rongsheng fishers price

Rongsheng won a $1.6 billion order from Brazilian iron ore miner Vale for 12 VLOCs in 2008, and a $480 million order from Oman Shipping for four VLOCs.

Hong Kong: China’s largest private shipbuilder, Rongsheng Heavy Industry, has announced that the company has entered into subscription agreements for HK$1bn in convertible bonds.

The company also expect the bond issue could improve the liquidity position and facilitate the overall development of the group, Rongsheng said. [25/02/14]

In this session, Mila Getmansky Sherman (Isenberg School of Management, UMass Amherst), Rongsheng Gong (Huntington National Bank) and Al Schulman (Nationwide Insurance, retired) collaborate to provide insights into understanding the evolving, complex, and at times, very volatile economic conditions impacting firms" markets and operation. Overall, the session will emphasize how financial firms have adapted their risk models to changing business, economic and regulatory environments.

HONG KONG, Nov 26 (Reuters) - China Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, said its chairman had stepped down just three months after the company posted its sharpest fall in half-year net profit.

Listed in November 2010, Rongsheng was hit by an insider dealing scandal involving a firm owned by Zhang ahead of the $15.1 billion bid for Canadian oil firm Nexen Inc by China offshore oil and gas producer CNOOC.

Rongsheng said earlier this month that investment firm Well Advantage, controlled by Zhang, had agreed to pay $14 million as part of a settlement deal with the U.S. Securities and Exchange Commission (SEC).

In August, Rongsheng posted an 82 percent drop in half-year profit on a dearth of new orders and warned economic uncertainties would continue to weigh on the global shipping market.

As part of the changes at China Rongsheng, the company said that Zhang De Huang was retiring and had resigned as an executive director and as vice chairman of the board.

The Chinese Government is said to be offering incentives for domestic owners and operators to order ships, including a 20% discount from state-owned yards. It is not known if this discount is being applied to the up to 30 VLCCs being contemplated by the privately owned Zhejiang Rongsheng petrochemicals producer, but this order would go some way towards maintaining the backog.

Shipping consultants BRL report that Zhejiang Rongsheng is being offered non-dual-fuel VLCCs at between US$83M-US$85M, a very keen price. Bids are expected from CSSC-owned builders Shanghai Waigaoqiao, Guangzhou Shipyard International and Dalian Shipbuilding Industry. The orders are expected to be in units of two to 10 vessels, with a total of 30 VLCCs required to service a new Zhejiang Rongsheng petrochemical plant.