China's Largest Shipbuilders Plan to Merge
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 Investigating Senior Executive at CSIC
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 Okays Merger of Two Largest Shipbuilders - Bloomberg
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…
Chinese Shipbuilding Giant CSSC Appoints New Chairman
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.
China to Roll Out Smart Crude Oil Carrier
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.
Chinese Shipbuilder Mulls Deep-Sea Exploration
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.
Aqualis Offshore and CSDC Join Forces
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 Offers Cheaper Submarines to Egypt
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…
MAN, CSIC Extend Two-stroke Agreement
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…
Oceanology International China Paves Way for 2014 Repeat
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…
Major China Shipbuilder Seeks Military Orders
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
Chinese Shipyards Get Boost From Patrol Boat Orders
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.
China Shipbuilder Ponders Overseas Yard Acquisition
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.
Chinese Shipbuilder Plans Next Component of 'Oceanaut' Station
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 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.
Posidonia Opens Next Week
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 in JV with China Shipbuilding
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)
McDermott Enters China JV
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…
China Shipbuilding Industry Corp (CSIC) will reportedly seek an initial public offering (IPO) in 2007, according to a report on www.chinadaily.com.cn. CSIC is currently restructuring to merge its 16 subsidiaries to form a more integrated company. Established in 1999, CSIC owns some of China's biggest shipyards and ship engine manufacturers. (Source: www.chinadaily.com.cn)
China Shipbuilding Wave Continues to Rise
According to Asia Times, China's shipbuilding industry could be overextended in three years amid a booming global demand for new vessels. China's shipbuilding capacity will exceed 40 million deadweight tons (DWT) a year in 2010 if new shipyards planned by investors are completed, according to data from China Association of National Shipbuilding Industry. Ship production in China, the world's No 3 shipbuilding country after Japan and South Korea, climbed by 20% to 14.52 million. DWT last year from 2005, grabbing 19% of the world's total. Vessels for export amounted to 11.71 million DWT and the whole sector's profits more than doubled to 9.6 billion yuan (US$1.26 billion) in 2005.
China's Shipyards to Double Capacity
According to a Bloomberg report, China's two largest shipyard groups plan to double capacity by 2010, aiming for the top spot in world shipbuilding. China State Shipbuilding Corp., the nation's biggest, will reportedly have a potential 12.3 million deadweight tons output by 2010 from 6.02 million last year. China Shipbuilding Industry Corp. will aim to double its annual capacity to 10 million deadweight tons. China has 24 percent of the global order book for new ships, South Korea has 33 percent, according to London-based shipbroker Clarkson Plc.
COSCO Signs Contracts with Four Shipyards
Xinhua reported that COSCO Group, China's leading shipping and logistics service provider, inked in Boao, Hainan Province on Saturday contracts with four domestic shipyards to build 66 ships. Zhang Fusheng, a COSCO spokesman, did not disclose the total value of these shipbuilding contracts but said they summed up to a record amount for the shipping giant. The move is to help meet China's strong demand for shipping as the country's fast economic development gives rise to more imports of energy resources and more auto imports and exports, said analysts. Wu Bangguo, Chairman of the Standing Committee of China's National People's Congress, attended the signing ceremony on the sidelines of the annual conference of the Boao Forum for Asia.
CSIC Begins Building Shipbuilding Facility
XFN reported that China Shipbuilding Industry Corp (CSIC) has started construction on two new drydocks in the eastern city of Qingdao, with a projected total investment of 7.4 bln yuan. The State-owned Assets Supervision and Administration Commission (SASAC) said in a statement on its website that construction on the new docks is scheduled to be completed by April 2009. The facilities, which will have combined annual capacity of two mln deadweight tons (dwt), will be able to build very large crude carriers (VLCCs), bulk cargo vessels and container ships with capacity up to 8,000 TEUs.