rongsheng heavy industries wikipedia quotation

MS Ore Brasil, previously known as Vale Brasil, is a very large ore carrier owned by the Brazilian mining company Vale. She is the first of seven 400,000-ton very large ore carriers (VLOC) ordered by Vale from Daewoo Shipbuilding & Marine Engineering in South Korea and twelve from Jiangsu Rongsheng Heavy Industries in China, which are designed to carry iron ore from Brazil to Asia along the Cape route around South Africa.Chinamax, these ships are generally referred to as bulk carriers ever built.

Ore Brasil is propelled by a single MAN B&W 7S80ME-C8 two-stroke low-speed diesel engine directly coupled to a fixed-pitch propeller.heavy fuel oil per day.Ore Brasil in fact one of the most efficient long-distance dry bulk carriers in service, and for this reason the ship received the Clean Ship award of 2011 in the Norwegian shipping exhibition Nor-Shipping. Vale has reported 35 % drop in emissions per ton of cargo in comparison to older ships.

MV Vale Rio de Janeiro, owned by the Brazilian mining company Vale, is one of the world"s largest very large ore carriers and a sister ship of Daewoo Shipbuilding & Marine Engineering in South Korea and twelve from Jiangsu Rongsheng Heavy Industries in China.Chinamax, these ships are generally referred to as

As of October 2011, Vale plans to set up a transhipment project off Subic bay. In addition to bringing in many more jobs for locals, this is expected to boost other industries in Subic bay, and put Philippines on the world map of Iron ore shipments. It is also expected to boost local industries like travel, hotels ship supplies and provisions.

The Vale Rio de Janeiro is propelled by a single MAN B&W 7S80ME-C8 two-stroke low-speed diesel engine directly coupled to a fixed-pitch propeller.heavy fuel oil per day.Vale Brasil in fact one of the most efficient long-distance dry bulk carriers in service, and for this reason the ship received the Clean Ship award of 2011 in the Norwegian shipping exhibition Nor-Shipping. Vale has reported 35 % drop in emissions per ton of cargo in comparison to older ships.

Zhang co-founded China Rongsheng Heavy Industries Group, China"s biggest non-state-owned shipbuilder by order book in 2012, in 2005. Rongsheng Heavy signed a strategic-cooperation agreement with Cnooc in 2010 and delivered "a 3,000-meter deepwater pipe-laying-crane vessel" in 2011. Zhang, "43 years old and ranked 22nd on Forbes"s China wealth list" with a net worth of about $2.6 billion in 2011, was not accused of any wrongdoing in the SEC complaint.

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Tensions arose between the Dutch and the Chinese inhabitants of Taiwan due to heavy Dutch taxation and Dutch participation in plunder during the collapse of the Ming dynasty. Eventually, this led to the brief, but bloody, Guo Huaiyi Rebellion in 1652.

Once reliant on traditional manufacturing industries, the region became a major high-tech industrial hub after the establishment of Southern Taiwan Science Park in 1995. Optoelectronics, integrated circuits, green energy and biotechnology are the park"s dominant industries. Prominent companies are Chimei-Innolux, United Microelectronics and TSMC. With the establishment of Tainan Technology Park, Shugu (Tree Valley) LCD Park and Yonkang Technology Park, the city became a major center for the optoelectronics industry in Taiwan with a complete supply chain.

Once dominant industries, salt and sugar production are declining into irrelevance. Taiyen (Taiwan salt) co. and Taiwan Sugar Corp., both headquartered in Tainan, transformed to businesses in biotechnology, quality agriculture, retail and tourism.

Another once-leading privately-owned yard China Huarong Energy Company, previously and better known as China Rongsheng Heavy Industries, continues to struggle with debts and ongoing talks with its creditors. The shipbuilder with huge yard facilities is now literally a �ghost yard�, where operations have ceased as funds dried up.

Jiangsu Rongsheng Heavy Industries Group Co. used to employ more than 30,000 people in the eastern city of Rugao. Once China�s largest shipbuilder, by 2015 Rongsheng was on the verge of bankruptcy. Orders had dried up and banks are refusing credit. Questions have been raised about the shipyard�s business practices, including allegations of padded order books. And Rongsheng was apparently behind on repaying some of the 20.4 billion yuan in combined debt owed to 14 banks, three trusts and three leasing firms.

Rongsheng is on the ropes now that it had completed a multi-year order for so-called Valemax ships for the Brazilian iron ore mining giant Companhia Vale do Rio Doce. The last of these 16 bulk carriers, the Ore Ningbo, was delivered in January 2015. With a carrying capacity of up to 400,000 tons, Valemaxes are the world�s largest ore carriers. Vale hired Rongsheng to build the ships starting in 2008, and has tolerated the shipyard�s slow pace: The Ore Ningbo was delivered three years late. Rongsheng employees said the Ore Ningbo may have been the shipyard�s last product because no new ship orders are expected and all contracts for unfinished ships have either been canceled or are in jeopardy.

Founder and former chairman Zhang Zhirong started the company in 2005 with money made when he worked as a property developer in the 1990s. The new shipyard stunned the industry by clinching major vessel orders from the start, even at a time when most of the world�s shipyards were slumping. Rongsheng�s success attracted investors and banks to the company�s side, fueling its expansion.

The shipyard, a sprawling facility spread across one-third of Changqingsha Island in the middle of the Yangtze River, suffered from a lack of capacity and management problems. As a result, the company had trouble meeting its contract obligations, including delivery timetables. Rongsheng�s problems were tied to difficulties with delivering ships. Many of Rongsheng�s order cancellations were due to its own delivery delays.

After the global financial crisis of 2008, many ship owners could no longer afford paying in advance for new vessels. So builders such as Rongsheng started arranging up-front financing with Chinese banks that got projects off the ground.

Rongsheng built ships with a combined capacity of 8 million tons in 2010 and was preparing to begin filling US$ 3 billion in new orders the following year. But the company�s 2011 orders wound up totaling only US$ 1.8 billion. That same year, Rongsheng�s customers canceled contracts for 23 new vessels.

In 2012, Rongsheng received orders for only two ships. Layoffs ensued, with some 20,000 workers getting the axe. The company closed the year with a net loss of 573 million yuan, down from a 1.7 billion yuan net profit in 2011 and despite 1.27 billion yuan in government subsidies. The bleeding worsened in 2013, with 8.7 billion yuan in reported losses. Despite a recovery of the Chinese shipbuilding industry in 2014, Rongsheng saw no relief, as its clients canceled orders for 59 vessels that year.

Roxen Shipping, a company controlled by Chinese businessman Guan Xiong, reportedly stepped in to rescue some US$ 2 billion worth of ship contracts that were canceled by Rongsheng�s other customers. Without these orders, Rongsheng never would have maintained its status as the No. 1 shipbuilder in China from 2009 to 2013.

Rongsheng�s capital crunch worsened since February 2014, when the China Development Bank (CDB) demanded more collateral after the company failed to make a scheduled payment on a 710 million yuan loan. When Rongsheng refused, the CDB called the loan. Other banks that issued loans to the shipbuilder had taken similar steps.

Rongsheng�s weak financial position was highlighted by a third-quarter 2014 financial report in which the company posted a net loss of 2.4 billion yuan. It also reported 31.3 billion yuan in liabilities, including 7.6 billion yuan worth of outstanding short-term debt.

It would cost at least 5 billion yuan to restart operations at Rongsheng�s facility, plus they have a huge amount of debt. Buying Rongsheng would not be a good deal.

(Bloomberg) — China Rongsheng Heavy Industries Group Holdings Ltd., which hasn’t announced any 2012 ship orders, may find winning deals even harder as a company owned by its billionaire chairman faces an insider-trading probe.

Rongsheng, based in Shanghai, has tumbled 87 percent since a November 2010 initial public offering because of concerns about delivery delays and a global slump in ship orders caused by a glut of vessels. The shipbuilder, which operates facilities in Jiangsu and Anhui provinces, also said yesterday that first- half profit probably dropped “significantly” because of falling prices and slowing orders.

The probe won’t affect day-to-day operations run by Chief Executive Officer Chen Qiang, as Chairman Zhang only has a non- executive role, Rongsheng said in a statement yesterday. Zhang wasn’t available for comment yesterday, according to Doris Chung, public relations manager at Glorious Property Holdings Ltd., a developer he controls.

Chen isn’t aware of Zhang’s personal business dealings and he has no plans to leave Rongsheng, he said yesterday by text message in reply to Bloomberg News questions. The CEO may help reassure potential customers as he is well-known among shipowners, said Lawrence Li, an analyst at UOB Kay Hian Holdings Ltd.

Zhang owns 46 percent of Rongsheng and 64 percent of Glorious Property, according to data compiled by Bloomberg. The developer dropped 1.7 percent to close at HK$1.16 in Hong Kong today after falling 11 percent yesterday. Zhang’s listed holdings are worth about $1.2 billion, according to data compiled by Bloomberg.

Zhang, who holds a Master’s of Business Administration degree from Asia Macau International Open University, started in building materials and construction subcontracting before getting into real estate. Construction of his first project, in Shanghai, began in 1996, according to Glorious Property’s IPO prospectus. He got into shipbuilding after discussing the idea with Chen at a Shanghai Young Entrepreneurs’ Association event in 2001, according to Rongsheng’s sale document. He formed the company that grew into Rongsheng three years later.

“People in his hometown think Zhang is a legend as he expanded two companies in different sectors so quickly,” said Ji Fenghua, chairman of Nantong Mingde Group, a shipyard located next to Rongsheng’s facility in Nantong city, Jiangsu province. The billionaire maintains a low profile, said Ji, who has never seen him at meetings organized by the local government.

Rongsheng raised HK$14 billion in its 2010 IPO, selling shares at HK$8 each. The company’s market value has fallen by about $6.1 billion to $1 billion, based on data compiled by Bloomberg.

Rongsheng, which also makes engines and excavators, had outstanding orders for 98 ships as of June 2012, according to Clarkson. It employed 7,046 people at the end of last year, according to its annual report. The shipbuilder has built a pipe-laying vessel for Cnooc and it has a strategic cooperation agreement with the energy company.