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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, 12 June 14
HANDY : TA MARKET IS CONTINUING SOUTH WITH A DECREASE OF 26% W-O-W
Handy
The week started off with holidays in most European countries and the TA market is continuing south with a decrease of 26% w-o-w. We do see ...
Wednesday, 11 June 14
INDONESIA'S COAL EXPORT VOLUME AND REVENUE SLIPS 2.75% AND 6.73% RESPECTIVELY IN APRIL
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.8* b ...
Wednesday, 11 June 14
BPI TOUCHING A NEW LOW FOR THE YEAR
The Dry Bulk market closed off the week positively, on the back of firming Capesize rates, while the market overall continues to face a very challe ...
Monday, 09 June 14
GOVT GETS TOUGH ON ILLEGAL MINING, SUSPENDS LICENSES - THE JAKARTA POST
The government has temporarily suspended the licenses of 62 mineral and coal transportation companies as part of its efforts to curb illegal mining ...
Monday, 09 June 14
INDO SUB-BIT COAL SWAPS FOR Q3,Q4 OF 2014 AND Q1 2015: LOST ON DAY AND MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 continue last week’s trend or lost on day, week and on month according to Asia ...
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- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Siam City Cement PLC, Thailand
- Jorong Barutama Greston.PT - Indonesia
- Manunggal Multi Energi - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Asam (Persero) Tbk - Indonesia
- Anglo American - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Billiton Holdings Pty Ltd - Australia
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Georgia Ports Authority, United States
- Vijayanagar Sugar Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Romanian Commodities Exchange
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- New Zealand Coal & Carbon
- Kobexindo Tractors - Indoneisa
- Tamil Nadu electricity Board
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Coal and Oil Company - UAE
- Semirara Mining and Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PTC India Limited - India
- Indian Energy Exchange, India
- Indian Oil Corporation Limited
- Australian Coal Association
- Planning Commission, India
- Gujarat Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Minerals Council of Australia
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Pendopo Energi Batubara - Indonesia
- Ministry of Mines - Canada
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Simpson Spence & Young - Indonesia
- Gujarat Sidhee Cement - India
- Jindal Steel & Power Ltd - India
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Sojitz Corporation - Japan
- Borneo Indobara - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- The University of Queensland
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Oldendorff Carriers - Singapore
- South Luzon Thermal Energy Corporation
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Globalindo Alam Lestari - Indonesia
- Indika Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Grasim Industreis Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sree Jayajothi Cements Limited - India
- Bukit Baiduri Energy - Indonesia
- Interocean Group of Companies - India
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- Essar Steel Hazira Ltd - India
- Chamber of Mines of South Africa
- Kapuas Tunggal Persada - Indonesia
- Toyota Tsusho Corporation, Japan
- White Energy Company Limited
- Bahari Cakrawala Sebuku - Indonesia
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- LBH Netherlands Bv - Netherlands
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Maheswari Brothers Coal Limited - India
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Jaiprakash Power Ventures ltd
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Barasentosa Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Uttam Galva Steels Limited - India
- PowerSource Philippines DevCo
- PetroVietnam Power Coal Import and Supply Company
- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Kideco Jaya Agung - Indonesia
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
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