Hyundai, revenue rose 26%
Hyundai Heavy Industries has overcome a drop in ship orders as revenue jumped by a quarter in the first 11 months of 2008. The World’s largest shipbuilder says newbuilding contracts fell by 7.4% but higher prices pushed the value of deals up. Seoul-listed HHI booked orders worth $26.20bn between January and November 2008, up 12% on the figure recorded a year ago. Revenue for the period rose 26% to $14.07bn, with November sales up 44% to $1.70bn. Hyundai had failed to book a single newbuilding in October. Only construction equipment and electronics orders kept figures ticking over as HHI's orders plunged 57% year-on-year.
Argentina record order
Trans Ona is set to place an order Monday for a handysize tanker at Argentina's Rio Santiago Shipyard (ARS).
Rio Santiago Shipyard The compatriot tanker and towage player will sign a letter of intention for the 16,000-gt unit and an option for another, according to the Buenos Aires provincial government, which owns the yard. Details of the tanker order, including the price tag, have not been released. A call to the yard went unanswered Monday. The gross tonnage would make the vessels roughly 24,000 dwt. Provincial officials, including Governor Daniel Scioli, are scheduled to attend the signing for the deal as Trans Ona takes delivery of the tug "Ona Don Lorenzo" from ARS. Buenos Aires-based Trans Ona runs a fleet of eight tugs and owns one tanker, the 35,700-dwt Ona Tridente, which ARS built in 1997. ARS, which is located in the Buenos Aires suburb of Ensenada, builds both military and merchant vessels, including bulkers, tankers, boxships and offshore supply vessels.
Minors’ crisis deteriorating in China
Although Chinese shipbuilding industry’s order cancellation has not been aggravated yet, about whether the minor private shipbuilding forces will be well-preserved after a year or two remains of concern.A large number of small private shipbuilders have been established in coastal areas in China in recent years. Media report says, up to the first half of 2008, the number of registered shipyards in Zhejiang province aggregates about 200 and they are all private shipyards. It was mentioned that the total investment in 10 shipbuilding bases by Zhejiang province on the ‘Zhejiang province shipbuilding industry distribution plan’ in December 2006 should be CNY 10.1bn. According to the local media, there are 7 shipbuilding enterprises close to the Jiangsu Jingjiang coasts, whose 2007 shipbuilding completion stood at 2.5m-dwt, nearly the half of the total completion amounts of Jiangsu province, the shipbuilding industry’s sales income went beyond CNY 30bn. According to the development plan, 4 shipbuilders’ sales income will be exceeding CNY 10bn and the total production amount in shipbuilding industry will go beyond CNY 100bn by 2012. However, small private shipyards and state-owned ineffective large state-owned shipyards are facing a very big risk due to the financial crisis. The minor shipowners and shipbuilers on vessel loans are all at great risks. It is because although the order-backlogs for the newly-rising minor private shipyard are filled until the next year or the year after, the 70% cash for the vessel the Europe shipowners were funded by a number of banks in Europe. But, due to the collapse and reconstruction of the Europe’s financial system, whether shipowners m are able to perform the contract agreement will be a doubt. If the shipowners show poor contract performance capabilities, then the down payment paid to shipyards will be insufficient either, which means the orders are likely to be withdrawn, and the market downturn will lead their not signing a new contract. When a private enterprise have no sales income or show no capability to pay back the loans, it means that they are on the brink of bankruptcy. To resolve the minor private shipbuilders difficulties, vessel mortgage loan policy is being set up currently.
2008년 12월 29일 월요일
2008년 12월 28일 일요일
NEWS / December 29, 2008
Support & Restructuring for shipbuilders
The Blue House, the Presidential Residence of the Republic of Korea South Korean government has established a plan to revive viable smaller shipbuilders and restructure the non-viable. First of all, export insurance increases 54% next year against 2008 for shipbuilding companies facing worsening liquidity problem. But the government decided to induce restructuring of some shipbuilders resolutely. Ministry of Knowledge Economy (MKE) on December 26 released this kind of both support and restructuring plan in a 2009 business report held at the Blue House. ‘Supporting the viable’ and ‘weeding out the non-viable’ will be put forward by a task force, co-organized by MKE and Financial Services Commission. Surplus work force at smaller shipbuilders, resulted by shortage of demand, will not be dismissed and will receive business training such as attaining certificates of technology, backed up by policy. MKE said it will introduce this sort of ‘employment preservation and retraining model’ and provide part of wage and training expense together with Ministry of Labor. For the resuscitation of troubled shipbuilders, export insurance will be expanded to KRW 19.5trn (USD 14.9bn) in 2009, which is larger by KRW 6.9trn against 2008. However, non-viable shipbuilders will be restructured promptly by work-out or M&A, etc. An official at MKE said, “The work place of liquidated companies will be incited to be used as ship-block assembly factory or ship-repair yard and we will help workers at those companies to be employed by other shipbuilders.” Aside from top six to seven large shipbuilders, the government plans to induce swift restructuring for smaller shipbuilders which are non-viable by a general assessment including facility, management and technology ratings.
3 measures for advanced Chinese shipbuilding
Ministry of Industry and Information Technology (MIIT) of the People’s Republic China said on December 24, Chinese marine industry has been affected by the international financial crisis and China strives to maintain stable development of shipbuilding industry by threemeasures such as protecting order-receipts and market, encouraging the development through reshuffling, and technology improvement in order to overcome the current production and management difficulties. The official said, shipbuilding industry requires strong makeshifts as well as the long term development strategies. Firstly, major shipbuilders’ shipbuilding tasks have to be completed and delivered as scheduled and long term development of shipbuilding industry will have to be supported by the increase of newbuilding demands. Secondly, through this market adjustment period, the allocation of resources has to be optimized and distributed rationally by eliminating the outdated production capacity. Also, shipbuilders should be encouraged for alliances or M&A in order to increase industrial concentration and the efficiency of resource use. In addition, Chinese major shipbuilding bases and major shipbuilders’ specialized production and assembly of the half-finished products for industrial clustering effect. At the same time, to improve quality, we should optimize the production structure and develop main vessel model’s brand power as well as high-tech vessel research. Also, the new economy growth point should be found by developing marine equipment manufacturing. In addition, the establishment of modernized shipbuilding module has to be accelerated by effectively addressing the problems in developing vessel equipment, such as focusing on industrial structural problems, speed up the technical innovation of the major shipbuilding equipment manufacturers, and increasing the production capability of major assembly equipment and components such as vessel engine, deck machinery, etc.
The Blue House, the Presidential Residence of the Republic of Korea South Korean government has established a plan to revive viable smaller shipbuilders and restructure the non-viable. First of all, export insurance increases 54% next year against 2008 for shipbuilding companies facing worsening liquidity problem. But the government decided to induce restructuring of some shipbuilders resolutely. Ministry of Knowledge Economy (MKE) on December 26 released this kind of both support and restructuring plan in a 2009 business report held at the Blue House. ‘Supporting the viable’ and ‘weeding out the non-viable’ will be put forward by a task force, co-organized by MKE and Financial Services Commission. Surplus work force at smaller shipbuilders, resulted by shortage of demand, will not be dismissed and will receive business training such as attaining certificates of technology, backed up by policy. MKE said it will introduce this sort of ‘employment preservation and retraining model’ and provide part of wage and training expense together with Ministry of Labor. For the resuscitation of troubled shipbuilders, export insurance will be expanded to KRW 19.5trn (USD 14.9bn) in 2009, which is larger by KRW 6.9trn against 2008. However, non-viable shipbuilders will be restructured promptly by work-out or M&A, etc. An official at MKE said, “The work place of liquidated companies will be incited to be used as ship-block assembly factory or ship-repair yard and we will help workers at those companies to be employed by other shipbuilders.” Aside from top six to seven large shipbuilders, the government plans to induce swift restructuring for smaller shipbuilders which are non-viable by a general assessment including facility, management and technology ratings.
3 measures for advanced Chinese shipbuilding
Ministry of Industry and Information Technology (MIIT) of the People’s Republic China said on December 24, Chinese marine industry has been affected by the international financial crisis and China strives to maintain stable development of shipbuilding industry by threemeasures such as protecting order-receipts and market, encouraging the development through reshuffling, and technology improvement in order to overcome the current production and management difficulties. The official said, shipbuilding industry requires strong makeshifts as well as the long term development strategies. Firstly, major shipbuilders’ shipbuilding tasks have to be completed and delivered as scheduled and long term development of shipbuilding industry will have to be supported by the increase of newbuilding demands. Secondly, through this market adjustment period, the allocation of resources has to be optimized and distributed rationally by eliminating the outdated production capacity. Also, shipbuilders should be encouraged for alliances or M&A in order to increase industrial concentration and the efficiency of resource use. In addition, Chinese major shipbuilding bases and major shipbuilders’ specialized production and assembly of the half-finished products for industrial clustering effect. At the same time, to improve quality, we should optimize the production structure and develop main vessel model’s brand power as well as high-tech vessel research. Also, the new economy growth point should be found by developing marine equipment manufacturing. In addition, the establishment of modernized shipbuilding module has to be accelerated by effectively addressing the problems in developing vessel equipment, such as focusing on industrial structural problems, speed up the technical innovation of the major shipbuilding equipment manufacturers, and increasing the production capability of major assembly equipment and components such as vessel engine, deck machinery, etc.
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