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