The tight capital chain, the sharp drop in orders, the difficulty of delivery, and the low concentration. These super-strong typhoons are heavily slamming the Chinese shipbuilding industry. The pessimistic prediction is that the Chinese shipbuilding enterprises after the typhoon will be reduced from more than 3,400 in the peak period to only 300 homes with less than a fraction. The optimistic view is that the current difficulties in the shipping industry are cyclical. Every major financial crisis in history has re-created the shipbuilding industry. However, every recovery is inseparable from the recovery of the shipbuilding industry. Now the crisis is brewing opportunities. "Wenzhou Ship King" broke down on August 18 last year, Wenzhou Yueqing Oriental Shipbuilding Group (hereinafter referred to as Oriental Shipbuilding), which is known as "Wenzhou Ship King", was listed on the London Stock Exchange AIM market. The scenery is less than a year, and today the company has been stormy. Founded in October 1986, Oriental Shipbuilding is a top 500 Chinese machinery company with a total shipbuilding capacity of over 200,000 tons. It was once the only overseas listed company in Yueqing. Following the rumor that the chairman Chen Tongke was running a debt of 1.1 billion yuan in February this year, in late August, the group broke the news that the bank was "contained". The Wenzhou Financial Office recently disclosed to the media that the Eastern Shipbuilding has been delisted on the Stock Exchange, and the exact delisting time is June 8 this year. In mid-August, according to information released by the Zhejiang Court Network, the Yueqing Sub-branch of the three banks, Shanghai Pudong Development Bank, Agricultural Bank of China, and China Construction Bank, respectively, were “shipping contract disputesâ€, “loan contract disputesâ€, and “financial loansâ€. The contract dispute was taken to bring the Eastern shipbuilding to court. Earlier, it was reported that Zheshang Bank, Bank of China, Minsheng Bank and Guangfa Bank took the Eastern Shipbuilding to court. On August 20th, the reporter of China Economic Weekly called the Pudong Development Bank’s Yueqing Sub-branch. A staff member who did not want to be named stated to the reporter that “there was no lawsuit against Oriental Shipbuildingâ€, emphasizing that the branch did not have a credit relationship with Oriental Shipbuilding. On August 20, an Oriental shipbuilding employee revealed to reporters that “the company is rectifyingâ€, “some of them have been discontinued, but there are still some parts to start construction.†“The orders were also affected because of loans and funds.†On August 27th, the reporter of China Economic Weekly called the Eastern Shipbuilding Office, customer service, general manager's office and other departments during the working hours. The reporter then contacted the Oriental Shipbuilding Anhui Fuyang Base. A staff member named Yang surnamed the reporter. The Anhui Fuyang Base is an independent legal entity and is currently gradually separating from Yueqing Oriental Shipbuilding through legal procedures. The Xiangyang base is still under construction, mainly to undertake small domestic orders and maintain the normal operation of the company to ensure the repayment of bank loan interest. Oriental Shipbuilding is a long-term shipbuilding-oriented enterprise. The dilemma it faces has made the industry feel very grateful. He Yong, chairman of Hangzhou Meihua Huijin Equity Investment Management Co., Ltd. commented on Weibo: “Even in the heyday, Oriental Shipbuilding has not been involved in real estate and private lending, but has been focusing on industry. It is also difficult to escape the collapse. Another well-known civil construction shipbuilding company in China, Jiangsu Rongsheng Heavy Industry, was shot in the loophole of capital operation. Rongsheng Heavy Industry Co., Ltd. was listed in Hong Kong in 2010 and is known as the world's sixth largest shipbuilding group. However, the financial report released recently showed that revenue in the first half of this year dropped 37% to 5.5 billion yuan, while net profit was only 215.8 million yuan, mainly because the government provided 670 million yuan in subsidies. Due to the alleged insider trading of CNOOC's acquisition of Nexans in the US stock market, WellAdvantage, the company's board chairman Zhang Zhirong's actual control, has been investigated by the US Securities and Exchange Commission. The share price of Rongsheng Heavy Industry has plummeted, and its fate is not optimistic. The industry has been sluggish for a year, and the news that Chinese shipping companies have closed down or closed down has been heard. Shipbuilding enterprises in Jiangsu, Zhejiang, Fujian, Shandong and other major shipbuilding provinces have been caught in the predicament of underemployment or work stoppage. In October last year, Ningbo Blue Sky Shipbuilding Group and Ningbo Hengfu Shipbuilding Co., Ltd., with an annual shipbuilding capacity of about 1 million tons, closed down. In March of this year, Nantong Huigang Shipbuilding Company of Jiangsu Nantong Qidong old private ship company declared bankruptcy; in May, Zhejiang Taizhou scale Zhejiang Jingang Shipbuilding Co., Ltd., the largest export shipping company, filed for bankruptcy with the court. Not only in the south, but also in the northern shipyards. In June, Dalian Oriental Precision Ship Support Co., Ltd. declared bankruptcy and the factory was completely shut down. Some media reports said that among the top ten shipyards in China's production capacity, except for Shanghai Overseas Gaoqiao, Guangzhou Shipyard International, China Shipbuilding Heavy Industry Group and other few new orders, the shipyards of other sizes did not receive new orders. On August 24, GSI (600685.SH) announced its first-half performance statement. As of June 30, 2012, its operating income was 3.433 billion yuan, down 13.82% year-on-year, and net profit was 879.851 million yuan, down 66.59% year-on-year. The operating profit growth rate was -121.61% - this is the lowest value recorded by the company since 2005. Lin Deyou, the chairman of Jiangsu Haizhongzhou Shipbuilding Co., Ltd., has been involved in the shipbuilding industry for more than 20 years. He introduced to China Economic Weekly that Chinese shipbuilding enterprises are roughly divided into three categories according to their scale. First, large-scale shipbuilding enterprises such as state-owned enterprises and state-owned enterprises, such as the heavy shipbuilding industry, Jiangnan Shipbuilding, Guangzhou Shipyard International, etc., they are currently focusing on building military products to ensure orders; the second category is large private enterprises, such as the Yangtze River, the Pacific, etc., which have a high reputation in the international arena, although the European shipping market is sluggish, However, the replacement of old ships will also generate orders; the third category is the construction of shipyards by small and medium-sized people. Most of these shipyards are facing the process of bankruptcy and restructuring. Chen Jinhai, honorary president of Shanghai Shipbuilding Industry Association and former chairman of Jiangnan Shipbuilding Group, said in an interview with China Economic Weekly: "At present, in the structure of Shanghai shipbuilding, state-owned enterprises dominate, such as China National Shipbuilding Corporation, China Shipping (Group) head office, etc. In this industry crisis, Shanghai has also suffered a relatively large impact, but it is different from Jiangsu and Zhejiang. Shanghai shipping industry has undergone adjustment, integration and merger in the Southeast Asian crisis. Small enterprises It is no longer the main body, so there is no other place for shutdown or bankruptcy.†“Chinese shipbuilding companies are difficult to accept orders, difficult to deliver, and difficult to finance. As the most typical export industry, many orders come from Europe, European debt crisis plus RMB exchange rate. The fluctuations directly affect the shipyard's efficiency.†Nie Lijuan, secretary general of China Shipbuilding Industry Association, pointed out to China Economic Weekly that “there are too many SMEs in China, the concentration is only about 40%, and the developed countries in Japan and South Korea can reach 90%. The result of homogenization competition is the price hike. For low levels and small scales, the elimination will be In order to change the status quo through structural adjustment. In addition to shrinking orders and broken capital chains, ship prices have begun to fall. Lin Deyou said: “The 35,000-ton bulk carrier was quoted at RMB 280 million before 2008, after the financial crisis. It fell to 180 million yuan, and fell to 130 million yuan in 2009.†Liu Zhenfang, deputy governor of Hangzhou Bank Shanghai Branch, told reporters that before the next economic upswing, as an important tool for logistics, the shipbuilding industry will take the lead. The judgment for this time is, "may be three or five years." Bitter wine brewing In the first half of 2010, China's ship completion volume reached 8 million tons, and South Korea ranked second with 7.5 million tons. This is the first time that China has become the world's number one in terms of construction volume for half a year. The shipbuilding tasks of some key shipyards are scheduled for 2013. All this seems to mean that China's shipbuilding industry is ushering in another glorious period. However, the danger has already been buried. “The tree without roots will be blown down when the wind comes.†Ye Yunzhu from Taizhou, Zhejiang, to Lianyungang’s shipyard, described private ship companies. Ye Yunzhu is the chairman of Lianyungang Wuzhou Shipbuilding Heavy Industry Co., Ltd., and began to get involved in the shipbuilding industry in 1985. In 2007, he clearly felt that Zhejiang's shipbuilding market was saturated and he went north to Lianyungang. Like Ye Yunzhu, Lin Deyou also set up a factory in Taizhou from the north of Taizhou in 2007. They have nine Zhejiang ship companies that choose to go north to Lianyungang. Ye Yunzhu said that at that time, the shipbuilding industry in Zhejiang was already crazy. "The investment in clothes is also invested, and the investment in coal is also invested. Including the diesel engine at that time, a host can be earned back to a host, and the speculative atmosphere is too strong. So decided to leave Zhejiang." He recalled to China Economic Weekly. "For shipbuilding enterprises, 2006 and 2007 are a good time in a hundred years." Lin Deyou recalled: "When we went to Lianyungang to set up factories in 2007, we also brought ship owners from Germany, Greece, and Argentina from Zhejiang, but in formation. After the scale, the financial crisis broke out in 2008, and many orders were cancelled.†BDI (Baltic Dry Index) is the economic indicator of the shipping industry. In May 2008, it hit a peak (11,793 points), and then it turned all the way down. The cumulative decline has so far exceeded 90%. During the period from 2006 to 2008, when Ye Yunzhu went north to Yungang to set up factories, most Chinese ship companies were enchanted by the joy of rapid development, and they completely ignored it. "The problems in China's shipbuilding industry are difficult to recover in the short term, which is not unrelated to the impulse investment in previous years," Liu Zhenfang told China Economic Weekly: "What is even worse for private entrepreneurs is that China has ten consecutive years. During the years of economic rise, they have not experienced the economic depression period, so they have not responded enough.†“The development of the previous years was blind. Seeing the shipbuilding and shipping situation is good, thinking that there are shipyards, ship platforms and docks. Orders, there are gold dolls, everyone is swarming. Even if there is no financial crisis, these shipyards will be out of order." Chen Jinhai believes that these companies have problems because they are not positioned, blind development, no technology, no Teams, three pairs of shipbuilding do not understand, glimpse up." "Large shipping, small shipping, are the needs of economic development. The shipbuilding industry is relatively large in size, creating a shipyard to engage in several ships, and immediately GDP will grow, this Boosted the large-scale construction and investment of local shipyards, but the development exceeded the need." Chen Jinhai said. According to data released by the Department of Equipment Industry and Industry of the SMEs on July 31, from January to June 2012, the new orders for ships were 10.74 million DWT, down 50.3% year-on-year. The order volume of hand-held ships was 125.87 million DWT, which was 16.0% lower than that of hand-held orders at the end of 2011. According to the research data of Clarkson, the authoritative consultancy of the international shipbuilding industry, in June this year, there were 7.2 billion US dollars invested in new ship orders. The total order of new ships in the first half of the year reached 30.3 billion US dollars, but it was 40.8% lower than the same period of last year. Obviously, the sharp drop in orders for new ships is a common trend in the industry, but the Chinese shipbuilding industry has dropped by more than 50%, "the most serious injuries." Jin Lifu, director of the Lianyungang Local Maritime Safety Administration, realized that the crisis in the shipbuilding industry was lagging behind the economic crisis. He said: "In the 14 shipbuilding companies in Lianyungang, there were orders to be received last year, but starting this year. However, it is obvious that the order has dropped." But the small and medium-sized people building shipbuilding enterprises are not only waiting to close down. Sun Haigang, deputy director of the Lianyungang Transportation Bureau, said in an interview with China Economic Weekly: "When the shipbuilding enterprises are in a shrinking stage, the enterprises There are many ways to combine the shipbuilding and transportation industries through leasing loans and financing methods. There is also a type of enterprise that is both a shipbuilding enterprise and a transportation business. Such enterprises are more resistant to risks.†Although the European market Shrinking, but Russia, Indonesia, Vietnam and other places still lack shipbuilding capacity, and these countries still have a large number of orders. Lin Deyou's enterprises mainly ship ships in Vietnam and Indonesia. “In Vietnam, even screws need to be imported. The steel plates and equipment in these countries are very expensive. Therefore, they mainly rely on China to build ships for them.†According to Lin Deyou, Jiangsu Haizhongzhou Ship The industry mainly produces tourist vessels and container multi-purpose vessels. There are currently 8 constructions under construction and more than 10 orders for negotiations. Lianyungang Meiermei Shipbuilding Co., Ltd. introduced Turkish shipbuilding companies and targeted the market in Russia, because the local ship age in Russia is basically more than 20 to 30 years, its shipbuilding cost is 2 times higher than China's cost, and the process is also behind 5 About a year. Wuzhou Shipbuilding Heavy Industry is mainly Indonesian with more orders. "Although the profit is low, 5% is still there." Ye Yunzhu introduced. Lin Deyou said that they can minimize the cost under the premise of ensuring quality. "In 2007, our operating cost accounted for 3%, and now we operate, this cost can be controlled to 0.5%." "Transportation market Not good, it does not mean that other industries are not good. Now the special ships are relatively hot. The recent orders of the ship industry investment funds are biased towards offshore engineering vessels, and there are fewer tankers and bulk carriers.†Ship Industry Investment Fund Information Department Manager Mr. Dong analyzed this issue. In contrast, the days of big-name state-owned enterprises are better and more endurable. Chen Jinhai said: “The financing situation of shipyards in Shanghai is relatively better.†The main reasons are: First, the background of state-owned enterprises, easy to finance; Second, military enterprises , no shortage of orders. In addition, listed companies such as Waigaoqiao Shipyard have developed very well in the past few years and have a lot of liquidity. "Broken ship" meets the trend of the windship shipbuilding industry to do big, must rely on financing, even if there is an order, it needs to be funded. But now the bank "talks about the discoloration of the ship", in addition to blocking the shipyard to ask for debts, but also cut off the loan channel, almost all banks have listed the ship industry "blacklist." “The bank does not understand this industry and has concerns about shipping loans.†Director Jin Lifu of Lianyungang Local Maritime Affairs Bureau said, “In foreign countries, when the keel is laid, it can be loaned. The general practice is that the shipowner will pay the contract according to the contract. The ship has five shipbuilding processes, and the shipbuilding amount is divided into five 20% to the shipyard. Now, due to the overall sluggish shipping industry, the shipowner pays less and less." But at home, especially in China. Local branches are unfamiliar to the production process of the shipbuilding industry. Therefore, when the industry is in a downturn, they often choose a one-size-fits-all approach to prevent risks. “Some bank presidents will ask me, if the ship is well built, what should the shipyard run and leave?†Such a problem made Jin Lifu laugh and cry. “If a ship is built locally, its lifelong account will be in the country and it will be like every year. The migratory birds flew back to check. At present, the local maritime department has also implemented an electronic visa, which can check the whereabouts of the ship at any time. Ship financing should be the most secure, a ship costing 200 million yuan, 40% of the loan, is to sell steel It is almost possible to repay the loan. Even if the ship is accidentally sunk, there will be corresponding insurance claims. In addition, all the ship companies in Lianyungang currently have a prospective land that can be mortgaged. However, the local maritime department of Lianyungang has set up a platform to bring together bank leaders and shipping companies, hoping to solve the financing problems of enterprises, but the results are not significant. Lianyungang introduced Hong Kong China International Capital Co., Ltd., and introduced the relevant personnel of Shanghai Financial Leasing Association to contact with shipping companies. It hopes to help enterprises to survive the winter through financial innovation. These measures have raised about 616 million yuan for enterprises, but this is for 20 shipping companies. It’s just a drop in the bucket. Liu Zhenfang said that as a local bank, there will be no involvement in large capital projects. In the past few years, Hangzhou Bank has entered the shipbuilding industry. “It mainly makes some loans such as steel plates and has a fast turnover, so it can be quickly released. There is basically no similar loan. Because the shipbuilding industry is not short-term after entering, It is a long period of 3 to 5 years, and local banks will be concerned about the risks.†The Shipbuilding Industry Investment Fund, established in Tianjin at the end of 2009, is the only shipbuilding industry fund approved by the National Development and Reform Commission, with a total fundraising scale of 20 billion yuan. Mr. Dong, General Manager of the Ship Industry Investment Fund Information Department, introduced to China Economic Weekly that the ship fund was established with the support of the Tianjin Municipal Government and investors and the China Development Bank to support the financing support after the company receives the order. China Shipbuilding Industry. In June of this year, a total of 7 bulk carriers were handed over in the fund's orders, including 3 92,500 tons bulk carriers and 4 57,000 tons bulk carriers, totaling 505,500 tons. This is a difficult situation for many small and medium-sized private shipyards that have been cleaned up and eliminated in the midst of storms. Chen Jinhai commented on this round of ship shuffling: "It is normal for several companies to die. In the process of market economy, life and death can only last forever." At the same time, he also called: "The state should raise funds to encourage enterprises to accelerate. Innovation drive, increase development efforts and increase support. The current difficulties are not caused by enterprises. China wants to become a big shipbuilding country, and local enterprises are important pillars and another leg. Shipbuilding is not easy to get to today, and must be held. â€
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