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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, 12 May 14
DRY BULK MARKET IS STILL STRUGGLING TO FIND FIRM FOOTING
COALspot.com: The freight market continued to be weak and the BDI closed slightly lower at 997 points or fell 1.96 pct week on week. The cape in ...
Friday, 09 May 14
RBCT SHIPPED 5.4 MMT OF COAL IN APRIL
COALspot.com: South Africa's Richards Bay Coal Terminal (RBCT) the single largest coal export terminal in the world, shipped 5.45 million to ...
Friday, 09 May 14
DRY BULK MARKET: BANKRUPTCY TONNAGE UNLEASHED
Drewry’s latest Dry Bulk Forecaster saw freight rates on most routes declined in 2014’s first quarter as the previous quarter’ ...
Friday, 09 May 14
UNITED STATES COAL PRODUCTION SLIGHTLY SLIDES TO 82.4 MMST IN APRIL
COALspot.com – United States the world's second largest coal producer, produced approximately 18.8 million short tons (mmst) of coal i ...
Thursday, 08 May 14
'TRIAL BY MEDIA, TRIAL BY LAW' - A REPORT FROM TRACK 1 OF BIMCO'S ANNUAL CONFERENCE DUBAI 2014
KNOWLEDGE TO ELEVATE
Aiming to bring a very different type of event into their annual conference, BIMCO presented ‘Double Jeopardy &n ...
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- Jorong Barutama Greston.PT - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- White Energy Company Limited
- Coalindo Energy - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- SN Aboitiz Power Inc, Philippines
- Bharathi Cement Corporation - India
- Medco Energi Mining Internasional
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- The University of Queensland
- Sarangani Energy Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Planning Commission, India
- Minerals Council of Australia
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Tamil Nadu electricity Board
- Independent Power Producers Association of India
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Kalimantan Lumbung Energi - Indonesia
- Global Coal Blending Company Limited - Australia
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Deloitte Consulting - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Simpson Spence & Young - Indonesia
- Thai Mozambique Logistica
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- Coal and Oil Company - UAE
- Global Green Power PLC Corporation, Philippines
- Economic Council, Georgia
- Latin American Coal - Colombia
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- Vedanta Resources Plc - India
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Bhoruka Overseas - Indonesia
- Borneo Indobara - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Jindal Steel & Power Ltd - India
- Essar Steel Hazira Ltd - India
- PowerSource Philippines DevCo
- Australian Coal Association
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Sakthi Sugars Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Maheswari Brothers Coal Limited - India
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Tata Chemicals Ltd - India
- Mjunction Services Limited - India
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Kepco SPC Power Corporation, Philippines
- Kumho Petrochemical, South Korea
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Energy - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sree Jayajothi Cements Limited - India
- Wilmar Investment Holdings
- TNB Fuel Sdn Bhd - Malaysia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- San Jose City I Power Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Salva Resources Pvt Ltd - India
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Banpu Public Company Limited - Thailand
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- MS Steel International - UAE
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
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