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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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- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Central Electricity Authority - India
- LBH Netherlands Bv - Netherlands
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- SMG Consultants - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Makarim & Taira - Indonesia
- Thai Mozambique Logistica
- Jaiprakash Power Ventures ltd
- Minerals Council of Australia
- Coal and Oil Company - UAE
- Lanco Infratech Ltd - India
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- Straits Asia Resources Limited - Singapore
- Bhatia International Limited - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Uttam Galva Steels Limited - India
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Port Waratah Coal Services - Australia
- Barasentosa Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Tamil Nadu electricity Board
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Kobexindo Tractors - Indoneisa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GMR Energy Limited - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Sree Jayajothi Cements Limited - India
- Therma Luzon, Inc, Philippines
- Electricity Generating Authority of Thailand
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Economic Council, Georgia
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Agrawal Coal Company - India
- Central Java Power - Indonesia
- Edison Trading Spa - Italy
- White Energy Company Limited
- Electricity Authority, New Zealand
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Gujarat Sidhee Cement - India
- Asmin Koalindo Tuhup - Indonesia
- CIMB Investment Bank - Malaysia
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bangladesh Power Developement Board
- Directorate Of Revenue Intelligence - India
- Bukit Baiduri Energy - Indonesia
- Parliament of New Zealand
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Australian Coal Association
- Romanian Commodities Exchange
- Dalmia Cement Bharat India
- Indian Energy Exchange, India
- Malabar Cements Ltd - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Energy Development Corp, Philippines
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Tata Chemicals Ltd - India
- Bhushan Steel Limited - India
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Finance - Indonesia
- Star Paper Mills Limited - India
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Ambuja Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Rashtriya Ispat Nigam Limited - India
- Sojitz Corporation - Japan
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- International Coal Ventures Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Sakthi Sugars Limited - India
- Globalindo Alam Lestari - Indonesia
- Timah Investasi Mineral - Indoneisa
- Mercuria Energy - Indonesia
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Bukit Makmur.PT - Indonesia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Anglo American - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Salva Resources Pvt Ltd - India
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Indika Energy - Indonesia
- Ministry of Transport, Egypt
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Alfred C Toepfer International GmbH - Germany
- Heidelberg Cement - Germany
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Orica Australia Pty. Ltd.
- Grasim Industreis Ltd - India
- Samtan Co., Ltd - South Korea
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
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