market has closed off on Friday on a more positive note, with most segments noting weekly gains and the Panamax market finally correct ...
Wednesday, 09 July 14
SHIPPING MARKET INSIGHT - PANOS TSILINGIRIS
The mini-boom in dry bulker values catapulted ship prices too fast too far over the last one-and-a-half year. The concurrence of historically low p ...
Tuesday, 08 July 14
INDONESIAN COAL PRICE REFERENCE FALL AGAIN IN JULY; LOST 1.62%
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia again revised down the coal bench mark price in July. HBA for month of J ...
Tuesday, 08 July 14
ENERGY IN THE MIX - INTERMODAL SHIPBROKERS
With the Tanker freight market having showed much promise this year compared to the performance that had been noted during the previous five, it is ...
Monday, 07 July 14
INDONESIA STATE-CONTROLLED COAL MINER BUKIT ASAM TO TRADE COAL ON-LINE THROUGH JFX
COALspot.com: Indonesian state owned coal miner PT Tambang Batubara Bukit Asam Tbk (PTBA) has teamed up with Jakarta Futures Exchange (JFX) to sell ...
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- Kumho Petrochemical, South Korea
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Oldendorff Carriers - Singapore
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Parry Sugars Refinery, India
- SMG Consultants - Indonesia
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Makarim & Taira - Indonesia
- Indian Energy Exchange, India
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- MS Steel International - UAE
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Romanian Commodities Exchange
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Kobexindo Tractors - Indoneisa
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- PTC India Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Kohat Cement Company Ltd. - Pakistan
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Attock Cement Pakistan Limited
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- Sojitz Corporation - Japan
- Mintek Dendrill Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- AsiaOL BioFuels Corp., Philippines
- Dalmia Cement Bharat India
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Eastern Energy - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Salva Resources Pvt Ltd - India
- India Bulls Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Chettinad Cement Corporation Ltd - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- VISA Power Limited - India
- Ministry of Transport, Egypt
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- TeaM Sual Corporation - Philippines
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Iligan Light & Power Inc, Philippines
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jorong Barutama Greston.PT - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Finance - Indonesia
- London Commodity Brokers - England
- Sree Jayajothi Cements Limited - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Xindia Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Independent Power Producers Association of India
- Bhushan Steel Limited - India
- Toyota Tsusho Corporation, Japan
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Videocon Industries ltd - India
- Central Electricity Authority - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Wood Mackenzie - Singapore
- Mercuria Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Meralco Power Generation, Philippines
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- CNBM International Corporation - China
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Electricity Generating Authority of Thailand
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Orica Australia Pty. Ltd.
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Heidelberg Cement - Germany
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Deloitte Consulting - India
- Indogreen Group - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Vizag Seaport Private Limited - India
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Alfred C Toepfer International GmbH - Germany
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Tata Chemicals Ltd - India
- Bharathi Cement Corporation - India
- Anglo American - United Kingdom
- Australian Coal Association
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Krishnapatnam Port Company Ltd. - India
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