China Establishes World's Largest Shipbuilding Group
China on Tuesday formally established China Shipbuilding Group, which the country's government-run broadcaster described as the world's largest shipbuilder.The group's establishment, reported by China Central Television (CCTV), comes after Beijing last month approved the merger of the country's two largest shipbuilders, China State Shipbuilding Corp and China Shipbuilding Industry Co.The group has 147 research institutes, business units and listed firms, as well as total assets of 790 billion yuan ($112 billion) and 310,000 workers, CCTV said.
China's Two Largest Shipbuilders to Merge
China's cabinet has approved a merger of the country's two largest shipbuilders, China State Shipbuilding Corp (CSSC) and China Shipbuilding Industry Co (CSIC), the country's state asset regulator said on Friday.The companies' products range from aircraft carriers to commercial ships that carry oil and gas.Reporting by Beijing Monitoring Desk
CSIC, CSSC Dismiss Shipbuilder Merger Rumors
China's state-backed shipbuilding giants said they have not received any merger-related information from authorities, after an executive swap between the firms sparked a market rally in their shares. The pair are the latest state firms to see merger rumours trigger jumps in their share prices, as investors expect the government to unleash a fresh round of industrial consolidation as part of reform of its state-owned enterprises. Shares in China CSSC Holdings Ltd and China Shipbuilding Industry Co Ltd (CSIC) reached their 10 percent trading limit on Thursday after their parent firms announced that CSSC chairman Hu Wenming will now head CSIC among other management changes.
China's Shipbuilding Hub Faces Precipice
Jiangsu Province’s Economic and Information Technology Commission reviews Q1 2013 province-wide shipyard finances. The review of the shipbuilding industry’s performance showed that 44 privately-owned shipbuilders out of 66 failed to win new orders and none of major seven builders could ink a contract, with 30% of large corporations recording a loss, reports China Shipbuilding Industry Co. Shipbuilders’ profit margins in Jiangsu appear to be sharply decreasing from 22% recorded in 2010 and four companies out of thirteen majors reported a loss during the first quarter of this year. Although the province’s newbuilding delivery was up on the same quarter last year…
China Shipbuilding Industry Corp. to Raise Cash
China Shipbuilding Industry (CSIC) plans to issue RMB 1-billion in sale of unsecured medium term notes According to a 'China Knowledge' report, China Shipbuilding Industry Corp or CSIC, the parent of China Shipbuilding Industry Co Ltd<601989 >, has said that it plans to issue RMB 1 billion worth of unsecured medium-term notes with a maturity of five years on the interbank market on Jun. 28. Proceeds from the offering will be used to replenish the company’s working capital.
China Shipbuilding Profit Jumps
According to a report from Ebeling Heffernan, China Shipbuilding Industry Co. (CSIC), the country’s northern shipbuilding giant, said its net profit last year rose 7.28% to about $246b. Due to a recovery in the Global shipbuilding market and a rise in orders, shipbuilding business has increased business 38.17% from the same period last year, it said. (SourceL Ebeling Heffernan)
China Shipbuilding Jumps on Torpedo, Telescope-Makers Deal
According to a report from Bloomberg, China Shipbuilding Industry Co., the country’s biggest maker of vessel equipment, jumped in Shanghai trading after agreeing to buy seven affiliates, including makers of torpedoes and submarine telescopes. The company rose 5.1 percent to close at 13.86 yuan, as it resumed trading following an almost month long suspension. (Source: Bloomberg)
