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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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Thursday, 26 June 14
COAL DIVESTMENT CAMPAIGNS COME WITH RISKY UNINTENDED CONSEQUENCES - WCA
Last week I presented to the Expert Group on investments in coal and petroleum companies, the body set up to advise the Norwegian Government on whe ...
Wednesday, 25 June 14
INDONESIAN COAL EXPORTS ON RISE; EARNINGS FALL ON LOWER SELLING PRICES
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.84* ...
Wednesday, 25 June 14
THE PANAMAX MARKET REACHED FRESH LOWS FOR THE YEAR, SAYS INTERMODAL
COALspot.com: The Dry Bulk market closed off the week noting a slight decrease, but this image of stability is merely representative of freight rat ...
Wednesday, 25 June 14
SHIPPING: MARKET INSIGHT - YANNIS OLZIERSKY
During his recent visit in London, China's Premier, Li Keqiang, announced that China's economy, the world's second largest after the US ...
Tuesday, 24 June 14
INDONESIAN COAL MINER TARGETS RP 313 BILLION IPO
COALspot.com: Indonesian coal miner PT Mitrabara Adiperdana is aiming to raise up to Rp 313 billion to Rp 368 billion (approximately $26.133 millio ...
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- Neyveli Lignite Corporation Ltd, - India
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Kapuas Tunggal Persada - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Star Paper Mills Limited - India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Videocon Industries ltd - India
- Kumho Petrochemical, South Korea
- ASAPP Information Group - India
- Deloitte Consulting - India
- White Energy Company Limited
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Electricity Generating Authority of Thailand
- Wood Mackenzie - Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Marubeni Corporation - India
- Toyota Tsusho Corporation, Japan
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- South Luzon Thermal Energy Corporation
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Mjunction Services Limited - India
- Ambuja Cements Ltd - India
- Australian Coal Association
- Grasim Industreis Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Petron Corporation, Philippines
- Renaissance Capital - South Africa
- Thai Mozambique Logistica
- Posco Energy - South Korea
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Sakthi Sugars Limited - India
- Holcim Trading Pte Ltd - Singapore
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Orica Australia Pty. Ltd.
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Cement Manufacturers Association - India
- Ind-Barath Power Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Mercuria Energy - Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- TNB Fuel Sdn Bhd - Malaysia
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- PNOC Exploration Corporation - Philippines
- Indika Energy - Indonesia
- Bhatia International Limited - India
- Dalmia Cement Bharat India
- Gujarat Mineral Development Corp Ltd - India
- Eastern Coal Council - USA
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Uttam Galva Steels Limited - India
- MS Steel International - UAE
- GN Power Mariveles Coal Plant, Philippines
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indogreen Group - Indonesia
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Asmin Koalindo Tuhup - Indonesia
- Indo Tambangraya Megah - Indonesia
- Aboitiz Power Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- San Jose City I Power Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- The University of Queensland
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Xindia Steels Limited - India
- New Zealand Coal & Carbon
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Chettinad Cement Corporation Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Kobexindo Tractors - Indoneisa
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Essar Steel Hazira Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Timah Investasi Mineral - Indoneisa
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Malabar Cements Ltd - India
- Heidelberg Cement - Germany
- Siam City Cement - Thailand
- Jaiprakash Power Ventures ltd
- Kideco Jaya Agung - Indonesia
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Sindya Power Generating Company Private Ltd
- Mercator Lines Limited - India
- SN Aboitiz Power Inc, Philippines
- Indian Oil Corporation Limited
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Riau Bara Harum - Indonesia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Price Waterhouse Coopers - Russia
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- IEA Clean Coal Centre - UK
- AsiaOL BioFuels Corp., Philippines
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- OPG Power Generation Pvt Ltd - India
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