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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, 09 June 14
API 8 CFR SOUTH CHINA COAL SWAP Q3 14 DELIVERIES LOST 4.61% M-O-M
COALspot.com: API 8 CFR South China Coal swaps for average Q3 14 deliveries lost 4.61 percent month on month and closed at US$ 71.62 per mt a ...
Sunday, 08 June 14
DRY BULK MARKET RATES FOR PANAMXES TO REMAIN VOLATILE; NO IMPROVEMENTS SEEN OVER THE WEEK
COALspot.com: Cape index increase pushes BDI index to 989 points week on week. The BDI firmed up by 5.88 pct and closed at 989 points week ended 6 ...
Saturday, 07 June 14
EVERYTHING CHANGES, AND NOTHING ABIDES - HERACLITUS
A couple of weeks ago, and while everyone was focusing on the struggling freight market, Russia and China made history by signing a three-decade lo ...
Saturday, 07 June 14
FIRST BITE AT ANTI-CORRUPTION CLAUSE - BIMCO
In recent years a number of countries have introduced anti-corruption legislation which, unfortunately, fails to recognise the practical implicatio ...
Saturday, 07 June 14
U.S. MONTHLY COAL PRODUCTION SLIGHTLY HIGHER IN MAY 2014
COALspot.com – United States the world's second largest coal producer, produced approximately 19.2 million short tons (mmst) of coal in a ...
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- SMC Global Power, Philippines
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Sindya Power Generating Company Private Ltd
- Eastern Energy - Thailand
- Power Finance Corporation Ltd., India
- Jaiprakash Power Ventures ltd
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Generating Authority of Thailand
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Heidelberg Cement - Germany
- Directorate Of Revenue Intelligence - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petron Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Larsen & Toubro Limited - India
- Merrill Lynch Commodities Europe
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Sojitz Corporation - Japan
- Jorong Barutama Greston.PT - Indonesia
- Bangladesh Power Developement Board
- Semirara Mining and Power Corporation, Philippines
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- PowerSource Philippines DevCo
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Carbofer General Trading SA - India
- Minerals Council of Australia
- Mjunction Services Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Neyveli Lignite Corporation Ltd, - India
- Mintek Dendrill Indonesia
- ASAPP Information Group - India
- The University of Queensland
- Trasteel International SA, Italy
- Semirara Mining Corp, Philippines
- Malabar Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Dalmia Cement Bharat India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Orica Australia Pty. Ltd.
- Jindal Steel & Power Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Indian Energy Exchange, India
- Siam City Cement PLC, Thailand
- Energy Development Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- South Luzon Thermal Energy Corporation
- AsiaOL BioFuels Corp., Philippines
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- The Treasury - Australian Government
- Alfred C Toepfer International GmbH - Germany
- PTC India Limited - India
- Renaissance Capital - South Africa
- Toyota Tsusho Corporation, Japan
- Indian Oil Corporation Limited
- Bukit Baiduri Energy - Indonesia
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Meenaskhi Energy Private Limited - India
- IHS Mccloskey Coal Group - USA
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Indonesian Coal Mining Association
- Savvy Resources Ltd - HongKong
- Bukit Makmur.PT - Indonesia
- Sical Logistics Limited - India
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Ministry of Mines - Canada
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- OPG Power Generation Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Chamber of Mines of South Africa
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Ministry of Finance - Indonesia
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Standard Chartered Bank - UAE
- CNBM International Corporation - China
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Coal and Oil Company - UAE
- Global Business Power Corporation, Philippines
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- New Zealand Coal & Carbon
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