Guangzhou Shipyard changes name to reflect new structure

PostTime:2015-03-20 08:34:25 View:488

Hong Kong and Shanghai-listed Guangzhou Shipyard International (GSI), fresh from its restructuring and rehabilitation is moving forward and will change its name to CSSC Offshore & Marine Engineering to reflect this, the company said. After its state-owned major shipbuilder parent China State Shipbuilding Corp (CSSC) injected three yards into the company last year, the company now has a focus on handymax tankers as well as military and auxiliary vessels. With Huangpu Wenchong Shipbuilding, Yangzhou Kejin and Longxue Shipyard now in its fold, the company could next see more CSSC yards in the Southern part of China being put under its charge. These may include well-known yards such as Xijiang Shipbuilding, Jiangnan Shipyard and Hudong-Zhonghua Shipbuilding.

Guangzhou Shipyard emerges from restructuring with positive profit alert for 2014

PostTime:2015-01-28 08:27:33 View:483

Guangzhou Shipyard International (GSI), after its protracted restructuring exercise finally had some good news for the market, making a positive profit alert for a change. GSI said in a stock market announcement that for 2014 it expects to book a consolidated net profit of approximately RMB150m ($24m) more than 10 times the previous result in 2013 of RMB13.6m. "The increase is primarily attributed to the disposal of share of Guangzhou Shipyard Industrial Co., Ltd. and Guangzhou Jinzhou Ship Technology by the group in 2014 which led to a substantial increase in the return of investments," GSI said. GSI however cautioned that the forecast is based on preliminary results which have not been audited. "The Company is still in the process of finalising the annual results of the group for the year ended 31 December 2014. The positive profit alert announcement is only based on the preliminary assessment of the group’s unaudited management accounts for the year ended 31 December 2014 and information currently available to the board, which has not been confirmed nor audited by the Company’s auditor, and is subject to finalisation and adjustments after review by the company’s auditor where necessary," it said.

Guangzhou Shipyard selling three non-core assets for $185m

PostTime:2014-10-29 08:05:07 View:432

Guangzhou Shipyard International (GSI) is aiming to pocket up to RMB1.13bn ($184.75m) from the sale of three non-core assets. Public tenders will be held to offload GSI’s property and industrial land assets, and the transaction will be conducted by the Shanghai United Assets and Equity Exchange. The assets include Hongfan Hotel, Guangzhou Jinzhou and Guangzhou Shipyard Industrial. The minimum consideration for the sale is RMB120.97m, RMB33.8m and RMB973.79m, respectively. While both Hongfan Hotel and Guangzhou Jinzhou will be sold at their valuation prices, Guangzhou Shipyard Industrial is going for a much higher price over its valuation of RMB413.79m. GSI said “the directors is of the view that the disposal is conducive to optimising the group’s assets structure” and the net proceeds from the disposal will be used as working capital. GSI has been struggling to achieve financial stability and its parent firm China State Shipbuilding Corporation (CSSC) is implementing a significant assets restructuring of the company. Shares of Hong Kong-listed GSI have been suspended from trading since 8 April this year and it is expected that the trading will resume no later than 15 November 2014. As part of the restructuring plan, CSSC will allow GSI to take full control of its sister firm Huangpu Wenchong Shipbuilding Company via an equity transfer deal.

Guangzhou Shipyard to take control of Huangpu Wenchong Shipbuilding

PostTime:2014-10-15 07:58:13 View:549

Guangzhou Shipyard International (GSI) is planning to take control of its sister firm Huangpu Wenchong Shipbuilding Company, according to China State Shipbuilding Corporation (CSSC), the parent company of the two shipyards. CSSC said it is planning to inject the 100% equity interest in Huangpu Wenchong into GSI as part of a “significant assets restructuring” of GSI. Hong Kong-listed GSI’s shares have been suspended from trading since 8 April this year and it is unlikely for the shares of the company to resume trading by 15 October, GSI announced. “Currently, the parties involved in restructuring are preparing the relevant documents in relation to the restructuring plan,” GSI stated. In late September, GSI announced that it has agreed to dispose of non-core assets such as the Hunan Hengyang Shop, Hongfan Hotel, Guangzhou Jinzhou and Guangzhou Shipyard Industrial. GSI has been struggling to achieve financial stability as it posted a first half 2014 loss of RMB271.12m ($44.12m), widening from a deficit of RMB42.44m in the previous corresponding period.

Guangzhou Shipyard finalises restructuring details

PostTime:2014-09-30 08:14:33 View:444

The protracted restructuring of CSSC unit Guangzhou Shipyard International (GSI) looks like it is finally coming to a conclusion as the company said in a stock market announcement it has reached agreement on certain details and will be putting the resolutions to shareholders in an EGM. These include the disposal of certain non-core assets, possibly to its parent, although the sale will be done through an open tender process. These include assets such as the Hunan Hengyang Shop, Hongfan Hotel, Guangzhou Jinzhou and Guangzhou Shiyard Industrial. Minimum bids have been set at RMB34.8m, RMB120.9m, RMB33.8m and RMB973.8m respectively.In addition, the company is also setting up a shipping services company called GS Shipping with a registered capital of RMB1.25bn, which will be partly met by capital from some of its assets.

Maersk Line’s Triple-E boxship makes maiden call at Guangzhou

PostTime:2014-07-01 08:20:45 View:562

Maersk Line’s mega-class Triple-E containership has made its maiden call at China’s Guangzhou port last Wednesday and commenced unloading operations on Thursday. Madison Maersk, the 18,000 teu boxship and one of the nine sister ships currently operated by Maersk Line, saw more than 12,000 teu containers being loaded and uploaded during its 28 hours stay in Guangzhou port, according to Chen Hongxian, chairman of Guangzhou Port Group. “Receiving the vessel was a test for us. We’re happy we passed it. It proves we have reached a new level with our facilities and services,” Chen was quoted as saying. Tom Xu, head of Maersk Line Far East Asia Liner Operations Cluster, said the Madison Maersk’s visit to Nansha terminal at Guangzhou port “showed the company’s confidence in the Chinese market and in Guangzhou port as well.” Maersk Line, the world’s largest container carrier, has ordered 20 Triple-E ships from South Korea’s Daewoo Shipbuilding & Marine Engineering (DSME).

Guangzhou Railway Group to spend US$912 million on China super hub

PostTime:2014-05-22 09:37:52 View:538

THE Guangzhou Railway Group revealed plans to spend CNY5.7 billion (US$912 million) on three intermodal ports at Guangzhou's "Datian-North Station-Airport" and make the biggest logistics hub in Asia, reports Xinhua. Located at Guangzhou's Datian, the Guangzhou Railway Container Central Station is now under construction, with a designed annual throughput of 30 million tonnes. While the North Station stands for the Guangzhou North Railway Station, which has an estimated annual passenger capacity of 57 million people and the Guangzhou Baiyun International Airport 100 million people. According to the development plan, a rapid rail facilities will be built between the central station and the Baiyun airport, which will cut transit to 20 minutes.  Light rail will link North Station to the airport and to the Guangzhou-Dongguan-Shenzhen Intercity Rail, the Guangzhou-Foshan Ring Line and the Guangzhou-Qingyuan Intercity Rail, giving nine cities one hour rail service to the airport. One direct light rail line is expected to build between the north station and the airport. It will only take 11 minutes to reach each other.  

DNV GL opens South China office in Guangzhou

PostTime:2014-04-30 08:28:55 View:464

DNV GL opened a new, expanded office in Guangzhou on 25 April to serve its growing business in China. The office and its 70 staff will cater for some 100 newbuilding projects at eight shipyards and 600 vessels in operation across DNV GL's South China Area, comprising Guangdong, Fujian, Guangxi and Hainan provinces. "South China is one of the three national shipbuilding bases laid out by the Chinese government. The launch of DNV GL's expanded new office shows our stronger commitment to the market after the merger of DNV and GL," commented DNV GL's vice president and regional manager for Greater China, Torgeir Sterri. DNV GL Area South China also celebrated a milestone as its signed a class agreement for a 150th vessel with CSSC Huangpu Wenchong Shipbuilding Company. "This is a great achievement. We're proud and grateful for the trust and good cooperation built and maintained with GSSC Huangpu Wenchong," commented South China Area Manager Gu Xiaoli. "2014 marks Year One of DNV GL as a merged company and 150th anniversary of our proud heritage," added Sterri. "Combined with our expertise and competence developed over 150 years, DNV GL safeguards its leading technology edge by continuously investing in research and innovation. We expect to further deepen and expand the cooperation in new areas such as LNG carriers, Arctic shipping, offshore units, etc."

Guangzhou volume up 6.5pc in 2013 to 13 million TEU, Nansha rises 13pc

PostTime:2014-04-08 08:31:54 View:687

GUANGZHOU Port Group has posted a 6.5 per cent year on year increase in container throughput in 2013 to 13 million TEU, the port authority revealed. The Nansha Port Area, further downstream, but will under the Guangzhou Port Group, increased volumes 13 per cent in 2013, hitting a record high of 10 million TEU, handling 10.2 million TEU. In the first quarter of 2014, Guangzhou Port Group handled 3.06 million TEU with Nansha Port Area lifting 2.4 million TEU, representing a 9.2 per cent year on year increase.  The Guangzhou Port Group noted that with China's structural transformation and upgrading, China domestic demand grew faster. 

Guangzhou Sunshine handles cranes shipment China to Indonesia

PostTime:2014-01-14 08:58:48 View:644

GUANGZHOU Sunshine International Logistics, the Chinese member of the Worldwide Project Consortium WWPC network, recently operated heavy cargo movements from Dafeng port, China to port of Cigarding, Indonesia.  The cargo consisted of four sets of gantry cranes with its largest piece weighing 148.65 tons with dimensions of 13.65 metres by 9.75 metres by 28 metres. The lightest piece weighed 88 tons with dimensions of 11.65 metres by 11.65 metres by 25 metres.  Guangzhou Sunshine ensured that the shipment moved despite obstacles of bad weather; a new terminal with few hardware configuration; a minimum depth of water alongside of 3.8 metres; and a crane with a lifting capacity of 500 tons with suspension arm that must not swing from side to side. 

Guangzhou might start applying for setting up FTZ later this year

PostTime:2013-09-04 08:22:34 View:778

GUANGZHOU, Xiamen and Tianjin are actively seeking free trade zone (FTZ) rights after the Ministry of Commerce with the approval of the State Council granted this status to Shanghai, China Business News reports. Guangzhou's Nansha District is busy working on a plan for applying to the state government for setting up a free trade zone around its major container terminal there. The Guangdong provincial government announced on July 23 a list of priority tasks to be done this year including applying for free trade zone status for Nansha as part of its development of the Pearl River Delta. An unnamed official from the Guangzhou government disclosed that Nansha might apply later this year. He noted that since Shanghai started applying for setting up free trade zone, "free trade zone" has become a hot topic nation wide with other centres doing the same. But the official said it was still under study, and that no plan had been worked out, including where the facility will be located and how it would be run. The Nansha Pilot Free Trade Zone is to cover 24.52 square kilometres, the northern and southern part of the Longxue Island and the Nansha Bay and is oriented towards cooperation with Hong Kong and Macau. Industry insiders say free trade zones in other cities will have to show special features to win the approval. Xiamen plans to focus on cross-strait cooperation, facilitating travellers and cargo and financial services. "We will surely refer to Shanghai's way and then focus on the cooperation with Hong Kong and Macau," said the Guangzhou official. Peng Peng, vice president of a government-run institute for research of urban development said, Nansha's bid will largely depend on whether Beijing wants to immediately give approval to such schemes until Shanghai trial operation is complete.  Mr Peng said the Shanghai free trade zone is a comprehensive and international one, while those in other cities might be regional ones focusing on a certain aspect. Nansha also faces competition from Shenzhen's Qianhai Bonded Port Area, also developing a free trade zone bid. Official documents indicate Qianhai is learning from free ports in other parts of the world. Qianhai enjoys similar advantages to Hengqin near Macau. Qianhai mainly focuses on the service industry while Hengqin covers a wider range of industries. Qianhai and Hengqin are coastal areas without port facilities or bonded areas while Nansha has both. But Mr Peng said that the government of Nansha is keeping its efforts low key. "They are reluctant to talk about it," he said. Lin Jiang, a professor from a research centre for Pearl River Delta from Zhongshan University, said that if Beijing is setting up new free trade zones, southern China would be the most promising and Nansha enjoys the greatest advantages in the region.  Free trade zones are separated into different levels according to their level of liberalisation, which is first, the liberalisation the trade of in goods; second, in the trade of services, and third, in investment. Nansha can start from liberalisation of trade of goods based on its advantages in cooperation between Hong and Macau.  

Guangzhou Shipyard sees profit slashed in H1

PostTime:2013-09-03 08:23:42 View:662

Guangzhou Shipyard International (GSI) saw its earnings slashed in the first half as market conditions for shipbuilding remain difficult. The Hong Kong-listed shipbuilder reported first half net profit of RMB55.33m ($9.04m), a drop of 37.1% compared to RMB87.99m in the same period of last year. GSI attributed the decline in profit to decrease in ships prices and business volume. Revenue at the shipyard also plunged 49.1% year-on-year to RMB1.75bn. From January to June this year, GSI undertook contracts to construct 14 vessel products with 1.13m dwt and orders on hand for 46 vessels with 2.77m dwt. For the rest of this year it aims to start the construction of 15 ships, launch 12 ships and complete the construction of nine vessels.