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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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Friday, 23 May 14
DRY BULK NEWBUILDING CANCELLATIONS COULD HELP SUPPORT MARKET IN THE COMING WEEKS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's demise over the past few months maybe has come as a surprise to many, but analysts and shipbrokers are looking forward to ...
Thursday, 22 May 14
HEAR SUCCESSFUL CASE STUDIES FROM 10 INDEPENDENT UNCONVENTIONAL GAS OPERATORS
Unconventional Gas Asia 2014 will provide a unique opportunity for Asia’s unconventional gas leaders to share their experience and expertise ...
Thursday, 22 May 14
CNPC-GAZPROM DEAL A MEDIUM - TERM POSITIVE FOR CHINA'S GAS SECTOR
Fitch Ratings says a 30-year deal in which Russia's OAO Gazprom (BBB/Negative) will supply gas to China National Petroleum Corporation (CNPC; A ...
Thursday, 22 May 14
CAPESIZE : RATES ARE STILL UNDER PRESSURE
Handy
A quiet start into the week in Far East, some fresh Indonesian coal order in the market. For trips within S.E. Asia, Supras are trading aro ...
Wednesday, 21 May 14
SHIPPING: MARKET INSIGHT - GEORGE LAZARIDIS
The recent revision by the OECD of its global growth forecast has sparked a debate as to the potential outcome these new figures will have on seabo ...
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- Global Coal Blending Company Limited - Australia
- GMR Energy Limited - India
- Tamil Nadu electricity Board
- SMG Consultants - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- OPG Power Generation Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Simpson Spence & Young - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Borneo Indobara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Heidelberg Cement - Germany
- VISA Power Limited - India
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- Planning Commission, India
- Commonwealth Bank - Australia
- India Bulls Power Limited - India
- White Energy Company Limited
- Manunggal Multi Energi - Indonesia
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- San Jose City I Power Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- Cement Manufacturers Association - India
- Aboitiz Power Corporation - Philippines
- Deloitte Consulting - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Petrochimia International Co. Ltd.- Taiwan
- Coastal Gujarat Power Limited - India
- Bulk Trading Sa - Switzerland
- Thai Mozambique Logistica
- Bhatia International Limited - India
- Africa Commodities Group - South Africa
- Siam City Cement PLC, Thailand
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Bhoruka Overseas - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Price Waterhouse Coopers - Russia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Romanian Commodities Exchange
- MS Steel International - UAE
- IEA Clean Coal Centre - UK
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Minerals Council of Australia
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Parliament of New Zealand
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- TNB Fuel Sdn Bhd - Malaysia
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Grasim Industreis Ltd - India
- Formosa Plastics Group - Taiwan
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Interocean Group of Companies - India
- Sindya Power Generating Company Private Ltd
- Intertek Mineral Services - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- PNOC Exploration Corporation - Philippines
- Makarim & Taira - Indonesia
- Australian Coal Association
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Indogreen Group - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Australia Pty. Ltd.
- Ministry of Mines - Canada
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- SN Aboitiz Power Inc, Philippines
- Bhushan Steel Limited - India
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- GAC Shipping (India) Pvt Ltd
- Directorate Of Revenue Intelligence - India
- Videocon Industries ltd - India
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Ambuja Cements Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Agrawal Coal Company - India
- Georgia Ports Authority, United States
- Jaiprakash Power Ventures ltd
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Bayan Resources Tbk. - Indonesia
- New Zealand Coal & Carbon
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Riau Bara Harum - Indonesia
- Global Green Power PLC Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Kapuas Tunggal Persada - Indonesia
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Kepco SPC Power Corporation, Philippines
- Bangladesh Power Developement Board
- Orica Mining Services - Indonesia
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Baramulti Group, Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Star Paper Mills Limited - India
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- European Bulk Services B.V. - Netherlands
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Sakthi Sugars Limited - India
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- ICICI Bank Limited - India
- Mintek Dendrill Indonesia
- Bukit Makmur.PT - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Goldman Sachs - Singapore
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Metalloyd Limited - United Kingdom
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Salva Resources Pvt Ltd - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indonesian Coal Mining Association
- GVK Power & Infra Limited - India
- The University of Queensland
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
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