Shipyards of China and S Korea

choi

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(1) 何丽, 中国造船业面临全球需求低谷. 金融时报, Mar 16, 2011.
http://www.ftchinese.com/story/001037511/ce

, whose English counterpart is
Leslie Hook, China's Shipyards Steel Themselves for Downturn; News analysis; After a meteriotic rise, doubts have surfaced About the Future of Industry. Financial Times (FT), Mar 15, 2011.
http://www.ft.com/cms/s/0/ea24467a-4e64-11e0-98eb-00144feab49a.html#axzz1GmC946c4

Quote:

"Mr Zhang’s company, Rongsheng, was on its way to becoming the sixth largest shipyard in the world, the position it occupies today. * * * Ten years ago, China built less than 10 per cent of the world’s ships. Today, it is the world’s largest builder, measured by deadweight volume.

"'China is by far the single largest driver of bulk commodity demand today.' * * * While there are some complex ships, such as LNG (liquefied natural gas) carriers, which have yet to be produced in China, most Chinese yards have perfected the more simple bulk carriers used to carry things such as coal or iron ore, and they now dominate production in that market.

A Korean analyst comments, "Nobody [in China] cares about the real profit figures of Chinese yards. * * * Generally speaking, I doubt the real profitability of Chinese yards.


Note for the ENGLISH report:
(a) In the same newspaper page, side by side was a widely reported piece.

Robert Wright, Carlyle to Lead Landmark Shipping Push. FT, Mar 15, 2011, whose window in the print had: $5bn Value of new container ship venture plans to buy
(b) ZHANG Zhirong 张 志熔
(c) Rongsheng 中国熔盛重工集团控股有限公司
http://rongsheng.todayir.com/s/ir_overview.php
(d) Simon LIANG/Sinopacific 梁 小雷/太平洋造船集团
REN Yuanlin/Yangzijiang 任 元林/扬子江船业
(e) Bowen Road (Hong Kong) 宝云道
(f) The report mentions--but does not specify--"China’s two biggest state-owned yards alone."

They are
* China State Shipbuilding Corporation (CSSC) 中国船舶工业集团公司
* China Shipbuilding Industry Corporation (CSIC) 中国船舶重工集团公司
(g) Mirae Asset Financial Group
http://www.miraeasset.com/gateway.jsp
(Mirae means “the future” in Korean; Chairman Hyeon-Joo PARK; inception in Korea in 1997)


(2) Christian Oliver, Hyundai Changes Tack to Outpace China; News analysis; The shipbuilder is  diversifying into offshore oil and green energy. FT, Mar 16, 2011.
http://www.ft.com/cms/s/0/10898d06-4f33-11e0-9038-00144feab49a.html

Quote:

"As a share of expected revenues of Won27,000bn ($24bn) this year, compared with Won22,000bn last year, shipbuilding will represent only 35 per cent, down from 58 per cent five years ago.

“'This is not a particularly high-tech industry.' says Mr Cho [Hyung-rai, vice-president of Hyundai shipbuilding]. 'Any nation can build ships. The question is, can they do it efficiently, delivering on the deadline day?'


Note:
(a) The report states, "Brazil, keen to bolster its domestic knowhow, has not placed the bumper orders for drilling facilities and offshore energy vessels that the Koreans hoped for."

Joe Leahy, Platform for Growth; Brasil; Vast deepwater reserves of oil that have the potential to propel the rapidly emerging economy to developed nation status also threaten to take a toll on its manufacturing and productivity. FT, Mar 16, 2011.

Excerpt in the window of the print: 'If we have a firm and successful local content policy, other sectors will grow as fast as Petrobras.'

Quote:

"Having seen out booms and busts before, Brasilians are hoping that this time 'the country of the future' will at last realise its full economic potential.

"The danger for Brasil, if it fails to manage this windfall [of new-found deepwater oil called pre-salt oil] wisely, is of falling victim to 'Dutch disease.' The economic malaise is named after the Netherlands in the 1970s, where the manufacturing sector withered after its currency strengthened on the back of a large gas field discovery combined with rising energy prices. Even worse, Brasil could suffer a more sever form of the disease, the 'oil curse,' whereby nations rich in natural resources--Nigeria and Venezuela, for example--grow addicted to the money that flows from them. This leads to poor governance and corruption.

My comment: There is no need to read the rest of the Brasil oil report. Naturally I am against "local content policy," being a disciple of free trader.
(b) OSX is a subsidiary of EBX.
* "EBX is a Brazilian holding company founded by Eike Batista in 1983 and headquartered in Rio de Janeiro. The companies of the group are characterized by an X in the name, the symbol of multiplication of wealth.
http://en.wikipedia.org/wiki/EBX_Group

See, EB in EBX is the initials of the founder.
* OSX, an EBX Group Company
http://www.osx.com.br/cgi/cgilua.exe/sys/start.htm?sid=47&lng=us
("Founded in 2009 by EBX Group, OSX is a publicly-held company * * * We were created in highly-favorable scenario: strong expansion of the oil & gas industry in Brazil")
(c) The report refers to Hyundai's domestic "rival shipbuilder STX."

STX Corporation
http://en.wikipedia.org/wiki/STX_Corporation
(a South Korean holding company; STX Offshore & Shipbuilding is the world's fourth largest shipbuilder, recently acquired Norwegian Shipbuilder Aker Yards in order to diversify their product line)


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