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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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Thursday, 12 June 14
HANDY : TA MARKET IS CONTINUING SOUTH WITH A DECREASE OF 26% W-O-W
Handy
The week started off with holidays in most European countries and the TA market is continuing south with a decrease of 26% w-o-w. We do see ...
Wednesday, 11 June 14
INDONESIA'S COAL EXPORT VOLUME AND REVENUE SLIPS 2.75% AND 6.73% RESPECTIVELY IN APRIL
COALspot.com: Indonesia, one of the world's largest coal producer and the global largest multi grade coal exporter shipped around $1.8* b ...
Wednesday, 11 June 14
BPI TOUCHING A NEW LOW FOR THE YEAR
The Dry Bulk market closed off the week positively, on the back of firming Capesize rates, while the market overall continues to face a very challe ...
Monday, 09 June 14
GOVT GETS TOUGH ON ILLEGAL MINING, SUSPENDS LICENSES - THE JAKARTA POST
The government has temporarily suspended the licenses of 62 mineral and coal transportation companies as part of its efforts to curb illegal mining ...
Monday, 09 June 14
INDO SUB-BIT COAL SWAPS FOR Q3,Q4 OF 2014 AND Q1 2015: LOST ON DAY AND MONTH
COALspot.com: Indonesian coal swaps for average Q3’ 2014 continue last week’s trend or lost on day, week and on month according to Asia ...
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- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Bulk Trading Sa - Switzerland
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Global Business Power Corporation, Philippines
- Agrawal Coal Company - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Chamber of Mines of South Africa
- Standard Chartered Bank - UAE
- Videocon Industries ltd - India
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Trasteel International SA, Italy
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Rashtriya Ispat Nigam Limited - India
- GMR Energy Limited - India
- Planning Commission, India
- Bayan Resources Tbk. - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Sarangani Energy Corporation, Philippines
- Renaissance Capital - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- New Zealand Coal & Carbon
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Bukit Makmur.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Thiess Contractors Indonesia
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Kaltim Prima Coal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- Larsen & Toubro Limited - India
- Georgia Ports Authority, United States
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Bharathi Cement Corporation - India
- Karbindo Abesyapradhi - Indoneisa
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- Xindia Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- ICICI Bank Limited - India
- Jaiprakash Power Ventures ltd
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Lanco Infratech Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- White Energy Company Limited
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Metalloyd Limited - United Kingdom
- GAC Shipping (India) Pvt Ltd
- Central Electricity Authority - India
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- CNBM International Corporation - China
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Gujarat Mineral Development Corp Ltd - India
- India Bulls Power Limited - India
- Sree Jayajothi Cements Limited - India
- Medco Energi Mining Internasional
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Billiton Holdings Pty Ltd - Australia
- CIMB Investment Bank - Malaysia
- Romanian Commodities Exchange
- GVK Power & Infra Limited - India
- Coal and Oil Company - UAE
- Iligan Light & Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- The State Trading Corporation of India Ltd
- MS Steel International - UAE
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Star Paper Mills Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Barasentosa Lestari - Indonesia
- Semirara Mining Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Singapore Mercantile Exchange
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Mjunction Services Limited - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Indika Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- Vedanta Resources Plc - India
- Economic Council, Georgia
- Petrochimia International Co. Ltd.- Taiwan
- Dalmia Cement Bharat India
- SMG Consultants - Indonesia
- Kumho Petrochemical, South Korea
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Toyota Tsusho Corporation, Japan
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Wilmar Investment Holdings
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- Merrill Lynch Commodities Europe
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- London Commodity Brokers - England
- Petron Corporation, Philippines
- Interocean Group of Companies - India
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