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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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Wednesday, 14 May 14
COAL PRICES IN CHINA HAVE DROPPED TO THEIR LOWEST LEVELS SINCE END-2008
COALspot.com: Coal prices in China have dropped to their lowest levels since end-2008, Fitch says in its latest rating report on one of the coal ...
Wednesday, 14 May 14
ALMOST THROUGH THE HALF OF THE YEAR, THE DRY BULK INDEX SHOW SIGNS OF WEAKNESS; CREATING TO BOTH EXISTING SHIP OWNERS AND POTENTIAL INVESTORS A LOT OF INSECURITY - PANOS MAKRINOS
Almost through the half of the year, the overall shipping market and more specifically the Dry Bulk Index show signs of weakness, creating to bo ...
Tuesday, 13 May 14
NPC COAL EXPORT VOLUMES PLUNGE TO 2.48 MMT WEEK ON WEEK
COALspot.com: In the week ended 07:00 hours 12 May 2014, power plant and semi-soft coking coal shipments from the port of Newcastle in Quee ...
Tuesday, 13 May 14
YET ANOTHER POSIDONIA EXHIBITION IS ON ITS WAY - INTERMODAL
With less than a month to go before another Posidonia exhibition starts and all the parties and celebrations get under way we thought that it wo ...
Monday, 12 May 14
TAIPOWER TO IMPORT AROUND 1 MMT OF SUB-BITUMINOUS COAL DURING AUGUST 2014 THROUGH NOVEMBER 2014
COALspot.com - Taiwan Power Company intends to procure 1.050 million tons of sub-bituminous coal for Taipower thermal power plant through open t ...
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- Bharathi Cement Corporation - India
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- CIMB Investment Bank - Malaysia
- Carbofer General Trading SA - India
- Bulk Trading Sa - Switzerland
- ASAPP Information Group - India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Bukit Baiduri Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Malabar Cements Ltd - India
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Eastern Coal Council - USA
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Dalmia Cement Bharat India
- Planning Commission, India
- Ministry of Mines - Canada
- Coalindo Energy - Indonesia
- Standard Chartered Bank - UAE
- Asia Pacific Energy Resources Ventures Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Antam Resourcindo - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- VISA Power Limited - India
- Sindya Power Generating Company Private Ltd
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Oldendorff Carriers - Singapore
- PowerSource Philippines DevCo
- Bukit Makmur.PT - Indonesia
- Bayan Resources Tbk. - Indonesia
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Minerals Council of Australia
- Posco Energy - South Korea
- Kartika Selabumi Mining - Indonesia
- The State Trading Corporation of India Ltd
- Romanian Commodities Exchange
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Central Electricity Authority - India
- SMC Global Power, Philippines
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Energy Link Ltd, New Zealand
- Cigading International Bulk Terminal - Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Asmin Koalindo Tuhup - Indonesia
- Formosa Plastics Group - Taiwan
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Energy Development Corp, Philippines
- Heidelberg Cement - Germany
- Parry Sugars Refinery, India
- Sical Logistics Limited - India
- Central Java Power - Indonesia
- Deloitte Consulting - India
- Independent Power Producers Association of India
- Bahari Cakrawala Sebuku - Indonesia
- New Zealand Coal & Carbon
- Billiton Holdings Pty Ltd - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- The Treasury - Australian Government
- Videocon Industries ltd - India
- Sree Jayajothi Cements Limited - India
- Tamil Nadu electricity Board
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- Salva Resources Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Chettinad Cement Corporation Ltd - India
- Attock Cement Pakistan Limited
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Holcim Trading Pte Ltd - Singapore
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- White Energy Company Limited
- Pendopo Energi Batubara - Indonesia
- Aditya Birla Group - India
- Australian Commodity Traders Exchange
- Rio Tinto Coal - Australia
- Kohat Cement Company Ltd. - Pakistan
- Latin American Coal - Colombia
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- GVK Power & Infra Limited - India
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Bhoruka Overseas - Indonesia
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Bangladesh Power Developement Board
- Economic Council, Georgia
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement PLC, Thailand
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Mjunction Services Limited - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Alfred C Toepfer International GmbH - Germany
- Renaissance Capital - South Africa
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Siam City Cement - Thailand
- Ministry of Transport, Egypt
- ICICI Bank Limited - India
- PTC India Limited - India
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- OPG Power Generation Pvt Ltd - India
- The University of Queensland
- Jindal Steel & Power Ltd - India
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Petron Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Edison Trading Spa - Italy
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