Japanese Shipbuilding Giants to Merge
Japan's biggest shipbuilders Imabari Shipbuilding and Japan Marine United (JMU) have formalized their business alliance by agreeing to enter into a capital tie-up amid blockbuster mergers in South Korea and China.According to Jiji Press, with the alliance, the shipbuilders aim to strengthen their international competitiveness at a time when South Korean and Chinese rivals are going through major realignment to grow stronger.Under the basic deal Imabari Shipbuilding plans to buy a nearly 30 pct stake in JMU via a shares purchase.
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
GEA Equips Cruise Ships with Transcritical CO2
German manufacturer GEA has developed a new, transcritical CO2 technology especially for use on seagoing vessels.GEA signed a contract last year with P&O Cruises, part of Carnival Corporation & PLC, the world's largest commercial cruise ship operator, for its new transcritical CO2 refrigeration technology.The environmentally friendly refrigeration technology has already been installed on board the Arcadia, a 2,000-passenger ship from P&O Cruises, where it provides energy-efficient…
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 Builds World's Largest Silent Research Vessel
The world's largest silent research vessel built by China was officially put into use, which will pave the way for the cultivation of innovative deep-sea talent and ocean science study.Built by Shanghai-based Jiangnan Shipyard (Group) Co., Ltd, the Dong Fang Hong 3 is the first Chinese research vessel and the world' fourth to have obtained a Silent-R certificate, the highest standard for underwater noise control issued by Norwegian international certification body, DNV GL, according to Xie Jun…
CSSC Mulls $280 million Hong Kong IPO
The ship-leasing unit of China’s state-owned shipbuilder China State Shipbuilding Corp. (CSSC) plans to raise as much as HK$2.2 billion ($280 million) in an initial public offering in Hong Kong.CSSC (Hong Kong) Shipping, the leasing company, is issuing 153.4 million shares at an indicative price range of HK$1.34 to HK$1.42. The minimum investment is HK$2,868.62 per lot of 2,000 shares.CSSC (Hong Kong) Shipping owns 100 vessels with a total value of $5.6 billion.According to Caixin…
China to Build Huge Luxury Cruise Ship
The China State Shipbuilding Corp (CSSC), the nation's largest shipbuilder, will build China’s first luxury cruise ship, which is expected to begin operations as early as 2021, said a report in SCMP.China's first domestically built luxury cruise liner, designed to be bigger than the ill-fated Titanic, will be 323.6 meters long and 37.2 meters wide, will have 3,921 beds and accommodate 4,980 passengers.CSSC has signed an agreement to build the 135,000-metric-tonne cruise ship in partnership with British-American cruise operator Carnival Corporation…
LGP-Fuelled ME-LGIP to Power Chinese VLGC
Further shipowners turning to LGP in advance of 2020 emissions deadlineJiangnan Shipyard, owned by China State Shipbuilding Corp (CSSC), has ordered an LPG-burning MAN B&W 6G60ME-LGIP engine in connection with the building of an 86,000-m3 VLGC (Very Large Gas Carrier) for Tianjin Southwest Maritime (TSM), the Chinese shipping company. Vessel delivery is scheduled for the second half of 2021 and includes an option for a second vessel.Bjarne Foldager – Senior Vice President, Head of Two-Stroke Business at MAN Energy Solutions – said: “With 2020 and the new IMO emissions fast approaching…
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.
CSSC to Restructure
The primary contractor for China's naval force China State Shipbuilding Corp (CSSC) is preparing a major asset reorganization involving its two subsidiaries, reported China Daily. The companies have halted stock trading on the Shanghai Stock Exchange The announcement said that whether the reforms take place would be decided in the next 10 trading days. CSSC Holdings Ltd and CSSC Offshore and Marine Engineering Co Ltd both acted upon the notices from their parent company about the potential asset reform by suspending their stock trading. The CSSC group is the parent of three listed companies.
CSSC to Build Research Vessels
China's government controlled China State Shipbuilding Corp (CSSC) is going beyond building navy vessels and making advanced scientific research ships, Xinhua reported. CSSC has been focussing on defence sector till now. It was the largest supplier of surface combatants to the Chinese Navy, said the report. CSSC has been using its expertise in the research and development of naval hardware to construct high-tech civilian ships, encouraged by government measures to boost transfer of defense-related technologies to civilian and business sectors, said company officials.
COSCO orders 10 Valemaxes from CSSC
China Cosco Shipping Group has inked a contract with China State Shipbuilding Corp to build 10 valemaxes. The contract was signed on Thursday. The giant bulk carriers will all be constructed at CSSC’s flagship yard, Shanghai Waigaoqiao Shipbuilding, CCSG said in a press release. A report in Xinhua says that all 10 very large ore carriers (VLOC) will be 400,000-tonnes. The order is to meet a long-term transportation service agreement that COSCO signed with Brazilian miner Vale on March 18.
Carnival Confirms Chinese JV Cruise
In an industry first, the Miami-based Carnival Corp. will develop a multi-ship domestic Chinese cruise brand with Chinese partners. Carnival, the world’s largest cruise company, formed a joint venture with China State Shipbuilding Corp., the largest shipbuilder in China, and China Investment Corp., a sovereign wealth fund with $740 billion in assets. Carnival Chief Executive Officer Arnold Donald formalized the accord Wednesday in a meeting in London with Chinese President Xi Jinping, who is on a state visit to the U.K., according to a statement released by Carnival.
Cruise Industry Seeks Fortune in China
After an uneven couple of years punctuated by struggling economic factors worldwide, maturing markets and some highly publicized accidents and illnesses, the cruise industry is hoping to find a little “double happiness” from the rapidly growing Chinese market – enhanced profits and renewed market growth for both operators and builders. For its part, the Chinese government is betting on a triple payout: it hopes to serve a growing middle class (estimated at a potential 300 million market) and its desire for cruising vacations…
China Exim Bank, SWS Sign $312m Financing Deal
Shanghai Waigaoqiao Shipbuilding (SWS), a yard owned by the industrial conglomerate China State Shipbuilding Corp (CSSC), has secured a US$312million loan from the Export-Import Bank of China to build three 18,000 teu containerships. The deal marks the first time that SWS will be building large containerships of 18,000 teu in capacity. The new buildings will be deployed on the main Asia-Europe trading lanes and the charterer is one of the world’s top three biggest lines, according to CSSC.
China Charges State-owned Shipyard Ex-head with Taking Bribes
The former chairman of Chinese state-run shipyard Hudong-Zhonghua Shipbuilding has been charged with taking bribes, prosecutors said on Friday, the latest official to be swept up in President Xi Jinping's anti-corruption crackdown. The Supreme People's Procuratorate said in a notice on its website that Gu Tiquan, former board chairman of the Shanghai-based shipyard, would be prosecuted. It did not give details. Hudong-Zhonghua is a subsidiary of China State Shipbuilding Corp, one of the largest shipbuilding conglomerates in the country.
China State Shipbuilding, CNPC Among 11 Caught in Auditor Snare
China's National Audit Office has found irregularities at 11 state-owned conglomerates ranging from misrepresentation of assets to illegal property development, highlighting the challenges the government faces in overhauling the public sector. China National Petroleum Corp (CNPC), the parent of PetroChina Co Ltd , China Resources (Holdings) Co Ltd, the parent of 10 companies listed in Shanghai and Hong Kong, and defence contractor China South Industries Group Corp, were among the firms whose 2012 audit reports were released on Friday. China has been moving to overhaul its state-owned sector following last year's decision to diversify ownership to give equal political and legal status to state and private companies.
China Shipbuilders' Losses Seen Widening
The core business revenue of 80 major shipbuilding companies declined 22.4 percent to 84.1 billion yuan ($13.7 billion) from January to May 2013, according to data from the Ministry of Industry and Information quoted by China Daily. CSSC Jiangnan Heavy Industry - the Shanghai-listed arm of China State Shipbuilding Corp, one of the nation's largest shipbuilders - reported its first-half revenue for year 2013 dropped 39.49 percent year-on-year to 319 million yuan ($51.63 million), and it reported a loss of 61.52 million yuan for the same period. It added the market is still sluggish and that orders are drying up, which dragged down both its core business and its non-shipbuilding revenue.
China State Bank Gives Shipbuilder US$6.5-Billion Credit Boost
CSSC and China Development Bank (CDB) have signed an additional agreement of financial cooperation in Beijing. According to the agreement, CDB will put its advantages of investment, financing, bond, leasing and stock into full play, and provide CSSC with finance of 80 billion Yuan RMB in total in various ways. Previously China State Shipbuilding Corp. had obtained Yuan RMB 260-Billion to help see it through the shipping industry's economic downturn. The official release adds that the credit facility is: "...
China Shipbuilders Woeful, Many Face Uncertain Future
Many Chinese shipbuilders flounder in the face of a declining world shipping slowdown according to the latest industry reports. Production at Chinese yards, the world's biggest shipbuilders by tonnage, declined steeply during the first three quarters of the year, reports 'China Daily'. During the period, finished capacity dropped by 18.5 percent from last year to 41.58 million deadweight tons, and new orders decreased by 46.9 percent year-on-year to 15.41 million deadweight tons, according to the latest data recently released by the Ministry of Industry and Information Technology. In the meantime, Chinese yards' order book stood at 121 million deadweight tons by the end of September, down 19.4 percent from the amount at the end of 2011.
China Shipbuilding Winning More Orders
According to a report from Bloomberg, China State Shipbuilding Corp.'s orders improved significantly from a year ago as the global economy and shipping business recovered, a company executive said. The state-owned company has won orders of about 40 million deadweight tons through the year 2012. Chinese shipyards almost doubled production in the first four months of the year as the end of the credit crunch and rebounding global trade revived demand for new ships. (Source: Bloomberg)