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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, 26 May 14
Q3 14 CFR SOUTH CHINA COAL SWAPS LOST 2.24% MONTH ON MONTH
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 2.24 percent month on month and closed at US$ 73.88 per mt as on F ...
Monday, 26 May 14
NEWBUILDING ORDERING ACTIVITY RISES BY 78% IN DWT TONNAGE OVER THE FIRST 4 MONTHS OF THE YEARS, AS OWNERS INVEST$40.5 BN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Ship owners have plunged into newbuilding orders during the first four months of the year, as overall newbuilding business ended for the first four ...
Sunday, 25 May 14
FREIGHT RATES FROM SOUTH KALIMANTAN TO EAST COAST INDIAN PORTS WERE ASSESSED AT $9.50/MT
COALspot.com: The BDI was closed at 964 points down by 6.13 pct week on week. The Cape Index was lost 172 points or 11.24% week on week and closing ...
Saturday, 24 May 14
DRY BULK MARKET'S RECOVERY IS JUST AROUND THE CORNER SAYS SHIPOWNER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Despite the weaker than expected market sentiment in the dry bulk market over the course of the past few months, analysts and shipowners alike appe ...
Friday, 23 May 14
U.S. WEEKLY COAL PRODUCTION SLIPS 1.8% WEEK ENDED MAY 17, 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 18.6 million short tons (mmst) of coal in a ...
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- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Parliament of New Zealand
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Kaltim Prima Coal - Indonesia
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Sidhee Cement - India
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Metalloyd Limited - United Kingdom
- Kobexindo Tractors - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Indo Tambangraya Megah - Indonesia
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Baramulti Group, Indonesia
- Minerals Council of Australia
- The University of Queensland
- Videocon Industries ltd - India
- New Zealand Coal & Carbon
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Heidelberg Cement - Germany
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Jaiprakash Power Ventures ltd
- Meenaskhi Energy Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indian Energy Exchange, India
- Indonesian Coal Mining Association
- Meralco Power Generation, Philippines
- Wilmar Investment Holdings
- PTC India Limited - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Jindal Steel & Power Ltd - India
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Electricity Generating Authority of Thailand
- Star Paper Mills Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- CNBM International Corporation - China
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Aditya Birla Group - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Energy Development Corp, Philippines
- PowerSource Philippines DevCo
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Coastal Gujarat Power Limited - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Sakthi Sugars Limited - India
- Kideco Jaya Agung - Indonesia
- Australian Commodity Traders Exchange
- Ministry of Mines - Canada
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Formosa Plastics Group - Taiwan
- Independent Power Producers Association of India
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Romanian Commodities Exchange
- Economic Council, Georgia
- London Commodity Brokers - England
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Agrawal Coal Company - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Chettinad Cement Corporation Ltd - India
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Manunggal Multi Energi - Indonesia
- Standard Chartered Bank - UAE
- LBH Netherlands Bv - Netherlands
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Maharashtra Electricity Regulatory Commission - India
- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
- Kapuas Tunggal Persada - Indonesia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Siam City Cement PLC, Thailand
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Kalimantan Lumbung Energi - Indonesia
- Indika Energy - Indonesia
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- European Bulk Services B.V. - Netherlands
- Samtan Co., Ltd - South Korea
- Alfred C Toepfer International GmbH - Germany
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Karaikal Port Pvt Ltd - India
- Eastern Energy - Thailand
- Holcim Trading Pte Ltd - Singapore
- IEA Clean Coal Centre - UK
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- GN Power Mariveles Coal Plant, Philippines
- Central Java Power - Indonesia
- South Luzon Thermal Energy Corporation
- India Bulls Power Limited - India
- Bharathi Cement Corporation - India
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