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China Rongsheng Heavy Industries Group News

19 Jan 2016

Chinese Shipyards Sails in Rough Seas

Shipbuilders in China will continue facing rough weather. According to a report in Bloomberg, new orders received by Chinese shipbuilders fell by nearly half last year from 2014, suggesting more consolidation is in order as the country’s appetite for raw materials wanes and shipping rates languish at multiyear lows. Shipyards in China received new orders amounting to 31.3 million deadweight tons last year, a world-leading 34 percent share of the global market. Backlog orders fell 12 percent to 123 million deadweight tons, or 36 percent of global market share. The shipbuilding will lag behind their foreign rivals as cumbersome financing conditions and prolonged excess capacity continue to crimp industry profits and push smaller shipyards out, experts said.

21 Apr 2014

China Shipbuilder Rongsheng in 2013 Revenue Freefall

Cheng Quang: Chairman China Rongsheng

During the year ended 31, December 2013 China Rongsheng, the largest non-state-owned shipbuilder in the PRC, reports that revenue of the Company was RmB1,343.6 million, a decrease of 83.1% from RmB7,956.3 million for the year ended 31 december 2012. China Rongsheng Heavy Industries Group Holdings Limited explain that In 2013, the unfavourable operating environment for ship owners persisted amid the unsatisfying performance of the global shipping market in spite of the tepid recovery from 2012. As a result, ship owners requested shipyards to postpone the delivery of new vessels.

10 Apr 2014

Debt-Laden Bulk Shipper to be Liquidated

A Chinese court has ordered a unit of debt-laden dry bulk goods shipper Chang Jiang Shipping Group Phoenix Co Ltd to liquidate its assets, displaying further evidence of the troubles faced by the country's beleaguered shippers. The unit, whose Chinese name is translated as Chang Jiang Jiaotong Keji, is unable to pay its debt or stay solvent, prompting three of its creditors to apply to the Wuhan intermediate court to liquidate its assets, Chang Jiang Shipping said in a filing on the Shenzhen stock exchange. The unit, in which Chang Jiang Shipping owns an 89 percent stake, has ceased to operate. China's shipping sector has been plagued by overcapacity since the global financial crisis because new vessels ordered before the downturn have flooded the market.

10 Apr 2014

Chang Jiang Shipping Faces Asset Liquidation

A Chinese court has ordered a unit of debt-laden dry bulk goods shipper Chang Jiang Shipping Group Phoenix Co. Ltd. to liquidate its assets, displaying further evidence of the troubles faced by the country's beleaguered shippers. The unit, whose Chinese name is translated as Chang Jiang Jiaotong Keji, is unable to pay its debt or stay solvent, prompting three of its creditors to apply to the Wuhan intermediate court to liquidate its assets, Chang Jiang Shipping said in a filing on the Shenzhen stock exchange. The unit, in which Chang Jiang Shipping owns an 89 percent stake, has ceased to operate. China's shipping sector has been plagued by overcapacity since the global financial crisis because new vessels ordered before the downturn have flooded the market.

06 Dec 2013

Greek Shipowner Doubts Major China Shipbuilder Can Deliver

Rongsheng Shipyard: Rendering credit Rongsheng

China Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, expects to report a substantial full-year loss just months after it appealed to the government for financial help, reports Reuters. Analysts have indicated that the company could be the biggest casualty of a local shipbuilding industry suffering from overcapacity and shrinking orders amid a global shipping downturn. Greek shipowner DryShips Inc. which has four dry-bulk carriers on order at the company’s shipbuilding subsidiary…

07 Aug 2013

China Shipbuilder Hit by Forex Losses on Contracts

Yangzijiang Shipbuilding Holdings Ltd. China’s second-biggest private shipyard, posted a 7.6 percent decline in second-quarter profit because of higher tax and foreign exchange loss on contracts done in euros, reports Bloomberg. Citing a company statement to the Singapore Stock Exchange, Bloomberg say that Net income in the three months ended June dropped to 812 million yuan ($133 million) from 878 million yuan a year ago, while sales rose 12 percent to 4.42 billion yuan. Yangzijiang is among companies diversifying into offshore drilling and production as demand for new bulk vessels decline. The government has urged financial support…

23 Jul 2013

China Rongsheng Delivers Fourth Vale VLOC

Vale VLOC delivery: Photo credti China Rongsheng

China Rongsheng Heavy Industries Group Holdings Limited has delivered the 380,000 dwt class Very Large Ore Carrier (VLOC) 'Vale Caofeidian' to Brazil's Vale S.A. The vessel is the fourth 380,000 DWT class VLOC delivered by the Group this year and its eleventh delivery of VLOC's overall. The Chinese shipbuilders have successfully delivered 11 VLOCs, while most of those remaining have been launched and are under outfitting process. The next VLOC delivering to Vale is also at its final stage for sea trial.

22 Jul 2013

China Tightens Shipbuilders' Credits: Singapore May Benefit

Singapore's Keppel Corp Ltd and Sembcorp Marine Ltd, the world's top offshore rig-makers, stand to be among the winners through Beijing's moves to tighten credit amid a downturn at China's shipyards, reports Reuters. The two companies have been under mounting pressure from Chinese yards offering generous payment terms, price discounts and help with financing, but that may be changing after Beijing pledged to cut credit to industries plagued with overcapacity, and China Rongsheng Heavy Industries Group, the country's largest private shipbuilder, fell into financial trouble. Rongsheng could now become the biggest casualty of a local shipbuilding industry suffering from overcapacity and shrinking orders amid a global shipping downturn.

09 Jul 2013

China's Largest Shipbuilder Seeks Nation's Cities Aid

China Rongsheng Heavy Industries Group Holdings Ltd. (1101) is in talks with two coastal cities and government departments to secure financial assistance, as the nation’s shipowners association forecast a slump in vessel orders will run through next year, reports Bloomberg. The country’s largest shipyard outside state control is in discussions with Rugao and Nantong cities and some ministry-level departments related to the shipping industry, according to Bloomberg, citing Rongsheng spokesman William Li. The company said July 5 it was seeking financial assistance from the government after a plunge in orders forced it to reduce production and “restructure” its workforce.

14 Dec 2012

China Rongsheng Delivers First Container Ship

Rongsheng's First Container Ship: Photo credit Rongsheng

China Rongsheng Heavy Industries Group Holdings deliver their first container ship to a German owner. The new 6,500-TEU container ship measures 299.95 meters in length, 40 meters in breadth and 24.2 meters in depth. This latest delivery not only demonstrates a breakthrough of manufacturing capability at China Rongsheng Heavy Industries, but they say it also marked their comprehensive strengths in research and development and product diversity. Rongsheng believe that business upgrade and R&D capability are always development keys in the shipbuilding industry.

27 Nov 2012

China Rongsheng Chairman Quits

Chairman of China's largest private shipbuilder, Zhang Zhirong, steps down from China Rongsheng Heavy Industries Group. Determined to put scandal behind it, China’s largest private shipbuilder, China Rongsheng Heavy Industries Group, has said its chairman has stepped down. to be replaced by the yard’s CEO, Chen Qiang, reports SinoShip News. Rongsheng was hit by an insider dealing scandal involving a firm owned by Zhang ahead of the $15.1bn bid for Canadian oil firm Nexen Inc by China offshore oil and gas producer CNOOC. Rongsheng’s profits have slumped this year amid a barren time for Chinese yards and shares of the Hong Kong-listed entity have dropped 30%. Source: SinoShip News

22 Aug 2012

Major Chinese Shipbuilder Sees Profits Nose-dive

China Rongsheng profit dives as new ship orders dry up. China Rongsheng Heavy Industries Group, the country's largest private shipbuilder, posted its sharpest fall in half-year profit - down 82 percent - on a dearth of new orders, putting further pressure on its stretched balance sheet reports Reuters. In a stubbornly downbeat global economy, the shipping industry has suffered widespread losses, with many small and medium sized Chinese builders close to bankruptcy as bankers cool on a sector struggling with a glut of vessels ordered during the boom times. The company said it won orders for just two new vessels with a total contract value of $55.6 million. In the first half of last year it won orders for 24 vessels worth $1.08 billion. Source: Reuters

22 May 2012

China Rongsheng Names, Delivers 380,000 dwt VLOC's

Vale VLOC: Photo credit Vale S.A.

China Rongsheng Heavy Industries christened the first of two 380,000 DWT Very Large Ore Carriers built for Oman Shipping deliivers another of the same to Vale S.A. China Rongsheng Heavy Industries Group Holdings Limited today christened the first two 380,000 DWT Very Large Ore Carriers (“VLOC”) built for Oman Shipping Company S.A.O.C. (“Oman Shipping”). The vessels will set for sea trial and enter into the final delivery stage soon. In addition, the Group has also delivered the third 380,000 DWT VLOC to iron ore mining giant, Vale S.A. H.E. Dr.

16 May 2012

China's First Deepwater LNG Pipe-Layer Sets Sail

Photo credit China Rongsheng

The vessel has set sail for the “Liwan 3-1” gas field in the South China Sea today and will prepare for pipe laying works. “HAI YANG SHI YOU 201” not only deploys world-leading offshore engineering technology, but also marks the first self-design and self-build deepwater offshore engineering vessel project in China, advancing the nation’s deepwater resources exploration strategy. As the flagship of CNOOC’s deepwater exploration fleet, “HAI YANG SHI YOU 201” is planned to arrive at the “Liwan 3-1” gas field in June after departing from Qingdao.

27 Apr 2012

ABS Elects New Council

At the 150th Annual Meeting of the Members of ABS, three industry leaders were elected to the ABS Council. Following the Annual Meeting, the ABS Council met and elected industry leaders to both its Marine and Offshore Technical Committees. Individuals serving on the ABS Council and the Technical Committees help guide the class society in fulfilling its mission of promoting the security of life, property and the natural environment. “Classification represents the concept of self-regulation for the marine and offshore industry,” said ABS President and CEO Christopher J. Wiernicki.

23 Apr 2012

China Shipyard Denies Stories on Vale's VLOC Orders

China Rongsheng Heavy Industries denies a report distributed by Jinji Cankao Bao on its VLOC newbuildings for Vale S.A. China Rongsheng Heavy Industries Group Holdings Limited offically denies the false report of “Vale declined to receive three VLOCs built by Rongsheng Heavy Industries” distributed by Jinji Cankao Bao. In order to benefit shareholders, ship-owners and ourselves, the Group always takes swift and necessary actions on clarifying unfounded rumors in the market. According to the Jinji Cankao Bao’s report, “Rongsheng Heavy Industries, the second largest shipbuilder in China, has already completed three VLOCs ordered by Vale. However, these vessels have been delayed delivery from Vale because of various reasons, and they are still docking in the Rongsheng’s wharf”.

08 Dec 2011

China Yard Wins Order for 10 + 10 Tankers

China Rongsheng Heavy Industries Group Holdings Ltd, the country's largest non-state-owned shipbuilder, reportedly received orders for 10 Suezmax tankers, with an option for another 10, according to a Reuters report. Rongsheng received orders for ten 157,000-DWT Suezmax tankers and options to build another 10 from a company called Global Union Shipping Ltd, Rongsheng said in a statement. The vessels will be delivered between the end of 2013 and 2014, it said, adding that the order cemented the firm's position as the largest Suezmax shipbuilder in China and the second largest in the world.