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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, 02 May 14
DRY BULK MARKET SHOWING SIGNS OF COMEBACK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market which has been hovering below the 1,000-point market (BDI) during the past couple of weeks, could be exhibiting signs of a s ...
Thursday, 01 May 14
INDONESIA EXPORT BAN POINTS TO QUESTIONS OVER CHINA'S LONG-TERM BAUXITE SUPPLY - WOOD MACKENZIE
China’s Bauxite demand forecast to reach 240 million tonnes by 2030
In light of the Indonesian mineral ore ban that came into force o ...
Thursday, 01 May 14
DRY BULK MARKET STILL REELING UNDER PRESSURE FROM VARIOUS FACTORS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The dry bulk market's revival is still overdue, as the industry's benchmark, the BDI is still lagging below the 1,000-point mark. In fac ...
Wednesday, 30 April 14
FREIGHT MARKET FOR DRY BULKERS STILL REMAINS WEAK - INTERMODAL
One week after the Easter holiday and the celebration for the resurrection of Christ, everybody expected to see a similar sign of a revival in t ...
Tuesday, 29 April 14
Q4 SUB-BIT INDONESIA COAL SWAP CLOSED US$ 1.07 HIGHER COMPARED TO Q2 DELIVERY PRICE
COALspot.com: Indonesian coal swaps for average Q2’ 2014 gain on month and on week according to AsiaClear OTC coal swap's reports rele ...
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- Tata Chemicals Ltd - India
- New Zealand Coal & Carbon
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- Trasteel International SA, Italy
- Sinarmas Energy and Mining - Indonesia
- Larsen & Toubro Limited - India
- Chamber of Mines of South Africa
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Barasentosa Lestari - Indonesia
- McConnell Dowell - Australia
- Planning Commission, India
- Indonesian Coal Mining Association
- Neyveli Lignite Corporation Ltd, - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- ICICI Bank Limited - India
- Sical Logistics Limited - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- PowerSource Philippines DevCo
- GN Power Mariveles Coal Plant, Philippines
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Coalindo Energy - Indonesia
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Maheswari Brothers Coal Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement - Thailand
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Indika Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- Independent Power Producers Association of India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- GMR Energy Limited - India
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Mines - Canada
- Straits Asia Resources Limited - Singapore
- IEA Clean Coal Centre - UK
- GVK Power & Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Economic Council, Georgia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Finance - Indonesia
- Meralco Power Generation, Philippines
- IHS Mccloskey Coal Group - USA
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Kohat Cement Company Ltd. - Pakistan
- Miang Besar Coal Terminal - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Central Java Power - Indonesia
- Minerals Council of Australia
- Electricity Authority, New Zealand
- Bukit Baiduri Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Bhatia International Limited - India
- Australian Coal Association
- Agrawal Coal Company - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Kideco Jaya Agung - Indonesia
- Videocon Industries ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Goldman Sachs - Singapore
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Ambuja Cements Ltd - India
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Gujarat Sidhee Cement - India
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- Bharathi Cement Corporation - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- London Commodity Brokers - England
- Global Green Power PLC Corporation, Philippines
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Wood Mackenzie - Singapore
- CNBM International Corporation - China
- Bhoruka Overseas - Indonesia
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Bayan Resources Tbk. - Indonesia
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- AsiaOL BioFuels Corp., Philippines
- Sarangani Energy Corporation, Philippines
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Parry Sugars Refinery, India
- Mercator Lines Limited - India
- Orica Mining Services - Indonesia
- Riau Bara Harum - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PTC India Limited - India
- Interocean Group of Companies - India
- India Bulls Power Limited - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Globalindo Alam Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- The University of Queensland
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Xindia Steels Limited - India
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Heidelberg Cement - Germany
- Uttam Galva Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Pipit Mutiara Jaya. PT, Indonesia
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Krishnapatnam Port Company Ltd. - India
- Borneo Indobara - Indonesia
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