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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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Monday, 30 June 14
WEEKLY CFR SOUTH CHINA COAL SWAPS DECLINE CONTINUES; Q1'15 LOST US$ 4.55 PMT IN A WEEK
COALspot.com: API 8 CFR South China Coal swap for delivery in Q3 fell US$ 5.25 month on month on Friday, dipping under $69 a tone. The CFR South Ch ...
Monday, 30 June 14
INDO - INDIA FREIGHT RATES CONTINUE TO WEAK
COALspot.com: The latest dry Index shows that average all-in spot freight declined, the Panamax and Supramax slipping by 9.11 percent and 4% respec ...
Friday, 27 June 14
DRY BULK MARKET STILL LOOKING FOR UPSIDE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept up its lacklustre performance during the past week, as evidenced by the course of the Baltic Dry Index (BDI). The BDI ...
Thursday, 26 June 14
PANAMAX : A PACIFIC ROUND PAYS AROUND US$ 3K DAILY - FEARNLEYS AS
Handy
In the Atlantic there has been little activity which again has caused rates to slip across all trades. TA´s are now down to US$ 5,500 ...
Thursday, 26 June 14
KOMIPO INVITES BIDS FOR TOTAL 750K MT OF BITUMINOUS COAL FOR 3CY
COALspot.com: South Korean state-owned utility Korea Midland Power (KOMIPO) has issued a new tender for supply of total 250,000 MT of bituminous co ...
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- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- White Energy Company Limited
- PetroVietnam Power Coal Import and Supply Company
- AsiaOL BioFuels Corp., Philippines
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- GVK Power & Infra Limited - India
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Chettinad Cement Corporation Ltd - India
- Kepco SPC Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- PTC India Limited - India
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Semirara Mining Corp, Philippines
- London Commodity Brokers - England
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Sical Logistics Limited - India
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Cigading International Bulk Terminal - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Standard Chartered Bank - UAE
- Iligan Light & Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- The University of Queensland
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kaltim Prima Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Jindal Steel & Power Ltd - India
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Lanco Infratech Ltd - India
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Electricity Generating Authority of Thailand
- Power Finance Corporation Ltd., India
- Rio Tinto Coal - Australia
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- Uttam Galva Steels Limited - India
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Global Green Power PLC Corporation, Philippines
- Australian Coal Association
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- Xindia Steels Limited - India
- IEA Clean Coal Centre - UK
- Anglo American - United Kingdom
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- Savvy Resources Ltd - HongKong
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- MS Steel International - UAE
- Mjunction Services Limited - India
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Vedanta Resources Plc - India
- Kapuas Tunggal Persada - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Parry Sugars Refinery, India
- Petrochimia International Co. Ltd.- Taiwan
- Kalimantan Lumbung Energi - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Ministry of Transport, Egypt
- VISA Power Limited - India
- Minerals Council of Australia
- Therma Luzon, Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining and Power Corporation, Philippines
- Latin American Coal - Colombia
- Indonesian Coal Mining Association
- Bank of Tokyo Mitsubishi UFJ Ltd
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Planning Commission, India
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Eastern Energy - Thailand
- Goldman Sachs - Singapore
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- Sinarmas Energy and Mining - Indonesia
- San Jose City I Power Corp, Philippines
- CIMB Investment Bank - Malaysia
- Straits Asia Resources Limited - Singapore
- Interocean Group of Companies - India
- McConnell Dowell - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Coal and Oil Company - UAE
- Billiton Holdings Pty Ltd - Australia
- Karbindo Abesyapradhi - Indoneisa
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Heidelberg Cement - Germany
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Sarangani Energy Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Indo Tambangraya Megah - Indonesia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Renaissance Capital - South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- Bangladesh Power Developement Board
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Krishnapatnam Port Company Ltd. - India
- Antam Resourcindo - Indonesia
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Bhatia International Limited - India
- Electricity Authority, New Zealand
- Malabar Cements Ltd - India
- Altura Mining Limited, Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Makarim & Taira - Indonesia
- Trasteel International SA, Italy
- Maharashtra Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Dalmia Cement Bharat India
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