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Old July 10th, 2009, 02:12 PM   #201
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Shipbuilder Rongsheng says '09 profit to double

SHANGHAI, July 10 (Reuters) - Jiangsu Rongsheng Heavy Industries Co, China's biggest privately-owned shipbuilder, expects revenue and profit to double this year from last year, its president Chen Qiang said on Friday.

Chen did not provide sales and profit figures for last year and would not comment on the progress of the shipbuilder's listing plans.

Rongsheng, backed by foreign funds including Goldman Sachs and U.S. fund D.E. Shaw, is seeking to tap capital markets via an initial public offering of up to $2 billion to fund growth and compete with bigger state-owned rivals including Guangzhou Shipyard International Co .

But investors have turned cautious about the sector as the global shipbuilding industry has been dealt a heavy blow by the economic downturn, whith orders shrinking.

China's new shipbuilding orders shrank 96 percent in the first five months this year to 1.18 million deadweight tonnes (dwt) from the same period last year, statistics from the Ministry of Industries and Information Technology showed.

Chen said he expected demand for new oil tankers to pick up.

"The oil tanker sector is likely to be the first to recover because crude prices have risen and that should boost demand for tankers," Chen told Reuters in an interview after the company signed a $484 million contract to build four ships for Oman Shipping Co.

But it could take another two years for the market for container ships to see any improvement, he said.

Rival Guangzhou Shipyard posted a near 50 percent drop in first-quarter net profit this year and called off a proposed $445 million acquisition of a shipyard from its state-owned parent in March as its share price had slumped.

Beijing has announced plans to encourage qualified shipbuilders to list shares and issue bonds and has asked banks to step up trade financing for exports of ships to bolster the industry.
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Old July 10th, 2009, 02:38 PM   #202
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First direct Zhejiang-Taiwan sea route opens
Xinhua News Agency
10 July 2009

YUHUAN, ZHEJIANG -- The Taiwanese "Ocean LaLa" passenger liner left Damaiyu Port in east China's Zhejiang province July 7 morning- bound for Taiwan. With 318 passengers onboard, the voyage signaled the opening of a direct passenger sea route between Zhejiang and Taiwan.

Jin Qifa, a citizen of Taizhou, says he took the trip because he is planning to meet his uncle's family in Taipei.

"They(his uncle's family in Taiwan) used to fly from Hong Kong to Shanghai or Wenzhou, and we had to go to Shanghai to pick them up sometimes, which was very inconvenient. But now, with the opening of the direct sea service across the Taiwan Straits, it's much more convenient."

Taizhou boasts unique geographic advantages as it is close to the Yangtze River Delta and the Straits Economic Circle. It also has a well-developed light industry that could complement Taiwan's economy.

Damaiyu is the province's closest deep-water port to Taiwan, only 163 miles from Keelung Port and Su-ao Port in south of the island. Cargo service between the two sides launched June 16.

As for the tourists... they are scheduled to return to the mainland next Tuesday.
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Old July 10th, 2009, 03:05 PM   #203
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Shanghai unveils hub ambitions
1 July 2009
Lloyd's List

SHANGHAI authorities are working on a slew of measures to promote the city as maritime hub, including tax concessions for shipping and logistics operators.

Xu Jian Qun, secretary-general of the Shanghai municipal government development and communications commission, said a special committee had been established to speed up the development of the city as a shipping hub.

A consultation project is under way for 59 proposed expansion measures for the Shanghai shipping hub project.

“Management of many large logistics and shipping companies have joined the committee,” he said.

The timeline for implementation remains unclear as consultation of the measures was still ongoing. A spokeswoman of Shanghai government’s transportation division told Lloyd’s List that preparatory tasks of all the measures would be started this year, with tax concessions taking a priority.

In March, the state council granted approval for Shanghai to develop as an international shipping hub by 2020. To complement the long-term blueprint, the Shanghai transportation bureau has laid down 59 relevant measures for the plan.

Industry sources noted Shanghai is keen to try and replicate Singapore’s success in promoting itself as a maritime hub. Singapore has built its maritime centre ambitions on a package of tax and other incentives to attract companies to set up regional headquarters in the city state.

One of the main focuses of the measures is to develop the port of Yangshan as an international transhipment hub. The bureau is working on the details of offering tax exemption for logistic operators and international liners at the port. “The measures cover seven areas and include a port tax refund, income tax exemptions for shipping insurance companies and share floating of shipping companies,” said China Maritime Shanghai director Wu Minghua.

Mr Wu said details of the measures would not be released soon. “Since the measures involve many departments, it takes time for the bureau to co-ordinate.”

The 13 measures related to shipping financing have been placed under the international financial centre project for Shanghai.
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Old July 10th, 2009, 06:41 PM   #204
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China ports offer free storage amid crisis: report
17 June 2009
Agence France Presse

Shanghai International Port Co., China's largest port operator by volume, has been shoring up its crisis-hit business by offering carriers virtually free container storage, a report said Wednesday.

The state-controlled firm began the offer in November to its larger clients, who must pay only a deeply discounted handling fee, an official at the port operator told Dow Jones Newswires on condition of anonymity.

The programme enables shipping companies to safely store their containers, which have been idled as the global economic downturn has battered demand for exports.

It also allows the Shanghai-listed company to inflate its throughput volume -- which measures container volume handled not cargo loaded and unloaded -- and build goodwill with ailing clients, the report said.

The programme comes as China is pushing a plan for Shanghai to overtake Singapore as the world's busiest port, the report said.

China's severe drop in exports led to an 11 percent year on year fall in overall container throughput in the first four months of this year, the report said, citing Credit Suisse.
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Old July 10th, 2009, 07:01 PM   #205
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China to boost ship production to 50 mln T in 2011

SHANGHAI, June 10 (Reuters) - China, the world's top ship builder, aims to boost production to 50 million tonnes in 2011, according to a detailed plan aimed at supporting the domestic ship building industry.

The country also plans to expand its share in the global shipbuilding industry to more than 35 percent in 2011, said the plan issued late Tuesday on the government's main website, www.gov.cn.

China's shipping industry, which is gradually taking market share from its Asian neighbours, is facing a difficult time this year as shrinking orders exacerbate overcapacity problems, state media have said.

The country's State Council, or cabinet, has said it encourages financial institutions to expand their credit for purchasers of exported ships, and will extend fiscal and financial support for domestic buyers of long-range ships until 2012.

It said China would also limit construction of new capacity in the industry, force outdated ships to be replaced, encourage production of more advanced ships and promote mergers.

Early this month, China said it would support plans by qualified ship builders to list their shares and issue bonds, as part of an assistance plan.

China's largest shipbuilders include Guangzhou Shipyard and China State Shipbuilding Co.
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Old July 10th, 2009, 08:56 PM   #206
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Shipbuilding industry may see pick-up in orders
23 June 2009
South China Morning Post

The mainland shipbuilding industry, hit by the global financial downturn, may be about to show some tentative signs of recovery.

Some analysts are guardedly optimistic there will be a rebound at shipyards before the end of the year, despite an order book that has remained skimpy over the past five months.

The industry, the world's second-biggest after South Korea's, is likely to receive a boost from a stimulus package announced by Beijing and the improvements seen in some parts of the global economy.

New orders for Chinese shipbuilders fell 96 per cent to 1.18 million deadweight tonnes in the first five months of the year, according to the website of the Ministry of Industry and Information Technology.

Shipbuilders had 192.28 million dwt of orders on hand at the end of last month, 6 per cent less than at the beginning of the year.

"New orders were scanty," said the ministry. New orders fell 95 per cent to 990,000 dwt in the first four months of the year and dropped 94 per cent to 790,000 dwt in the first quarter, it said. Mainland shipyards completed 2.62 million dwt of new ships last month, 17.6 per cent less than in April.

Despite the gloomy figures, some industry experts expected an improvement in the order books.

"We may see some orders for large ships for Chinese shipyards before the end of the year," said Russell Barling, Asia corporate communications manager at Lloyd's Register, the world's No2 ship classification society by order book.

Stimulus measures for the industry announced by Beijing in the past few months and optimism that the global recession might be bottoming out were key reasons for the more optimistic outlook, Mr Barling said.

"There are now inquiries going to Chinese shipyards for larger ships. There haven't been many inquiries for larger ships for a long time, but now we're seeing them within the past month," he added.

The measures include facilitating bank credit for shipbuilding.

Charles de Trenck, an analyst with consultancy Transport Trackers, said the mainland might see a recovery in shipbuilding orders later this year if oil-producing such as Iran placed orders for tankers. But he said there also were risks of a further correction in the industry.

For example, if the Baltic Dry Index, a broad indicator of freight rates, dropped further, there would be few new shipbuilding orders.

Although the market for second-hand ships had rebounded 20 to 30 per cent in the past two months after falling 70 per cent from the peak last year, it had not recovered enough to justify shipowners ordering new ships instead of buying second-hand ones, Mr de Trenck added.

Because ship values had fallen substantially as a result of the global economic crisis, finance providers might ask owners for more security or claim shipowners were in technical default and seize their ships.
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Old July 16th, 2009, 12:36 PM   #207
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Record China soy arrivals cause port congestion

BEIJING/SINGAPORE, July 15 (Reuters) - Record soybean import volumes have caused congestion in some northern Chinese ports with unloading delayed by up to a week, but the situation should ease from August as imports slow down, traders and port officials said on Wednesday.

Shandong province on the east coast saw the worst backlog after a large number of ships arrived at the same time, port officials said.

"Many ships arrived at the same time, and only one cargo can berth while the other three or four ships have to queue at anchor," said a trading executive in Shandong.

He said the problems had arisen at the ports of Qingdao and Rizhao, both in Shandong. "It rarely happens that so many ships all arrive at the same time."

In the near term, unloading times are expected to shorten after an improvement in weather in Shandong.

China, the world's largest soybean importer, imported a record 4.71 million tonnes in June, and July imports are likely to be the second-highest ever, with as many as 80 panamax ships due to be unloaded this month.

"There is congestion at the ports, for soybeans there is a delay of five to seven days to unload ships," said one trading manager with an international trading house in Singapore which supplies soy to China.

"Normally, it takes just one to two days."

There have also been unloading delays of at least one day at Dalian port in northeast China, a local crusher said, but crushers in the southern province of Guangdong said there was no congestion.

The problems in Qingdao and Rizhao have been compounded by the fact that these ports are the biggest for the nation's iron ore shipments, which reached 55.29 million tonnes in June, the second highest ever.

He Zhaoqing, vice general manager with Rizhao Port (Group) Co. Ltd., told Reuters that a slowdown in iron ore cargoes had already led to an improvement in soybean unloading times.

"There was very serious congestion some days ago, but the situation has eased now. We do not have as many iron ore cargoes as in the previous period," said He.

The large number of soy cargo arrivals, coupled with slow sales of finished soymeal and soyoil products, have swelled the inventories of some crushers, prompting buyers to try and delay shipments.

"The situation is quite bad, people are running short of space to store beans, oil and meal," said the Singapore trader.

"Most buyers want to delay shipments but sellers are not willing as they say it causes logistic problems, so the situation in the destination market will worsen."

The Shandong trader said storage space at Shandong ports was also getting tight following sluggish soybean sales to trading companies.

Soybean stocks at Chinese ports were estimated at about 4.1 million tonnes, close to their peak at the end of 2008, according to figures from Shanghai JC Intelligence Co. Ltd, a private consulting firm.

More crushers have scaled down production this month to try to sell their large stockpiles of soymeal and soyoil.

"The bookings for August is much lower at around 2.0 to 2.5 million tonnes because the margins are so bad that no one wants to crush," said another trader with a global trading company in Singapore.

Traders expected soy arrivals in July at 4.4-4.8 million tonnes. (Editing by Ben Tan)
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Old July 17th, 2009, 04:04 AM   #208
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Shanghai International Port Exec:Co Mulls JV With Ningbo Port
16 July 2009

SHANGHAI (Dow Jones)--Shanghai International Port (Group) Co. (600018.SH), mainland China's largest port operator by volume, is considering forming a joint-venture port company with Ningbo Port Co., a senior official at Shanghai International Port told Dow Jones Newswires on Friday.

"The details, including the JV's registered capital, are still being worked out. Under the current framework, each party will hold a 50% stake in the JV," said the official, who declined to be named.

Officials at Ningbo Port weren't immediately available to comment.

As of the end of 2008, Shanghai International Port was the world's second-largest port by container throughput after Singapore, while Ningbo port ranked eighth in terms of container throughput volume.
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Old July 17th, 2009, 04:01 PM   #209
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COSCO unit cancels orders for eight vessels
17 July 2009
Shanghai Daily

A unit of China COSCO Holdings Co has canceled a US$299 million order for eight vessels as the global recession cut the shipping company's profit.

COSCO (Zhoushan) Shipyard Co has canceled the orders for two vessels for Qingdao Ocean Shipping Co and six vessels for COSCO (Hong Kong) Shipping Co Ltd.

Construction of the eight vessels, each 57,000 deadweight tons, has not started.

In addition, the ship maker has delayed the delivery of three vessels to Qingdao Ocean Shipping Co and COSCO (Hong Kong) Shipping Co Ltd. The three vessels, each also 57,000 DWT, were to have been delivered between June and December last year but will now arrive between August and October.

China COSCO Chairman Wei Jiafu said in April the company might delay or cancel new vessels because of the country's slowing demand for iron ore.

"The cancellation and the rescheduling of the orders are inconsistent with the company and shareholder's interests," the company said.

New ship orders in the first five months amounted to 1.18 million DWT, 96 percent less than the same period last year, the Ministry of Industry and Information Technology said.

China COSCO shares shed 1 percent to 15.92 yuan on the Shanghai market yesterday.
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Old July 17th, 2009, 09:29 PM   #210
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OECD working group looks into aid
17 July 2009
Tradewinds

China and South Korea will reveal the full extent of state financing for newbuilding contracts to the OECD's shipbuilding working group (WP6) as it renews its efforts to tackle subsidies and contain building capacity.

In one of the clearest statements since 2005 on tackling state aid, the Paris-based organisation said it would draw up an inventory of government supports in shipbuilding including non-OECD countries.

Chairman Harald Neple told governments to "avoid actions that increase protectionism or distort the shipbuilding market".

In a statement following last week's meeting, the OECD does not identify any country or scheme but an official confirmed that non-direct financial supports through third-party financial institutions or financial guarantees would be included in the study.

Neple adds that there have been few direct subsidies in the recession but most current support measures are intended to "improve liquidity through loans and providing guarantees in order to assist buyers to finance orders".

He said: "Their aim is minimise bankruptcies among enterprises unable to deal with the combined effects of tightening capital and liquidity and a collapsing orderbook." It is understood that OECD members Europe and Japan have been keen to take a closer look at support offered by non-member China. The main concern has been over a liquidity injection to Chinese banks aimed at financing domestic and international shipbuilding contracts.

However, OECD insiders tell TradeWinds that China has been a willing participant in shipbuilding talks and supportive of the organisation's moves and has agreed with the OECD members to offer full transparency of its support measures.

In a similar scheme, South Korea has been approving state-sponsored funding for around 70 ships at its yards, although it is understood that the finance is in line with the understanding on export credit for ships.

The organisations' concerns over subsidies are also linked to a parallel move to prevent over capacity in the industry. The concern among OECD members is that unfair supports could be keeping yards alive, which in a normal market would have gone to the wall.

Neple said: "While some government support was understandable in the circumstances, participants nonetheless recognised that government interventions can have undesirable consequences on markets and measures for assisting industries must be transparent, temporary and WTO consistent to minimise distortion on trade and investment." Neple wants to see members take "concerted action" to avoid overcapacity. However, the OECD spokesperson said that this would fall short of the type of internationally co-ordinated capacity cutbacks that took place in the late 1980s following the last comparable recession.

The organisation is also promising to renew its efforts to come to an international shipbuilding anti-subsidy and pricing agreement. But efforts to reach an agreement have already spanned two decades and agreement is unlikely to be achieved soon.
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Old July 18th, 2009, 07:26 AM   #211
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Ningbo Port to Go Public in Mainland, HK

NINGBO, July 17, SinoCast -- The Ningbo port has applied to the China Securities Regulatory Commission for its listing, firstly in Mainland China and then in Hong Kong, disclosed Li Linghong, president of the port operator Ningbo Port Group.

The listing time depends on the permission, and the port is predicted to go public at the end of 2009 or in the first half of next year, added the president. For the listing, the port operator has set up Ningbo Port Co., Ltd., with China Merchants Holdings International Company Limited (CMHI and SEHK: 0144) as the strategic investor.

Among more than 300 productive berths at the port, one fifth are above-10,000-ton deepwater berths, and mainly engaged in the transportation of such cargos as iron ore, crude oil, and coal. The port also has a large amount of joint-venture assets.

It handled 360 million tons of cargos in 2008, only after the Shanghai port. Notably, it is in talks with the latter about the establishment of a dock joint venture.
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Old July 18th, 2009, 09:02 AM   #212
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Tianjin Port Development Minority Shareholders Approve Buy
16 July 2009

HONG KONG (Dow Jones)--Chinese port operator Tianjin Port Development Holdings Ltd. (3382.HK) said independent shareholders have approved its proposed acquisition of Shanghai-listed Tianjin Port Holdings Co. Ltd. (600717.SH), for HK$10.96 billion.

At an extraordinary general meeting of its minority shareholders Wednesday, six proposals were passed, including the approval of the stake purchase. The acquisition will bring Tianjin Port Development's stake in Tianjin Port Group to 56.8%.

The seventh resolution, a finance services agreement unrelated to the deal, was rejected by independent shareholders.
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Old July 18th, 2009, 07:54 PM   #213
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Cargo Throughput Inches Up in Major Chinese Ports

BEIJING, July 16, SinoCast -- The cargo throughput amounted to 2.64 billion tons in major Chinese ports in the first half of 2009, inching up 0.5 percent year on year, according to the Water Transport Bureau of the Ministry of Transport.

The cargo throughput for foreign trade, however, stepped down 1.3 percent to 950 million tons. In particular, the container handling stood at 52.42 million TEUs, falling 10.9 percent.

The ports dealt with 310 million tons of imported iron ore, rising 21.7 percent from a year earlier, 256 tons of coal, on par with a year earlier, and 84.35 million tons of crude oil, slipping 2.5 percent year on year.

In April alone, large Chinese ports were estimated to reach a cargo throughput of 500 million tons with a drop of 1.9 percent year on year. These ports were predicted to have a container throughput of 9.20 million TEUs, slipping 13.4 percent year on year but remaining the same as that in March.

They were forecast to handle 53.50 million tons of imported iron ore, rising 24.2 percent year on year. Their iron ore storage was predicted to stand around 62 million tons; coal transport throughput at 40 million tons, slipping 7.7 percent from a year earlier; imported crude oil handling at 15.30 million tons, with a rise of 9 percent.

The global financial crisis has pulled down the transportation demand both at home and abroad, and posed huge stress on domestic ports. Rizhao Port Co., Ltd. (SHSE: 600017), based in the eastern Chinese province of Shandong, posted a net profit of CNY 54.7141 million for the first quarter of 2009 in its quarterly financial report, stepping down 4.28 percent from a year earlier.

Operating revenue inched up 0.29 percent year on year to CNY 399.7169 million. Earnings per share (EPS) stood at CNY 0.04. By the end of the quarter, net assets per share had reached CNY 2.18 and return on equity had hit 1.99 percent.

From January to March, Rizhao Port accumulatively dealt with 32.51 million tons of cargos, marking a record high and climbing up 6 percent from a year earlier, earlier reports said.

In particular, it handled 25.608 million tons of iron ore, jumping 13 percent year on year. About 47 percent of the iron ore was shipped to inland areas in Shandong, where are based a large number of small and midsize steelmakers. Besides, it transported 4.408 million tons of coal with a growth of 18 percent year on year.
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Old July 19th, 2009, 09:42 AM   #214
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Hainan Airlines Marching into Shipbuilding Sector

HANGZHOU, July 16, SinoCast -- Hainan Airlines Group (HNA Group), the forth biggest airline groups in China, is marching into the shipbuilding industry by teaming up with partners in the eastern province of Zhejiang.

On July 15, the group signed a framework agreement in Hangzhou, capital of the province, about the strategic cooperation with the provincial government of Zhejiang. Both sides announced that they would join hands in such fields as the creation of modern ship building and repair industry cluster, the acceleration of modern aviation growth in Zhenjiang, and the acceleration of the modern logistics base construction in the province.

Moreover, Grand China Logistics Holdings Co., Ltd., a subsidiary of HNA Group, inked agreements with Zhejiang Zhouji Group (transliterated), about the acquisition of a stake in Zhoushan Jinhaiwan Shipyard Co., Ltd., the investment increase in Zhoushan Tongji Shipbuilding Co. (transliterated), and the building of 30 bulk carriers.

Moreover, the subsidiary and its parent will join forces with the municipal government of Zhoushan, a port city in the province, in the development of international strategic material storage, distribution, futures, and trading businesses.
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Old July 21st, 2009, 05:57 PM   #215
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Jiangsu yards fear owners’ woes will end building boom
21 July 2009
Lloyd's List

SHIPBUILDERS in China’s Jiangsu province are fretting over the way tightening liquidity has affected shipowners.

The province’s yards topped China’s shipbuilding sector in terms of newbuilding completions and the number of new orders secured in the first half of this year.

Jiangsu shipyards recorded a staggering 172% rise to 5.6m dwt in the number of newbuilding completions in the first six months of this year. The surge was nearly three times the average increase among Chinese shipbuilders, which posted a 60% rise in the number of completions.

Shipbuilders in Jiangsu accounted for 35.4% of the total number of completions at Chinese yards in the first half.

Despite the stellar performance, Jiangsu yards remain cautious that the worsening financial status of owners could affect their profitability.

New Century Shipbuilding, one of the largest private yards in Jiangsu, completed 1.5m dwt of new vessels in the first half, up 80% year on year.

New Century chairman Yuan Kaifei noted that many shipowners found it difficult to raise funds for vessels. He urged owners, lenders and shipbuilders to work together to overcome the problems.

He pointed out that New Century had agreed with owners to convert 11 bulker orders into deals for oil tankers. Mr Yuan said the yard would try its best to help ailing owners.

New Yangzijiang Shipbuilding has also agreed to help owners. The company has converted orders for boxships into bulkers following requests from owners and has modified financial payments for some owners with orders at the yard. A source at Han Tong Shipbuilding Heavy Industry said the number of newbuilding completions would drop this year because of the dual impact of order cancellations and delays, with a marked deterioration in the second half of this year.

“Jiangsu is home for many private shipbuilders,” he said. “They were hardest hit amid the credit crunch.”

Meanwhile, yards in Jiangsu received orders for vessels totalling just 1.5m dwt in the first six months of this year, down 85.5% year on year, according to latest figures from the provincial government.

But the figures excluded the deal between Jiangsu Rongsheng Heavy Industries and Oman Shipping Company for four very large ore carriers costing $483m, which was placed on July 10.

A Jiangsu provincial government official said total revenue at shipyards in the province would top Yuan100bn ($14.7bn) this year with the number of newbuilding completions reaching 10m dwt.
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Old July 22nd, 2009, 02:10 PM   #216
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China ports plan joint investments
21 July 2009
Lloyd's List

SHANGHAI International Port (Group) and Ningbo Port Group, the two largest port operators in China, intend to team up to form a port investment joint venture, writes Hui Ching-hoo in Hong Kong.

Under the plan, Ningbo Port and SIPG will each own a 50% stake in the venture, which will have a registered capital of up to Yuan100m ($14.7m).

Ningbo Port Group president Li Linghong said that the so-far unnamed venture would mainly build and invest in domestic ports. The deal is awaiting approval from the state-owned Assets Supervision and Administration Commission.

Apart from being involved in the formation of the joint venture, SIPG is also planning to acquire a block of shares in Ningbo Port Co when the outfit launches a dual initial public offering in Shanghai and Hong Kong. Mr Li said: “The Chinese Securities Regulatory Commission is processing the application. I believe the IPO can be carried out at the end this year or early next year.”

Ningbo Port, in eastern China’s Zhejiang province, had planned to list in April last year but the offering was postponed due to market conditions. Hong Kong-listed port company China Merchants Holdings International, has already been brought in as a strategic investor after taking a 5.4% stake in Ningbo Port Co.

Ningbo became the second-largest Chinese port after Shanghai after total cargo volumes topped 360m in 2008.

Mr Li projected that total cargo throughout this year would remain flat as an increase in iron ore and coal shipments offset a more than 20% drop in volumes at the start of this year.
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Old July 23rd, 2009, 07:13 PM   #217
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China says to review top shipbuilding firm's IPO

SHANGHAI, July 23 (Reuters) - China's stock regulator said on Thursday it would review on Monday an application by China's top shipbuilding company for a stock initial public offering (IPO) worth around $1 billion amid increasing signs the authorities are boosting share supply to help cool heated stock trading.

China Shipbuilding Industry Co (CSIC) plans to issue up to 2 billion A-shares denominated in yuan for a listing on the Shanghai Stock Exchange if it wins regulatory approval, it said in a separate draft prospectus published on the website of the China Securities Regulator's Commission, www.csrc.gov.cn.

CSIC needs around 6.44 billion yuan ($943 million yuan) to help it fund production of spare parts for ships, enhance its supplementary shipbuilding business and improve equipment supplies, it said in the prospectus.

"If this issue raises more funds than needed for the above-mentioned items, extra proceeds would be used to supplement working capital," it said.

Otherwise, the company will raise money from other sources to fill a shortage, it said without elaborating.

CSIC has appointed China International Capital Corp (CICC) as the IPO's lead underwriter, it said.

SLEW OF IPOS

China's authorities have stepped up the listing aspirations of companies by reviewing roughly one major IPO per week in the past few weeks, suggesting that would help divert hundreds of billions of yuan to subscriptions and drain excessive liquidity in the system.

Last week, it approved an application by China International Travel Service Corp (CITS) to launch an IPO in Shanghai worth around 1.7 billion yuan.

China State Construction Engineering Corp, launching the world's biggest IPO so far this year in Shanghai, is also set to announce on Thursday final pricing for its share issue, which could raise as much as 50.16 billion yuan.

New loans extended by Chinese banks last month hit 1.53 trillion yuan ($224 billion), pushing cumulative first-half lending to 7.37 trillion yuan, far exceeding the government's 5 trillion yuan minimum target for the entire year.

Some officials and analysts estimate that one fifth of the new lending has found a way into stock, property and other asset markets, pushing China's benchmark stock index <.SSEC> to jump more than 80 percent so far this year.

CSIC said public A shares would account for a maximum 30 percent of its post-IPO expanded capital. It is now 97.21 percent controlled by its similarly named, state-owned giant China Shipbuilding Industry Corp, it said in the prospectus.

The IPO aspirant made an attributable net profit of 122 million yuan last year, up 52 percent from 2007, it said.

According to Reuters calculations, its IPO will dilute its 2008 earnings per share (EPS) of 0.26 yuan to 0.182 yuan.

And if the firm raises 6.44 billion yuan on a 2 billion-share issue, its IPO price of 3.22 yuan will represent a historical price earnings (PE) ratio of only 18 times.

Such valuations are inexpensive by Chinese standards, especially taking into consideration the company's leading status in China's shipbuilding industry. ($1=6.83 Yuan)
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Old July 24th, 2009, 03:54 PM   #218
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Tianjin Port: Expect To Post 1H Net Loss
24 July 2009

HONG KONG (Dow Jones)--Tianjin Port Development Holdings Ltd. (3382.HK) said Friday it expects to post a first-half net loss because the global economic recession has hurt container throughput and pricing.

The Chinese port operator reported a net profit of HK$140.7 million in the same period last year
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Old July 31st, 2009, 08:43 PM   #219
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Cosco warns of losses amid shipping crisis
29 July 2009
Financial Times

China Cosco has warned that it expects to announce a loss for the first half of the year, in the latest sign of the dreadful market conditions facing container shipping companies.

Cosco, a Chinese state-controlled company that is listed in Hong Kong and Shanghai, said in a statement issued after markets closed on Tuesday that it expected to announce a substantial profit reduction for the first half.

"Such reduction will result in a net loss attributable to the equity holders of the Company for the six month ended June 30 2009," it said.

Both the company's dry bulk operations - shipping bulk commodities such as iron ore and coal - and its container shipping operations - where Cosco operates the world's seventh-biggest fleet - had made first-half losses, the company said. However, the container division's losses were bigger after the dry bulk division was helped by a recovery in rates.

The tabular content relating to this article is not available to view. Apologies in advance for the inconvenience caused.

Cosco's warning comes after Japan's big three shipping companies - NYK Line, Mistsui OSK and K Line - this week announced significant losses for the March-June quarter largely because of weak earnings in their container shipping and car-carrier businesses. Shareholders in Germany's Hapag-Lloyd - which runs the world's sixth-biggest container-ship fleet - on Tuesday announced a deal to provide €330m in short-term liquidity funding to keep the troubled company operating.

Container lines have been hit by falls in demand to ship the consumer goods which are their main cargo of 20 per cent or more on many routes. The rates they can earn for each container shipped have also more than halved on some routes because of serious over-capacity. Rates are too low to cover vessels' basic operating costs.

Container lines have ordered a new generation of far larger ships expected to increase the world fleet's container-carrying capacity by an average of 10.5 per cent over each of the next three years, according to Paris-based AXS-Alphaliner .

Cosco gave no details of the loss it expected, although it recorded an Rmb3.4bn loss for the first quarter. Nomura International said it expected Cosco to report another loss for the second quarter but that quarters later in the year would see some improvement driven by the dry bulk business. It forecasts a full-year net loss of Rmb3.6bn.

Cosco's container line remains one of the industry's most ambitious, with an orderbook of ships whose capacity AXS-Alphaliner estimates at 92.2 per cent of its current fleet.
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Old August 2nd, 2009, 11:30 PM   #220
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N China's Qinhuangdao port cargo throughput reaches new high
The port cargo throughput reached 22.61 million tons in July, the highest record since last September.
http://news.xinhuanet.com/english/20...t_11812575.htm
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