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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, 16 June 14
API 8 CFR SOUTH CHINA COAL SWAPS FALL CONTINUES THIS PAST WEEK
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.34 percent month on month and closed at US$ 71.05 per mt a ...
Sunday, 15 June 14
COAL FREIGHT RATES FALL FURTHER ON LACK OF DEMANDS - CAPT. REDDY
COALspot.com: The BDI softened this week as all segments fell this week. The Panamax sector being most affected. The Cape index was down 3.51 pct w ...
Friday, 13 June 14
US COAL PRODUCTION FELL 3% IN WEEK THAT ENDED JUNE 7, SAYS EIA
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
Friday, 13 June 14
DRY BULK MARKET KEEPS ON FALLING, DESPITE RESPITE OF THE CAPESIZE SECTOR - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market has kept on its lacklustre performance overall, with the Baltic Dry Index (BDI) still hovering below the 1,000 point mark. Yest ...
Thursday, 12 June 14
INDONESIA SETS HBA FOR MONTH OF JUNE AT US$ 73.64
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia has revised up first time in last four months the coal bench mark price. ...
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- Mintek Dendrill Indonesia
- Wilmar Investment Holdings
- Central Electricity Authority - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- Oldendorff Carriers - Singapore
- Timah Investasi Mineral - Indoneisa
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Neyveli Lignite Corporation Ltd, - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- Bhatia International Limited - India
- Indian Oil Corporation Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meralco Power Generation, Philippines
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Kohat Cement Company Ltd. - Pakistan
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- Kumho Petrochemical, South Korea
- Rashtriya Ispat Nigam Limited - India
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Maharashtra Electricity Regulatory Commission - India
- Central Java Power - Indonesia
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Heidelberg Cement - Germany
- AsiaOL BioFuels Corp., Philippines
- Holcim Trading Pte Ltd - Singapore
- Kartika Selabumi Mining - Indonesia
- PNOC Exploration Corporation - Philippines
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Marubeni Corporation - India
- The State Trading Corporation of India Ltd
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Ind-Barath Power Infra Limited - India
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Toyota Tsusho Corporation, Japan
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- ASAPP Information Group - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Rio Tinto Coal - Australia
- Kalimantan Lumbung Energi - Indonesia
- Straits Asia Resources Limited - Singapore
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Medco Energi Mining Internasional
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- White Energy Company Limited
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Georgia Ports Authority, United States
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Petron Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Cigading International Bulk Terminal - Indonesia
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Meenaskhi Energy Private Limited - India
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- Gujarat Mineral Development Corp Ltd - India
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Bukit Baiduri Energy - Indonesia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Siam City Cement - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Cement Manufacturers Association - India
- Coal and Oil Company - UAE
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- International Coal Ventures Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Australian Coal Association
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Coal Blending Company Limited - Australia
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- CIMB Investment Bank - Malaysia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Sinarmas Energy and Mining - Indonesia
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Energy Link Ltd, New Zealand
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Sical Logistics Limited - India
- Tamil Nadu electricity Board
- Globalindo Alam Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Offshore Bulk Terminal Pte Ltd, Singapore
- TNB Fuel Sdn Bhd - Malaysia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Global Business Power Corporation, Philippines
- Renaissance Capital - South Africa
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Price Waterhouse Coopers - Russia
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Kobexindo Tractors - Indoneisa
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
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