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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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Friday, 04 July 14
US: WEEKLY COAL PRODUCTION SLIGHTLY UP W-O-W
COALspot.com – United States the world's second largest coal producer, produced approximately 19.4 million short tons (mmst) of coa ...
Friday, 04 July 14
PARAM MITRA COAL RESOURCES SECURES US$ 7.5M INVESTMENT FROM TEMBUSU PARTNERS
Param Mitra Coal Resources Pte Ltd (“PMCR”), which owns two operating coal mines in Indonesia, has secured from Singapore private equit ...
Thursday, 03 July 14
BUMI TRANSFERS 19% OF KPC STAKE VALUED AT US$ 950 MILLION TO CIC
COALspot.com: PT. Bumi Resources announces that 19% of its holdings in Kaltim Prima Coal (KPC), valued at US$ 950 million, has been transferred to ...
Thursday, 03 July 14
PANAMAX : IN THE ATLANTIC, OWNERS ARE WILLING TO FIX AT ABOUT $2.5K PER DAY - FEARNEYS
Handy
In its latest weekly report, shipbroker Fearneys noted that, this week seems to have been more of a wait and see game between owners and ch ...
Wednesday, 02 July 14
NEWMONT FILES FOR INTERNATIONAL ARBITRATION ON ORE EXPORT BAN - THE JAKARTA POST
PT Newmont Nusa Tenggara (NNT), a subsidiary of United States-based Newmont Corporation, has filed for international arbitration against the govern ...
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- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- White Energy Company Limited
- Kepco SPC Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Kumho Petrochemical, South Korea
- The University of Queensland
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Siam City Cement - Thailand
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Mintek Dendrill Indonesia
- Samtan Co., Ltd - South Korea
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- TNB Fuel Sdn Bhd - Malaysia
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Tamil Nadu electricity Board
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Meenaskhi Energy Private Limited - India
- San Jose City I Power Corp, Philippines
- Orica Australia Pty. Ltd.
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- ICICI Bank Limited - India
- IEA Clean Coal Centre - UK
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- Grasim Industreis Ltd - India
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Savvy Resources Ltd - HongKong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Indonesian Coal Mining Association
- Karbindo Abesyapradhi - Indoneisa
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Sakthi Sugars Limited - India
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Jaiprakash Power Ventures ltd
- Wood Mackenzie - Singapore
- Gujarat Sidhee Cement - India
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Wilmar Investment Holdings
- Ministry of Transport, Egypt
- Kobexindo Tractors - Indoneisa
- Gujarat Mineral Development Corp Ltd - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Sical Logistics Limited - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Price Waterhouse Coopers - Russia
- Ind-Barath Power Infra Limited - India
- Kartika Selabumi Mining - Indonesia
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Medco Energi Mining Internasional
- SMC Global Power, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Central Java Power - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- Metalloyd Limited - United Kingdom
- Interocean Group of Companies - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Vedanta Resources Plc - India
- Power Finance Corporation Ltd., India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Renaissance Capital - South Africa
- Malabar Cements Ltd - India
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- Heidelberg Cement - Germany
- Tata Chemicals Ltd - India
- CIMB Investment Bank - Malaysia
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Indian Energy Exchange, India
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Marubeni Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Singapore Mercantile Exchange
- IHS Mccloskey Coal Group - USA
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ministry of Finance - Indonesia
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- The Treasury - Australian Government
- Kaltim Prima Coal - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- Therma Luzon, Inc, Philippines
- Star Paper Mills Limited - India
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Minerals Council of Australia
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- TeaM Sual Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
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