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