rongsheng heavy industries wikipedia made in china

In 2008, Vale placed orders for twelve 400,000-ton Valemax ships to be constructed by Jiangsu Rongsheng Heavy Industries (RSHI) in China and ordered seven more ships from South Korean Daewoo Shipbuilding & Marine Engineering (DSME) in 2009. In addition sixteen more ships of similar size were ordered from Chinese and South Korean shipyards for other shipping companies, and chartered to Vale under long-term contracts. The first vessel was delivered in 2011 and the last in 2016.

The first Valemax vessels were ordered on 3 August 2008 when Vale signed a contract with the Chinese shipbuilder Jiangsu Rongsheng Heavy Industries (RSHI) for the construction of twelve 400,000-ton ore carriers. The development had reportedly started in 2007.

The Chinese shipbuilder"s ability to deliver any of the very large ore carriers ordered by Vale in time was doubted already before the first ship was built.Valemax vessels will be delivered from the Chinese shipyard in 2011 instead of the planned six due to delays in construction.Vale China) was delivered before the end of the year. Furthermore, later reports claimed that the ships ordered by Vale had a capacity of only 380,000 tons even though according to the Det Norske Veritas database entries all Chinese-built ships have a deadweight tonnage in excess of 400,000 tons and in the past Vale has referred to the ships ordered from Rongsheng as "400,000-ton" vessels. The reduction in cargo capacity, at least on paper, may have been due to the reluctance of Chinese officials to accept the 400,000-ton ships to Chinese ports.

In April 2012, it was reported that Vale had refused delivery for three Valemax ships recently completed by Jiangsu Rongsheng Heavy Industries. This was seen as a move against the Chinese officials who have not allowed the 400,000-ton ships to dock in Chinese ports.

On 30 April 2007 Berge Bulk signed a contract with the Chinese shipbuilding company Bohai Shipbuilding Heavy Industry for the construction of four 388,000-ton very large ore carriers. Although initially scheduled for delivery in 2010, the first vessel, Berge Everest, was delivered on 23 September 2011.Berge Aconcagua on 15 March 2012Berge Jaya on 12 June 2012.Berge Neblina, was initially also scheduled to be delivered in 2012, but entered service on 4 January 2013.

In March 2016, it was reported that three Chinese companies China Ocean Shipping (Group) Company (COSCO), China Merchants Energy Shipping and Industrial and Commercial Bank of China (ICBC) had ordered ten Valemax vessels each from four Chinese shipyards with a total price of US$2.5 billion.Valemax ships ordered by China Merchants Energy Shipping would be built by Shanghai Waigaoqiao Shipbuilding (4 ships), Qingdao Beihai Shipbuilding (4 ships), and China Merchants Group-controlled China Merchants Heavy Industry (Jiangsu) (2 ships).Yangzijian Shipbuilding while the remaining four would be awarded to Qingdao Beihai Shipbuilding.Valemax vessels, Yuan He Hai, was delivered on 11 January 2018

Vale Sohar, built by Jiangsu Rongsheng Heavy Industries (RSHI), awaiting delivery for Oman Shipping Company in Nantong, China, in September 2012. Note the minor differences to the South Korean-built Vale Rio de Janeiro.

Like most modern bulk carriers, Valemax vessels are powered by a single two-stroke low-speed crosshead diesel engine directly coupled to a fixed-pitch propeller. The ships built by DSME and STX in South Korea are powered by 7-cylinder MAN B&W 7S80ME-C8 and 7S80ME-C engines, respectively, and the ships built by RSHI and Bohai Shipbuilding Heavy Industry have Wärtsilä 7RT-flex82T and 7RT-flex84T engines, respectively.maximum continuous rating of around 29,000 kW (39,000 hp) when turning the 10-metre (33 ft) propeller at 76–78 rpm, giving the ships a service speed of around 15 knots (28 km/h; 17 mph) while burning almost 100 tons of heavy fuel oil per day.cargo ton-mile are very low and thus the Valemax vessels are in fact among the most efficient long-distance dry bulk carriers in service – Vale has reported a 35% drop in emissions per ton of cargo carried in comparison to older ships.

The chemical industry in China is one of China"s main manufacturing industries. It valued at around $1.44 trillion in 2014, and China is currently the largest chemicals manufacturing economy in the world.

Chemical industries in China are starting to research and develop green technologies by the recommendation of the government such as the use of alternative fuels to produce chemical products. Some industries are using carbon dioxide and others naturally available to produce industrial products, fuels and other substances. For example, a specialty chemicals company called Elevance Renewable Sciences produces highly concentrated detergents by using green technology metathesis, which significantly lowers the energy consumption and minimizes pollution.

additional terms may apply. By using this site, you agree to the Terms of Use and Privacy Policy. Wikipedia® is a registered trademark of the Wikimedia Foundation, Inc., a non-profit organization.

Hisense manufactures white goods, televisions, set-top boxes, digital TV broadcasting equipment, laptops, mobile phones, wireless modules, wireless PC cards and optical components for the telecommunications and data communications industries.

Ligent Photonics Inc was established in 2002 as a joint venture with Hisense, this subsidiary designs, develops and fabricates optical components for the telecommunications and data communications industries.Illinois headquarters and manufactured in China.

Wuhu Ecan Motors Co Ltd is a joint venture between Guangdong Kelon (Rongsheng) Co Ltd, Xiwenjin Co Ltd and Luminous Industrial Ltd, this company produces electric motors for the information industry and for use in office automation.

Christened Vale Jiangsu and Vale Shinas, the two new Rongsheng-built 380,000 DWT class VLOCs have been delivered to Vale S.A. and Oman Shipping Company S.A.O.C. respectively.

Rongsheng say that the vessels adopt an environmentally friendly design to achieve lower oil consumption and reduce the emission of CO2, while operating efficiency exceeds that of most existing ore carriers. With Energy Efficiency Design Index recorded at approximately 1.99 during sea trials, Rongsheng-built VLOCs are in line with low-carbon green product initiative and meet the benchmark requirements on emission reduction set by International Maritime Organization, which came into effect as of 1 January 2013.

At this time, China Rongsheng Heavy Industries has delivered ten VLOCs (with one completed in 2011, six in 2012 and three in 2013) out of the 16 380,000 DWT class VLOCs ordered.

The shipbuilders add that the four VLOCs ordered by Oman Shipping Company S.A.O.C. have all been delivered. Despite ongoing challenges in the shipbuilding industry brought about by the global financial crisis and the European debt crisis, the delivery schedule of China Rongsheng Heavy Industries has not been unduly impacted.

HONG KONG, Aug 21 (Reuters) - China Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, posted an 82 percent fall in first-half net profit as a glut of vessels ordered during the boom times meant it won few new orders.

Listed in November 2010, Rongsheng has also been hit by an insider dealing scandal involving a firm owned by its chairman Zhang Zhirong ahead of CNOOC’s $15.1 billion bid for Canadian oil firm Nexen Inc.

(Bloomberg) — China Rongsheng Heavy Industries Group Holdings Ltd., the shipbuilder whose woes made it a symbol of the country’s credit binge, said it planned to sell assets to an unidentified Chinese acquirer.

The company intends to sell the core assets and liabilities of its onshore shipbuilding and offshore engineering businesses, according to a statement to the Hong Kong exchange Monday. Rongsheng’s shares, which were halted March 11, will resume trading on March 17.

Once China’s largest shipbuilder outside government control, Shanghai-based Rongsheng has been searching for funds after orders for new ships dried up and the company fell behind on principal and interest payments on 8.57 billion yuan ($1.4 billion) of bank loans. Rongsheng’s struggles illustrate the difficulties shipbuilders face in competing with state-owned yards that have government backing and easier access to funds.

Rongsheng and the proposed buyer have entered into an exclusivity period while assets and liabilities are valued, according to the statement. The agreement will expire on June 30, the company said.

Rongsheng said March 5 it wouldn’t proceed with a proposed warrant sale after Kingwin Victory Investment Ltd. owner Wang Ping — a potential investor who had pledged as much as HK$3.2 billion ($412 million) — was said to have been detained.

Yangzijiang Shipbuilding Holdings Ltd. said previously it had been approached by China’s government about buying a stake in Rongsheng, and that no decision had been made. Yangzijiang Chief Financial Officer Liu Hua said today that the company isn’t involved in the agreement announced by Rongsheng, according to the company’s external representative.

Rongsheng has sought help from the government to benefit from a rebound in China’s shipbuilding industry — the world’s second biggest — after cutting its workforce and running up debts amid a global downturn in orders.

In September, the government responded by listing Rongsheng’s Jiangsu shipyard unit among 51 shipbuilding facilities in China deemed worthy of policy support as the industry grapples with overcapacity.

Some of Rongsheng’s subsidiaries, including Hefei Rong An Power Machinery Co. and Rongsheng Machinery Co., signed agreements with domestic lenders, led by Shanghai Pudong Development Bank, to extend debt repayments to the end of 2015, the company said in October.

Rongsheng Heavy Industries Group Holdings Ltd"s shares have been suspended on the Hong Kong Stock Exchange after a media report said that the company cut 8,000 jobs in recent months.

Last year, Rongsheng Offshore & Marine was established in Singapore to seek new market growth points. Its business segments include shipbuilding, offshore engineering, marine engine building and engineering machinery.

"In 2011, the market was so-so, but 2012 was bad and the situation this year is cruel," said Li Aidong, president of Daoda Heavy Industry Group, an 8,000-worker shipyard in Jiangsu.

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.