Shipbuilding Industry Corp News

China's two largest shipbuilders are planning to merge, their listed arms said in separate exchange filings on Monday, the latest to join a wave of mergers among state-owned enterprises as the government overhauls the sector.The move by China Shipbuilding Industry Corp (CSIC) and China State Shipbuilding Corp Ltd (CSSC), is subject to approvals from related authorities and there are still many details to be ironed out before the proposal can be finalized, the filings showed.A slew of units belonging to the two companies…

China's anti-graft agency said on Saturday it is investigating the general manager of state-owned China Shipbuilding Industry Corp (CSIC).Sun Bo is suspected of serious disciplinary and legal violations, the Central Commission for Discipline Inspection (CCDI) said on its website.(Reporting by Andrew Galbraith; Editing by Adrian Croft)

China's cabinet has given preliminary approval to merge the country's two largest shipbuilders, China State Shipbuilding Corp with China Shipbuilding Industry Corp, Bloomberg reported on Friday, citing people familiar with the matter.   It said the move, which will create a firm that will dwarf its South Korean rivals such as Hyundai Heavy Industries Co , could still be subject to change as many details needed to be ironed out by ministries and regulators.   The two companies have multiple shipyards across China whose products range from aircraft carriers to commercial ships which carry oil and gas.   Reporting by Brenda Goh

China State Shipbuilding Corp (CSSC) said on Monday Lei Fanpei would become the Chinese state shipbuilder's new chairman, replacing the incumbent Dong Qiang.   Lei will relinquish his duties as the chairman at the China Aerospace Science and Technology Corp, the country's space agency, CSSC said in a statement on its website. It did not say where Dong would move to.   CSSC is one of China's two largest shipbuilding conglomerates, alongside its rival China Shipbuilding Industry Corp. Its yards include Shanghai Waigaoqiao Shipbuilding and Hudong-Zhonghua Shipbuilding whose products range from cruise ships to frigates and its listed unit is China CSSC Holdings.   Reporting by Brenda Goh

China's Dalian Shipbuilding Industry Co (DSIC) is working on China's first smart crude oil carrier - a special project named "smart ship 1.0 R&D - which will incorporate technology to help the captain operate the ship. The Chinese state media quoted Guan Yinghua, deputy chief engineer of DSIC as saying that the project was assigned by the Ministry of Industry and Information Technology. Guan said that the very large intelligent crude carrier will be the most important result of the project. She said the smart vessels represent the future. DSIC is a subsidiary of State-owned shipbuilding giant China Shipbuilding Industry Corp. This year…

China Shipbuilding Industry Corp (CSIC) is developing a manned submersible vehicle, which would be able to dive into Challenger Deep, the deepest point on Earth estimated to be around 10,900m below the surface, Xinhua news agency reported. CSIC is almost done building a new cost-efficient manned submersible that could reach the majority of seabeds in the world. The development of deep-sea manned submersibles for rough seas would be one of CSIC's priorities in 2017. The vessel, now under final assembly and testing phase, will be equipped with five observation windows and three seats. If successful, the Chinese submersible would be the third to reach the bottom of Challenger Deep, also in the Mariana Trench.

Aqualis Offshore and China Ship Design & Research Center Co., Ltd (CSDC) have signed an agreement to cooperate on engineering projects both in China and internationally. CSDC, a subsidiary company of China Shipbuilding Industry Corp (CSIC), specializes in shipbuilding and offshore engineering services. Aqualis Offshore, part of Oslo-listed Aqualis ASA, is a specialized offshore marine and engineering consultancy firm, focusing on the shallow and deep-water offshore segments of the oil and gas industry. Under the agreement, Aqualis Offshore and CSDC will cooperate in the fields of engineering, project management, research, innovation and marketing. A key objective is to develop a joint engineering service to offshore newbuild projects in China and elsewhere.

China Merchants Energy Shipping Co Ltd (CMES)  has firmed up orders to build six very large crude carriers (VLCCs) at Dalian Dalian Shipbuilding Industry Corp for $522 million, reports Reuters. The deliveries of 308,000dwt VLCCs are scheduled between August 2018 and October 2019. Order for six more VLCCs brings Chinese tanker operator’s total orders to ten. A week ago, CMES has placed an order for four newbuilding VLCCs, with two each at Nantong Cosco KHI Ship Engineering (Nacks) and Dalian Cosco KHI Ship Engineering (Dacks). The four orders are part of a 10-VLCC newbuild plan which was announced early last week. The eco-friendly VLCCs will be operated by China VLCC, a joint venture of CMES and Sinotrans & CSC Group.

China is offering to build submarines for Egypt that are cheaper than vessels on offer from Germany, sources told Reuters, as Beijing looks to enhance weapons exports over a normal patron bottom in Asia. According to sources, Beijing has sought to undercut Western submarine makers on price and by offering attractive export-credit terms for sales in Asia. It has won deals with Pakistan and Bangladesh so far. China displaced Germany as the world’s third-largest arms exporter,   though nearly 70 percent of those weapons went to Pakistan, Bangladesh and Myanmar, says the Stockholm International Peace Research Institute in March. An Egyptian military source confirmed that China had offered to sell submarines to Cairo. “We are studying it, but it is not an easy decision,” the source said.

MAN Diesel & Turbo renewed its contract with Chinese two-stroke licensee, China Shipbuilding Industry Corp. (CSIC). Signed at a ceremony in Beijing on February 3, 2015, the agreement runs for the next 10 years and covers the production of low-speed engines at CSIC affiliates: Dalian Marine Diesel Co., Ltd (DMD), Yichang Marine Diesel Engine Co., Ltd (YMD), Qingdao Haixi Marine Diesel Co., Ltd (QMD). Dr. Besides Dr. Lauber, several other, senior MAN Diesel & Turbo staff were also present in the Chinese capital for the signing ceremony…

Vietnam Shipbuilding Industry Group, the debt-ridden national shipbuilder, is being renamed and restructured as the government works to reform inefficient state-owned enterprises that are weighing down the economy, reports the country's Thanhnien News. Vinashin, as the company is known, will have its name changed to Shipbuilding Industry Corp., or SBIC, according to a Transport Ministry statement cited by Thanhnien News. SBIC will be state-owned with eight subsidiaries and registered capital of 9.52 trillion dong ($451 million). The shipbuilder, whose near-bankruptcy spurred sovereign credit downgrades, defaulted on a $600 million internationally syndicated loan in 2010. Vinashin had indicated it plans to cut 14,000 jobs, more than half its workforce. Source: Thanhnien News

Before the close of the inaugural Oceanology International China (OI China) held in Shanghai in early September, more than 70% of the space available for the next show in the series, being held September 3-5 , 2014 at INTEX Shanghai, had been reserved. “Our new show in the long-standing Oceanology International series not only lived up to expectations, but exceeded them,” said Event Director James Coleman of Reed Exhibitions. “4,296 visitors attended over the three days, making 5…

Chinese shipbuilding giant, China Shipbuilding Industry Corp (CSIC) makes debut at Malaysia defense show. The China Shipbuilding Industry Corporation (CSIC) recently made its debut in the Langkawi International Maritime and Aerospace Exhibition in Malaysia, reports Xinhua. The company brought its latest product models, including a submarine, landing platform dock and frigate, to the four-day show. Xu Ziqiu, general manager of China Shipbuilding and Offshore International, the international marketing and sales arm of CSIC Xu admitted the shipbuilding industry was not yet fully recovered from the global financial crisis, and hence his company was interested in tapping the global market. Source: Xinhua

China's State Oceanic Administration has placed 8 orders with Wuchang Shipbuilding Industry Co., & altogether 36 are to be built within two years. As the global shipbuilding industry endures one of its toughest spells in years, at least eight new orders for maritime surveillance ships have been secured by Wuchang Shipbuilding Industry Co Ltd, a subsidiary of China Shipbuilding Industry Corp. The progress echoed an earlier statement from Liu Cigui, head of the State Oceanic Administration, which said that 36 patrol vessels are being built and will be put into operation within the next two years by China Marine Surveillance, the bureau's maritime law enforcement agency.

Vinashin Shipbuilding Industry Corp. ex-officials in appeal against sentences for losses to the state budget of VND910 billion (US$43.5-million). Shipbuilding giant Vinashin, a state-owned company founded in 1996, came to the verge of bankruptcy in 2009 after accumulating an enormous debt of over $4.11 billion. The government later introduced reforms to get the embattled shipbuilder back on track. The Supreme People’s Court opened the hearing to consider the appeals of eight out of the nine defendants who had been sentenced by the Hai Phong city people’s Court in March for “intentionally violating the State’s economic management regulations, which causes serious consequences”. Among the eight is Pham Thanh Binh, former Vinashin chairman, 59, who has been sentenced to 20 years in prison.

China Shipbuilding Industry Corp (CSIC) says it has had advanced talks with a European shipbuilder so far. Despite the travails of the lack of orders at home one of China’s shipbuilding majors is looking at taking advantage of the downturn by acquiring some overseas yards to boost its technology expertise, reports Sinoship News. China Shipbuilding Industry Corp (CSIC), the state-run entity that controls many northern Chinese yards, said recently that  it had held advanced talks with one European shipbuilder so far. "The talks did not bear any fruit but they did help us gain experience in negotiating with European companies," a senior executive, Sun Bo  said recently. "We will continue pursuing the idea (of mergers and acquisitions of European shipbuilding companies)," he added.

China Shipbuilding Industry Corp. (CSIC) is developing a manned submersible for dives to 4,500 meters (14,764 ft). The move comes as part of a greater plan for the nation to eventually build a deep sea station where submersibles can dock and oceanauts can work. CSIC, builders of the Jiaolong manned submersible, which made record dives to more than 7,000 meters in the Pacific Ocean's Mariana Trench, said that the submersible has returned to its test base since completing deep sea diving missions, and it will be handed over for use after maintenance. The vessel will be used to conduct scientific research next year, the Beijing-based state-owned company said.

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.

The Bach Dang Shipbuilding Industry Corp on August 1 reportedly delivered a cargo ship to its client, the Northern Shipping Joint Stock Company (Nosco), according to a report on http://english.vovnews.vn. The 6,500 DWT ship is one of the 20ships that the company is building for Nosco’s parent company, the Vietnam National Shipping Lines.It measures 102.8m long and 17m wide ship with a capacity of 3,600 HP, built under the supervision of the Nippon Kaiji Kyokai (NK) Register of Shipping of Japan, meets the international maritime regulations. http://english.vovnews.vn

The 22nd edition of Posidonia 2010, an international shipping trade event, opens its doors next week on the back of renewed confidence in the state of Greek maritime affairs as outlined in a recent Union of Greek Shipowners (UGS) statement. According to UGS, Greece’s foreign exchange earnings from ocean going shipping services were substantial in 2009 amounting to $16.6b despite a slight decrease compared to the previous year. Continued new-building orders will ensure Greece maintains…

McDermott International Inc said that a subsidiary of group company J Ray McDermott has set up a joint venture with a unit of state-owned China Shipbuilding Industry Corp. The joint venture - Qingdao McDermott Wuchuan Offshore Engineering Co Ltd - plans to establish a facility in Qingdao, in eastern China's Shandong province. The new company plans to focus on the construction of floating production, storage and off-loading (FPSO) vessels, US-listed McDermott said in a statement.FPSOs are used in the offshore oil and gas industry. The vessels take oil and gas from platforms, and process and store them until they can be offloaded onto tankers or into pipelines. (Source: www.tradingmarkets.com)

CNN reported that one of McDermott International Inc.’s subsidiaries has entered into a joint venture with a subsidiary of the state-owned China Shipbuilding Industry Corp. The joint venture company, Qingdao McDermott Wuchuan Offshore Engineering Company Ltd., plans to establish a new location on over 111 acres in . The facility is expected to be located next to two new China Shipbuilding shipyards. China Shipbuilding has one floating dock and five drydocks in the area. McDermott Wuchuan expects to focus its business on floating, production, storage, off-loading vessel construction and integration, the company said. The new facility will include structural and pipe shops…

Dalian Shipbuilding Industry Corp Ltd., China's biggest shipyard, upped its rank to number four in the world in terms of orders at hand. The company points to a combination of technical innovation and an expanded product range. Strong domestic and overseas demand was a source for the ship plant's new orders, 70 percent of which come from outside the country. Current order volumes mean Dalian Shipbuilding will work non-stop without taking any new orders until 2011. Current yearly revenue reached $1.60b and is expected to top $2.66b by the end of the 11th Five Year Plan (2005-2010), according to a company representative. [Source: www. chinadaily.com.cn]