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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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Wednesday, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
Monday, 12 May 14
TAIPOWER TO IMPORT AROUND 1 MMT OF SUB-BITUMINOUS COAL DURING AUGUST 2014 THROUGH NOVEMBER 2014
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open t ...
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- Indogreen Group - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Transport, Egypt
- Malabar Cements Ltd - India
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Pendopo Energi Batubara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Energy Link Ltd, New Zealand
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- Port Waratah Coal Services - Australia
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Grasim Industreis Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Tata Chemicals Ltd - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- IHS Mccloskey Coal Group - USA
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Wood Mackenzie - Singapore
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- Altura Mining Limited, Indonesia
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Mercator Lines Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Ind-Barath Power Infra Limited - India
- Bayan Resources Tbk. - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Trasteel International SA, Italy
- SMC Global Power, Philippines
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Baramulti Group, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- LBH Netherlands Bv - Netherlands
- Sakthi Sugars Limited - India
- Mercuria Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Riau Bara Harum - Indonesia
- Deloitte Consulting - India
- Parliament of New Zealand
- ICICI Bank Limited - India
- Kobexindo Tractors - Indoneisa
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Antam Resourcindo - Indonesia
- Karaikal Port Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Madhucon Powers Ltd - India
- Economic Council, Georgia
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The University of Queensland
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- San Jose City I Power Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Directorate Of Revenue Intelligence - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Kapuas Tunggal Persada - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PowerSource Philippines DevCo
- Manunggal Multi Energi - Indonesia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- PTC India Limited - India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- GMR Energy Limited - India
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Vijayanagar Sugar Pvt Ltd - India
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Planning Commission, India
- Essar Steel Hazira Ltd - India
- White Energy Company Limited
- VISA Power Limited - India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Banpu Public Company Limited - Thailand
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- Australian Coal Association
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- MS Steel International - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bangladesh Power Developement Board
- Latin American Coal - Colombia
- CIMB Investment Bank - Malaysia
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Coastal Gujarat Power Limited - India
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- OPG Power Generation Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Metalloyd Limited - United Kingdom
- Goldman Sachs - Singapore
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining Corp, Philippines
- Marubeni Corporation - India
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Sree Jayajothi Cements Limited - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Indian Oil Corporation Limited
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