China has approved the long-rumored merger of its two largest shipbuilding conglomerates, China Shipbuilding Industry Corporation (CSIC) and China State Shipbuilding Corporation (CSSC). Approval by China’s State Council was announced Friday in a statement posted to the China’s State-Owned Assets Supervision and Administration Commission website. The combined enterprise, … [Read more...]
China’s Two Biggest Shipbuilders Plan Merger
HONG KONG, July 1 (Reuters) - China's two largest shipbuilders are planning to merge, their listed arms said in separate exchange filings on Monday, the latest to join a wave of mergers among state-owned enterprises as the government overhauls the sector. The move by China Shipbuilding Industry Corp (CSIC) and China State Shipbuilding Corp Ltd (CSSC), is subject to approvals … [Read more...]
Is China Planning a Shipbuilding Mega-Merger?
By Bloomberg News (Bloomberg) -- China’s government is working on a plan to combine its two biggest shipbuilders to create an industrial giant that would dwarf its South Korean rivals, according to people with knowledge of the matter. The state council, China’s cabinet, has given its preliminary approval to merge China State Shipbuilding Corp. with China Shipbuilding … [Read more...]
China to Inject New Capital Into State-Owned Shipyards
SINGAPORE, Jan 25 (Reuters) - China State Shipbuilding Corporation's listed units CSSC Holdings and CSSC Offshore & Marine plan to bring in major investors to inject about 10.2 billion yuan ($1.6 billion) of capital into four shipyards. China's shipyards have been suffering from a prolonged downturn in the shipping industry and both companies said the planned capital … [Read more...]
South Korean Shipyards in Tough Battle with Undercutting Chinese Rivals
By Mike Wackett in Busan (The Loadstar) - South Korean shipyards are in a battle with Chinese rivals, over construction of ultra-large container vessels, that they cannot win. That was the general consensus among delegates attending the 11th annual World Ocean Forum conference in Busan last week. In August, South Korea’s largest shipbuilder, Hyundai Heavy Industries … [Read more...]