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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, 09 June 14
API 8 CFR SOUTH CHINA COAL SWAP Q3 14 DELIVERIES LOST 4.61% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.61 percent month on month and closed at US$ 71.62 per mt a ...
Sunday, 08 June 14
DRY BULK MARKET RATES FOR PANAMXES TO REMAIN VOLATILE; NO IMPROVEMENTS SEEN OVER THE WEEK
COALspot.com: Cape index increase pushes BDI index to 989 points week on week. The BDI firmed up by 5.88 pct and closed at 989 points week ended 6 ...
Saturday, 07 June 14
EVERYTHING CHANGES, AND NOTHING ABIDES - HERACLITUS
A couple of weeks ago, and while everyone was focusing on the struggling freight market, Russia and China made history by signing a three-decade lo ...
Saturday, 07 June 14
FIRST BITE AT ANTI-CORRUPTION CLAUSE - BIMCO
In recent years a number of countries have introduced anti-corruption legislation which, unfortunately, fails to recognise the practical implicatio ...
Saturday, 07 June 14
U.S. MONTHLY COAL PRODUCTION SLIGHTLY HIGHER IN MAY 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in a ...
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- Coastal Gujarat Power Limited - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Toyota Tsusho Corporation, Japan
- Globalindo Alam Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Medco Energi Mining Internasional
- TeaM Sual Corporation - Philippines
- Kumho Petrochemical, South Korea
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Edison Trading Spa - Italy
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Kobexindo Tractors - Indoneisa
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Coal and Oil Company - UAE
- Orica Australia Pty. Ltd.
- Oldendorff Carriers - Singapore
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- Energy Development Corp, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- PetroVietnam Power Coal Import and Supply Company
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Bhoruka Overseas - Indonesia
- Africa Commodities Group - South Africa
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Singapore Mercantile Exchange
- Heidelberg Cement - Germany
- Kepco SPC Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- ICICI Bank Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- Simpson Spence & Young - Indonesia
- PTC India Limited - India
- Thiess Contractors Indonesia
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Romanian Commodities Exchange
- Ceylon Electricity Board - Sri Lanka
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Planning Commission, India
- Global Coal Blending Company Limited - Australia
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Videocon Industries ltd - India
- Thai Mozambique Logistica
- Bharathi Cement Corporation - India
- Bhushan Steel Limited - India
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Parliament of New Zealand
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Dalmia Cement Bharat India
- Energy Link Ltd, New Zealand
- SN Aboitiz Power Inc, Philippines
- GVK Power & Infra Limited - India
- Parry Sugars Refinery, India
- Sojitz Corporation - Japan
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- GMR Energy Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Orica Mining Services - Indonesia
- Siam City Cement - Thailand
- Karbindo Abesyapradhi - Indoneisa
- SMG Consultants - Indonesia
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Mercator Lines Limited - India
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Sree Jayajothi Cements Limited - India
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Gujarat Mineral Development Corp Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Petron Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- International Coal Ventures Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Meralco Power Generation, Philippines
- VISA Power Limited - India
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- South Luzon Thermal Energy Corporation
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Essar Steel Hazira Ltd - India
- Kaltim Prima Coal - Indonesia
- Attock Cement Pakistan Limited
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Aditya Birla Group - India
- Grasim Industreis Ltd - India
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Georgia Ports Authority, United States
- Economic Council, Georgia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- The University of Queensland
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Standard Chartered Bank - UAE
- PNOC Exploration Corporation - Philippines
- GAC Shipping (India) Pvt Ltd
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- San Jose City I Power Corp, Philippines
- Chamber of Mines of South Africa
- Semirara Mining Corp, Philippines
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Miang Besar Coal Terminal - Indonesia
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Maharashtra Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
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