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Hyundai Heavy Industries in Talks to Buy DSME
by The Maritime Executive
Wednesday, January 30, 2019

South Korea's "Big Three" shipbuilders may soon become the "Big Two," as Hyundai Heavy Industries (HHI) has reportedly expressed interest in taking over state-owned Daewoo Shipbuilding and Marine Engineering (DSME). The move would consolidate HHI's position as the top South Korean shipbuilder and create a new industry giant. 

DSME experienced severe financial distress during the shipbuilding downturn in 2015-2017. After a series of government bailouts and debt-for-equity swaps, its biggest lender became its biggest shareholder. State-run policy bank KDB now owns a 55 percent majority stake in DSME, and it is reportedly in talks with HHI for a sale. KDB is expected to consider a formal offer from HHI at a board meeting scheduled for March 31. "It is not the stage where we can unveil specifics,” an official at Hyundai Heavy Industries told Yonhap - though more details may emerge at HHI's next earnings call, which is scheduled for tomorrow.

The Korean government has stated its intention to find a buyer for DSME since 2017, and the Wall Street Journal reports that HHI has been in talks with KDB for a purchase for about one year. DSME's CEO, Jung Sung-leep, has already signaled that he is positioning his firm to be sold, and he has endorsed a "Big Two" organizational structure for the Korean shipbuilding market. “I will focus on making Daewoo Shipbuilding a small but firm company ahead of a sale,” Jung said at a press conference last November.

A combination of DSME and HHI would be better-positioned to compete with Chinese rivals, notably state-owned conglomerates CSSC and CSIC. Taken together, these two companies have annual revenues of more than $75 billion - more than the total for Korea's "Big Three" shipbuilders combined. 

NGO: Beaching Yards Held 90 Percent of Scrapping Market in 2018
by The Maritime Executive
Wednesday, January 30, 2019

South Asian shipbreaking yards have purchased the majority of the world's obsolete tonnage for demolition for years, but 2018 was an outlier, according to NGO Shipbreaking Platform. The group  releases an annual report on the world's ship recycling activity, and this year, it found that fully 90 percent of the world's scrapping (by tonnage) occurred on beaches in South Asia - a record-breaking proportion. 

Yards in Bangladesh, Pakistan and India offer shipowners favorable prices for their tonnage. At current market rates, these yards pay between $400-440 per light displacement ton (LDT), depending upon location and vessel type. Shipbreakers in Turkey offer roughly $240 per LDT, and in the EU, the limited number of ship recycling yards offer at most $100-125, according to recent industry estimates. Selling a ship to a yard in South Asia (rather than a yard elsewhere) can provide the shipowner with millions of dollars in additional revenue. 

However, clean shipbreaking advocates assert that the favorable prices in South Asia come at a cost to the environment and to workers. NGO Shipbreaking Platform tallied at least 34 deaths and nearly 40 severe injuries at these yards last year, including 14 dead in Alang, 20 in Bangladesh and 1 in Pakistan. 

"No ship owner can claim to be unaware of the dire conditions at the beaching yards, still they massively continue to sell their vessels to the worst yards to get the highest price for their ships," asserted Ingvild Jenssen, the executive director of NGO Shipbreaking Platform. "Ship owners have a responsibility to sell to recycling yards that invest in their workers and environment."

The advocacy group noted that beaching is under increasing scrutiny from European courts and institutional investors. Last year, a Dutch court found shipowner Seatrade criminally liable for selling vessels to a yard that uses recycling methods that "endanger the lives and health of workers and pollute the environment." It imposed a $925,000 fine, plus a one-year ban on employment in the shipping industry for two Seatrade executives. Another Dutch shipowner, Holland Maas Scheepvaart Beheer II BV, recently paid prosecutors a combined fine and settlement amount of about $3.5 million for beaching one vessel in India - about $1 million more than the total amount the firm received from the sale.

Transport Firms Reviewing UK-Registered Ships Ahead of Brexit
by Reuters
Wednesday, January 30, 2019
LONDON, Jan 30 (Reuters) – Sweden’s Stena and Bermuda-registered Stolt-Nielsen are reviewing their UK-registered ships ahead of Britain’s departure from the European Union, the two leading transport companies told Reuters separately on Wednesday. “In the light of the Brexit process we are considering whether the UK flag can become a possible issue for us when […]

Iron Ore Rockets as Vale’s Supply Disruption Convulses Market
by Bloomberg
Wednesday, January 30, 2019
By Krystal Chia (Bloomberg) — The global iron ore market was pitched into turmoil after Brazil’s Vale SA, the world’s largest producer, outlined plans to cut output after a deadly dam breach, buoying shares of rivals as investors weighed the impact of the disruption. Prices soared, with futures rallying more than 9 percent. Vale will […]

Hyundai Heavy Seeks Stake in Rival DSME -Official
by Reuters
Wednesday, January 30, 2019
SEOUL, Jan 30 (Reuters) – South Korea’s Hyundai Heavy Industries Group, the world’s biggest shipbuilder, is interested in buying a stake in second-ranked rival Daewoo Shipbuilding & Marine Engineering, a Hyundai official told Reuters on Wednesday. The comments follow the group’s holding firm saying on Monday it planned to sell part of its stake in […]

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WP_Post Object ( [ID] => 2829 [post_author] => 1 [post_date] => 2013-03-14 04:31:37 [post_date_gmt] => 2013-03-14 04:31:37 [post_content] =>

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