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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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Friday, 23 May 14
DRY BULK NEWBUILDING CANCELLATIONS COULD HELP SUPPORT MARKET IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's demise over the past few months maybe has come as a surprise to many, but analysts and shipbrokers are looking forward to ...
Thursday, 22 May 14
HEAR SUCCESSFUL CASE STUDIES FROM 10 INDEPENDENT UNCONVENTIONAL GAS OPERATORS
Unconventional Gas Asia 2014 will provide a unique opportunity for Asia’s unconventional gas leaders to share their experience and expertise ...
Thursday, 22 May 14
CNPC-GAZPROM DEAL A MEDIUM - TERM POSITIVE FOR CHINA'S GAS SECTOR
Fitch Ratings says a 30-year deal in which Russia's OAO Gazprom (BBB/Negative) will supply gas to China National Petroleum Corporation (CNPC; A ...
Thursday, 22 May 14
CAPESIZE : RATES ARE STILL UNDER PRESSURE
Handy
A quiet start into the week in Far East, some fresh Indonesian coal order in the market. For trips within S.E. Asia, Supras are trading aro ...
Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seabo ...
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- GN Power Mariveles Coal Plant, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Global Green Power PLC Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Mintek Dendrill Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Latin American Coal - Colombia
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Essar Steel Hazira Ltd - India
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- TNB Fuel Sdn Bhd - Malaysia
- Miang Besar Coal Terminal - Indonesia
- London Commodity Brokers - England
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Wood Mackenzie - Singapore
- MS Steel International - UAE
- SMG Consultants - Indonesia
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Coal and Oil Company - UAE
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- VISA Power Limited - India
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Trasteel International SA, Italy
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Sojitz Corporation - Japan
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- The University of Queensland
- Eastern Energy - Thailand
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Economic Council, Georgia
- Ambuja Cements Ltd - India
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Parliament of New Zealand
- Larsen & Toubro Limited - India
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Karaikal Port Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- SMC Global Power, Philippines
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Merrill Lynch Commodities Europe
- Tata Chemicals Ltd - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Global Business Power Corporation, Philippines
- Australian Coal Association
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Carbofer General Trading SA - India
- Energy Development Corp, Philippines
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Alfred C Toepfer International GmbH - Germany
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- Grasim Industreis Ltd - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Vizag Seaport Private Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Kaltim Prima Coal - Indonesia
- PowerSource Philippines DevCo
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Savvy Resources Ltd - HongKong
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Romanian Commodities Exchange
- Intertek Mineral Services - Indonesia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Kalimantan Lumbung Energi - Indonesia
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Energy Link Ltd, New Zealand
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Coastal Gujarat Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Neyveli Lignite Corporation Ltd, - India
- Bharathi Cement Corporation - India
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Globalindo Alam Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Semirara Mining Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- South Luzon Thermal Energy Corporation
- Borneo Indobara - Indonesia
- Rio Tinto Coal - Australia
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Kartika Selabumi Mining - Indonesia
- Indian Oil Corporation Limited
- Africa Commodities Group - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- Gujarat Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Petron Corporation, Philippines
- Ministry of Mines - Canada
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