rongsheng heavy industries co ltd quotation

The Panama Maritime Authority (AMP) said it has recovered more than $15.7 million in wage payments owed to seafarers who sail on Panamanian-flagged vessels.Under its current administration, through the General Directorate of Seafarers (DGGM), the AMP said it has recovered $15,763,052.24 for vessel crewmembers, including $5,315,909.99 in 2022.The AMP said that during this span 1,248 maritime labor complaints were processed (including 451 in 2022) and that 1,864 crew members of various nationalities have been repatriated through the intervention of the AMP the shipowners

Damen Shipyards Group and Compagnie Maritime Monégasque (CMM) announced a two-year offshore support contract for Damen Fast Crew Supplier (FCS) 7011 Aqua Helix. The vessel will transport personnel to and from offshore platforms in support of an oil and gas decommissioning project. The 2022-built Aqua Helix arrived in Brazil on January 26 and is anticipated to commence work in the coming weeks.“During the design phase of the FCS 7011, we considered the Brazilian market a strong fit for this vessel, due to its geography and concentration of offshore assets,” Robin Segaar, Sales Manager at Damen.

Caledonian Maritime Assets Ltd (CMAL) confirmed the signing of the Bank Refund Guarantee (BRG) for two new vessels for the Little Minch routes between Uig, Lochmaddy and Tarbert (Harris).Work to build the ferries will now begin at Cemre Marin Endustri A.S shipyard in Turkey, with an expected delivery date for both in June and October 2025 respectively.They will be built to the same specification as the vessels for Islay, which are already under construction at Cemre. Both are currently ahead of schedule.Jim Anderson, director of vessels at CMAL, said, “Now that the BRG has been signed, construction of the two new vessels can begin at Cemre.

Wisconsin Gov. Tony Evers, together with the state"s Department of Transportation (WisDOT), announced grants totaling $5.3 million for seven harbor maintenance and improvement projects to promote waterborne freight and economic development.“From the Great Lakes to the Mississippi River, Wisconsin’s unique geography provides our state opportunities to grow our economy and help our businesses reach markets worldwide,” said Gov. Evers. “These grants will help maintain our harbors and ensure our ports are secure and reliable, all while strengthening our supply chains and our commitment to our port cities.

China Rongsheng Heavy Industries Group Holdings Limited (SEHK:1101) announced a private placement of 1,000, 7% convertible bonds due 2016 at a price of HKD 1,000,000 per bond for gross proceeds of HKD 1,000,000,000 on December 23, 2013. The transaction will include participation from Partners Kingwin Fund and Kingwin Victory Investment Limited, entity managed by Wang Ping which will invest HKD 500,000,000 each. The bonds will bear interest at a rate of 7% per annum payable annually in arrears. The bonds will be issued at 100% of the principal amount. The bonds will mature on date falling 30 months after closing. Both of the investors will nominate one candidate, each as non-executive Director on the company"s board of directors. The bonds will be convertible into 952,380,952 shares at a conversion price of HKD 1.05 per share, representing 11.98% stake in the company. The conversion period will start on issuance and will end on maturity date. The company will receive net proceeds of HKD 992,500,000 after deduction of commissions and expenses. The subscription and conversion of bonds is not subject to shareholders" approval.

On December 27, 2013, the company announced that Kingwin Victory Investment Limited has transferred its rights and obligation to Partners Kingwin Fund.

China Rongsheng Heavy Industries Group Holdings Limited (SEHK:1101) announced a private placement of 1,000 7% convertible bonds due 2016 at HKD 1,000,000 per bond for gross proceeds of HKD 1,000,000,000 on February 24, 2014. The transaction will include participation from Partners Kingwin Fund (I), which will invest HKD 470,000,000 in the transaction and Kingwin Victory Investment Limited, which will invest HKD 530,000,000 in the transaction. The bond will bear interest at 7% per annum and will mature in 30 months from the date of closing of the transaction. The bonds are convertible into common shares of the company, any time on or after the issue date of the bonds and up to the maturity date, at a conversion price of HKD 1.05 per share. In the event, where the bonds are fully converted, the company will issue 952,380,952 common shares which will represent 11.98% of the enlarged share capital of the company. The company expects to receive net proceeds of HKD 992,500,000 in the transaction. If the conditions to the agreement are not fulfilled before April 30, 2014, the subscription agreement will terminate. The bonds will be issued in denomination of HKD 1,000,000 per bond.

On March 7, 2014, the company announced that the company will hold its Extraordinary General Meeting on March 25, 2014 to seek for the approval for the transaction.

On April 30, 2014, the company announced that it has received HKD 530,000,000 in the first tranche close from Kingwin Victory Investment Limited. The company also announced that it has extended the long stop date for the remaining HKD 470,000,000 to May 20, 2014.

On May 20, 2014, China Rongsheng Heavy Industries Group Holdings Limited closed the transaction. The bonds will now be convertible at a price of HKD 1.03 per share.

HONG KONG (Reuters) - Jiangsu Rongsheng Heavy Industries Co Ltd has appointed Morgan Stanleyand JP Morganto finalize plans for its long-awaited IPO in Hong Kong, aiming to raise up to $1.5 billion in the fourth quarter, sources told Reuters on Tuesday.

This is Rongsheng’s latest bid to go public after it failed to raise more than $2 billion from a planned IPO in Hong Kong in 2008, mainly as a result of the global financial crisis.

Rongsheng"s early main shareholders included an Asia investment arm of Goldman Sachs, U.S. hedge fund D.E. Shaw and New Horizon, a China fund founded by the son of Chinese Premier Wen Jiabao.

The three investors sold off their stakes in Rongsheng for a profit early this year, said the sources familiar with the situation. Representatives for the banks, funds and Rongsheng all declined to comment.

Rongsheng’s revived IPO plan comes at a challenging time. Smaller domestic rival, New Century Shipbuilding, slashed its Singapore IPO in half last week, planning to raise up to $560 million from the originally planned $1.24 billion due to weak market conditions.

Given uncertainty in the global shipbuilding business environment as well as growing concerns over a huge flow of fund-raising events in Hong Kong, investment bankers suggest the potential size for Rongsheng could be $1 billion to $1.5 billion, according to the sources.

Investors have turned cautious on the industry after it was dealt a heavy blow by the economic downturn, with orders shrinking last year and the sector yet to fully recover.

Rongsheng is seeking to tap capital markets to fund fast growth and aims to catch up with bigger state-owned rivals such as Guangzhou Shipyard International Co Ltd.

Rongsheng won a $484 million deal to build four ships for Oman Shipping Co last year. The vessels would carry exports from an iron ore pellet plant in northern Oman which is expected to begin production in the second half of 2010.

RUGAO, China/SINGAPORE (Reuters) - Deserted flats and boarded-up shops in the Yangtze river town of Changqingcun serve as a blunt reminder of the area"s reliance on China Rongsheng Heavy Industries Group, the country"s biggest private shipbuilder.A view of the Rongsheng Heavy Industries shipyard is seen in Nantong, Jiangsu province December 4, 2013. REUTERS/Aly Song

The shipbuilder this week predicted a substantial annual loss, just months after appealing to the government for financial help as it reeled from industry overcapacity and shrinking orders. Rongsheng lost an annual record 572.6 million yuan ($92 million) last year, and lost 1.3 billion yuan in the first half of this year.

While Beijing seems intent to promote a shift away from an investment-heavy model, with companies reliant on government cash injections, some analysts say Rongsheng is too big for China to let fail.

As ship orders and funding have dried up, the firm has delayed deliveries and now faces legal disputes, shipping and legal sources said. The company - whose market value has slumped more than 90 percent to around $1 billion since its Hong Kong listing in late 2010 - is in talks with bankers to restructure its debt.

Local media reported in July that Rongsheng had laid off as many as 8,000 workers as demand slowed. Three years ago, the company had about 20,000 staff and contract employees. This week, the shipbuilder said an unspecified number of workers had been made redundant this year.

“In this area we’re only really selling to workers from the shipyard. If they’re not here who do we sell to?” said one of the few remaining shopkeepers, surnamed Sui, playing a videogame at his work-wear store. “I know people with salaries held back and they can’t pay for things. I can’t continue if things stay the same.”

“Without new orders it’s hard to see how operations can continue,” said one worker wearing oil-spattered overalls and a Rongsheng hardhat, adding he was still waiting to be paid for September. He didn’t want to give his name as he feared he could lose his job.

“Morale in the office is quite low, since we don’t know what is the plan,” said a Rongsheng executive, who declined to be named as he is not authorized to speak to the media. “We have been getting orders but can’t seem to get construction loans from banks to build these projects.”

While Rongsheng has won just two orders this year, state-backed rival Shanghai Waigaoqiao Shipbuildinghas secured 50, according to shipbroker data. Singapore-listed Yangzijiang Shipbuildinghas won more than $1 billion in new orders and is moving into offshore jack-up rig construction, noted Jon Windham, head industrials analyst at Barclays in Hong Kong.

Frontline, a shipping company controlled by Norwegian business tycoon John Fredriksen, ordered two oil tankers from Rongsheng in 2010 for delivery earlier this year. It now expects to receive both of them in 2014, Frontline CEO Jens Martin Jensen told Reuters.

Greek shipowner DryShips Inchas also questioned whether other large tankers on order will be delivered. DryShips said Rongsheng is building 43 percent of the Suezmax vessels - tankers up to 200,000 deadweight tons - in the current global order book. That"s equivalent to 23 ships, according to Rongsheng data.

Speaking at a quarterly results briefing last month, DryShips Chief Financial Officer Ziad Nakhleh said Rongsheng was “a yard that, as we stated before, is facing difficulties and, as such, we believe there is a high probability they will not be delivered.” DryShips has four dry cargo vessels on order at the Chinese firm.

Rongsheng declined to comment on the Dryships order, citing client confidentiality. “For other orders on hand, our delivery plan is still ongoing,” a spokesman said.

At least two law firms in Shanghai and Singapore are acting for shipowners seeking compensation from Rongsheng for late or cancelled orders. “I’m now dealing with several cases against Rongsheng,” said Lawrence Chen, senior partner at law firm Wintell & Co in Shanghai.

Billionaire Zhang Zhirong, who founded Rongsheng in 2005 and is the shipyard"s biggest shareholder, last month announced plans to privatize Hong Kong-listed Glorious Property Holdingsin a HK$4.57 billion ($589.45 million) deal - a move analysts said could raise money to plug Rongsheng"s debts.

The shipbuilder’s net debt to equity, a measure of indebtedness, climbed to 134 percent in January-June from 119 percent in 2012 and 85 percent in 2011. Talks with its banking syndicate are ongoing, with no indication when a deal could be struck, a person at one of the banks told Reuters this week.

Meanwhile, Rongsheng’s shipyard woes have already pushed many people away from nearby centers, and others said they would have to go if things don’t pick up. Some said they hoped the local government might step in with financial support.

The Rugao government did not respond to requests for comment on whether it would lend financial or other support to Rongsheng. Annual reports show Rongsheng has received state subsidies in the past three years.

The exodus has left row upon row of deserted apartments, with just a few old garments strewn on the floor and empty name tags to show for what was a bustling community before China’s economic growth began to slow and credit tightened at a time when global shipping, too, turned down.

“The lottery has become increasingly popular,” said a girl working the till. “I’m not sure why really, but perhaps people are hoping they can win something here.”

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The country"s ship builders received 1.18 million deadweight tons (DWT) of new orders in the first five months this year, a decrease of 96 percent year-on-year, according to statistics from the Ministry of Industries and Information Technology (MIIT).

As a policy bank led by the State Council, China Eximbank is the country"s first lender for ship builders, with loans for the shipbuilding sector accumulated to 102.46 billion yuan ($14.99 billion) and $7.45 billion, according to the paper.

Unlike the Eximbank"s vigor in lending, most domestic banks are cautious, even as the country"s top economic planner vowed to fund the industry in early June.

Judging by released information, only Jiangsu Rongsheng Heavy Industries Co, the country"s biggest private shipbuilder, got 11.25 billion yuan in credit line last month, after secure an order to build four vessels for an Oman client.

Zhoushan Jinhaiwan Shipyard Co Ltd, a Zhejiang-based private ship builder, sold 50 percent of its stake to Grand China Logistics Group for 3.2 billion yuan last month, and as part of their cooperation premises, the latter will order 30 vessels in turn.

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 has seven cargo holds with a combined gross volume of 219,980 cubic metres and net tonnage of 67,993.deadweight tonnage is 402,347 tons. When carrying a full load of iron ore, equal to around 11,150 trucks,Ore Brasil is limited to only a few deepwater ports in Brazil, Europe and China.

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.

Ore Brasil is considerably larger than the previous record-holder, Berge Stahl, in every respect. Both her gross tonnage and deadweight tonnage are larger than those of the Norwegian ship, 175,720 and 364,767 tons, respectively. While the draught of both ships is the same, Ore Brasil is also 20 metres (65.6 ft) longer and 1.5 metres (4.9 ft) wider than Berge Stahl.Ore Brasil is larger and slightly longer than the four new 388,000-ton, 361-metre (1,184 ft) Chinamax bulk carriers Berge Bulk has ordered from China Shipbuilding Industry Corporation.Ore Brasil not been built, these ships would have become the largest bulk carriers in the world.

She is also the second largest ship currently in service by deadweight tonnage, second only to the TI class supertankers that have a deadweight tonnage of over 440,000 tons.

On 24 May 2011 Vale Brasil received her first cargo at the Brazilian port Terminal Marítimo de Ponta da Madeira — 391,000 tons of iron ore, enough to produce steel for more than three Golden Gate bridges, bound for Dalian in China.Cape of Good Hope, the ship was rerouted to Taranto, Italy, and turned back towards the Atlantic Ocean.Vale Brasil was not allowed to enter the Chinese port fully laden, but according to Vale the destination was changed due to commercial, not political reasons.

The Vale have a deadweight tonnage of just over 400,000 tonnes, which was problematic as the Chinese government considered these ships too large to enter Chinese ports. As a result, the ships were "slimmed down" to 380,000 tonnes deadweight. The controversy arose as this change was only on paper and nothing was actually changed in the ship design. This alluded that Valemax ships bound to Chinese ports are simply not being loaded to maximum capacity - and with no change in their physical dimensions.Valemax ships from entering Chinese ports.

Tankers International (2008). "Fleet List". tankersinternational.com. Tankers International. Archived from the original on 3 September 2010. Retrieved 7 July 2010.

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