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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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- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Gujarat Mineral Development Corp Ltd - India
- Makarim & Taira - Indonesia
- Sree Jayajothi Cements Limited - India
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Energy Link Ltd, New Zealand
- Kideco Jaya Agung - Indonesia
- White Energy Company Limited
- Ind-Barath Power Infra Limited - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Petron Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- SMC Global Power, Philippines
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- Grasim Industreis Ltd - India
- Medco Energi Mining Internasional
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- Semirara Mining Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Mines - Canada
- ICICI Bank Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ceylon Electricity Board - Sri Lanka
- Dalmia Cement Bharat India
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indogreen Group - Indonesia
- Australian Coal Association
- Sindya Power Generating Company Private Ltd
- Rashtriya Ispat Nigam Limited - India
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- LBH Netherlands Bv - Netherlands
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- Planning Commission, India
- Economic Council, Georgia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Essar Steel Hazira Ltd - India
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Aboitiz Power Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Global Coal Blending Company Limited - Australia
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sojitz Corporation - Japan
- AsiaOL BioFuels Corp., Philippines
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Latin American Coal - Colombia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Energy Exchange, India
- Madhucon Powers Ltd - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Indo Tambangraya Megah - Indonesia
- Bharathi Cement Corporation - India
- Xindia Steels Limited - India
- Electricity Generating Authority of Thailand
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Indika Energy - Indonesia
- Sical Logistics Limited - India
- Bukit Baiduri Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Savvy Resources Ltd - HongKong
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Global Green Power PLC Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- ASAPP Information Group - India
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Ministry of Transport, Egypt
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Central Java Power - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Kartika Selabumi Mining - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Siam City Cement - Thailand
- Aditya Birla Group - India
- Baramulti Group, Indonesia
- Bukit Makmur.PT - Indonesia
- Goldman Sachs - Singapore
- Tamil Nadu electricity Board
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- Singapore Mercantile Exchange
- Malabar Cements Ltd - India
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Posco Energy - South Korea
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