jiangsu rongsheng heavy industries co ltd manufacturer

Brazil sank a decommissioned aircraft carrier in the Atlantic Ocean off its northeast coast, the Brazilian Navy said, despite warnings from environmentalists that the rusting 1960s French-built ship would pollute the sea and the marine food chain.The 32,000-tonne carrier had been floating offshore for three months since Turkey refused it entry to be scrapped there because it was an environmental hazard and the ship was towed back to Brazil.The carrier was scuttled in a "planned and controlled sinking" late on Friday, the Navy said in a statement, that would "avoid logistical, operational, environmental and economic losses to the Brazilian state," it said.

Finnish cargo handling machinery manufacturer Cargotec on Monday announced its board of directors has appointed Casimir Lindholm to succeed Mika Vehviläinen as the company"s president and CEO, effective April 1, 2023.A member of Cargotec"s board since 2021, Lindholm has held CEO positions both in Eltel and Lemminkäinen and many board memberships.“I’m honored and excited to be leading Cargotec at such a pivotal moment in the company’s history, with a strong foundation and a clear vision into its next development phase of growth as we have communicated before.

The Baltic Exchange"s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell to the lowest in nearly three years, pressured by weaker rates across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 13 points, or about 2.1%, to 608, its lowest since early-June 2020.The capesize index lost 10 points, or about 2.3%, to over a five-month low of 419.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $86 at $3,475.

ABB has unveiled its Baldor-Reliance HydroCool XT motor product line, a new generation of water-cooled motors for extreme marine duty and other applications.According to the manufacturer, HydroCool XT is quiet and versatile, and offers reduced maintenance and high performance in some of the toughest environments. Water-jacket cooling offers higher thermal conductivity than air cooling, helping to extend the motor life while eliminating the need for fans or air filters. Available with induction or permanent magnet rotor technology, the motor can achieve the highest level (IE5) efficiency rating for energy savings

The Italian trade union USB filed a legal complaint against a plan by gas grid operator Snam to set up a new liquefied natural gas (LNG) terminal in the Tuscan port of Piombino, it said in a press release on Friday.USB alleged Snam had committed serious "environmental crimes" while performing works to build the terminal.USB criticised in the statement the choice to set up the terminal in an area already polluted by an old steel plant, saying regasification processes would increase pollution levels even further and cause "serious and irreparable injuries."Snam declined to comment on the issue.

Brazil sank a decommissioned aircraft carrier in the Atlantic Ocean off its northeast coast, the Brazilian Navy said, despite warnings from environmentalists that the rusting 1960s French-built ship would pollute the sea and the marine food chain.The 32,000-tonne carrier had been floating offshore for three months since Turkey refused it entry to be scrapped there because it was an environmental hazard and the ship was towed back to Brazil.The carrier was scuttled in a "planned and controlled sinking" late on Friday, the Navy said in a statement, that would "avoid logistical, operational, environmental and economic losses to the Brazilian state," it said.

Finnish cargo handling machinery manufacturer Cargotec on Monday announced its board of directors has appointed Casimir Lindholm to succeed Mika Vehviläinen as the company"s president and CEO, effective April 1, 2023.A member of Cargotec"s board since 2021, Lindholm has held CEO positions both in Eltel and Lemminkäinen and many board memberships.“I’m honored and excited to be leading Cargotec at such a pivotal moment in the company’s history, with a strong foundation and a clear vision into its next development phase of growth as we have communicated before.

The Baltic Exchange"s main sea freight index, tracking rates for ships carrying dry bulk commodities, fell to the lowest in nearly three years, pressured by weaker rates across vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels carrying dry bulk commodities, fell 13 points, or about 2.1%, to 608, its lowest since early-June 2020.The capesize index lost 10 points, or about 2.3%, to over a five-month low of 419.Average daily earnings for capesizes, which typically transport 150,000-tonne cargoes such as iron ore and coal, were down $86 at $3,475.

ABB has unveiled its Baldor-Reliance HydroCool XT motor product line, a new generation of water-cooled motors for extreme marine duty and other applications.According to the manufacturer, HydroCool XT is quiet and versatile, and offers reduced maintenance and high performance in some of the toughest environments. Water-jacket cooling offers higher thermal conductivity than air cooling, helping to extend the motor life while eliminating the need for fans or air filters. Available with induction or permanent magnet rotor technology, the motor can achieve the highest level (IE5) efficiency rating for energy savings

The Italian trade union USB filed a legal complaint against a plan by gas grid operator Snam to set up a new liquefied natural gas (LNG) terminal in the Tuscan port of Piombino, it said in a press release on Friday.USB alleged Snam had committed serious "environmental crimes" while performing works to build the terminal.USB criticised in the statement the choice to set up the terminal in an area already polluted by an old steel plant, saying regasification processes would increase pollution levels even further and cause "serious and irreparable injuries."Snam declined to comment on the issue.

The 2023 Conference will take place from 21-23rd November in Hamburg, Germany and will offer a meeting place to learn, discuss and knowledge-share the latest developments in efficient power and propulsion technology plus alternative low flashpoint and low carbon fuels.

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.

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Last October, the company entered into an agreementto sell 98.5% equity interest of Rongsheng Heavy Industries, the entire interest in Rongsheng Engineering Machinery, Rongsheng Power Machinery and Rongsheng Marine Engineering Petroleum Services, to Unique Orient, an investment holding company owned by Wang Mingqing, a creditor of Huarong Energy, for a nominal price of HK$1.

Once the largest private shipyard in China, Rongsheng ceased shipbuilding operations in 2014 after it was hit by a major financial crisis and the shipyard rebranded into Huarong Energy in 2015.

Huarong Energy is of the view that the shipbuilding and engineering business is unlikely to see a turnaround in the foreseeable future and it is in the best interests of the company to dispose of the business and focus its resources on energy.

China Rongsheng Heavy Industries Group Holdings Limited is an investment holding company. The Company has four segments: shipbuilding, offshore engineering, marine engine building and engineering machinery. The Company commenced the construction of its shipyard in Nantong, Jiangsu Province. As of December 31, 2009, the Company鈥檚 shipyard covers approximately four million square meters and occupies 3,058 meters of Yangtze River shoreline. The Company operates its marine engine building business through Rong An Power Machinery. In October 2009, Rong An Power Machinery delivered its marine engine product, a Wartsila 6RT-flex68D low-speed marine diesel engine. The Company through Zhenyu Machinery offers 16 varieties of hydraulic excavators and two varieties of hydraulic crawler cranes. Its products include bulk carriers, crude oil tankers, containerships, offshore engineering products, low-speed marine diesel engines and small to mid-size excavators and cranes for construction and mining.

Ch Rongsheng isa leadinglarge-scaleheavy industry enterprisegroup.It possesses of two manufacturing bases of shipbuilding and offshore engineering in Nantong of Jiangsu Province and diesel engine in Hefei of Anhui Province both approved by NDRC, coveringwide services ranging from shipbuilding, offshoreengineering,power engineering, engineering machineryandetc. Until Dec.With thevision of “cultivate world first-class employees and create world first-class enterprise”,the spirit of “integrity-based, the pursuit of excellence”, and the responsibility ofrevitalizingnational industry, it runs fast toward the great goal of world first-class diversified heavy industry group.

(Beijing) – Piles of rusty steel bars and old ship parts are virtually all that"s left of a sprawling shipyard in the eastern city of Rugao, where Jiangsu Rongsheng Heavy Industries Group Co. used to employ more than 30,000 people.

Once China"s largest shipbuilder, Rongsheng is on the verge of bankruptcy. Orders have 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 is apparently behind on repaying some of the 20.4 billion yuan in combined debt owed to 14 banks, three trusts and three leasing firms, sources told Caixin.

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HONG KONG, Dec 4 (Reuters) – China Rongsheng Heavy Industries Group, the country’s largest private shipbuilder, said on Wednesday it expects to report a substantial full-year loss just months after it appealed to the government for financial help.

“The company believes that the net loss is primarily attributable to the decrease in revenue as a result of the company’s conservative sales strategy under the current trough stage of the shipbuilding market,” China Rongsheng said in a statement to the Hong Kong stock exchange.

Analysts have said the company could be the biggest casualty of a local shipbuilding industry suffering from overcapacity and shrinking orders amid a global shipping downturn.

Workers at Rongsheng’s Nantong shipyard in eastern China told Reuters on Wednesday that morale was low, with some employees complaining about a shortage of work.

Greek ship owner Dryships Inc has already questioned whether some of the ships on order at China Rongsheng will be delivered, which could hit its revenue and profitability next year. Dryships has four dry bulk carriers on order at the company’s shipbuilding subsidiary, Jiangsu Rongsheng Heavy Industries, that are due for delivery in 2014.

China Rongsheng, which sought financial help from the government in July, has said it won only two shipbuilding orders worth $55.6 million last year when its target was $1.8 billion worth of contracts.

A shipbuilding source said: “The shipyard has had no confirmed orders since June 30 because payment terms and contract prices were still unfavorable. But China Rongsheng has signed some letters of intent which have yet to be transformed into confirmed orders.”

A company spokesman told Reuters late on Wednesday that the shipyard had no confirmed new orders so far in the second half of the year. He declined to elaborate.

The spokesman said the company had delivered 7 vessels, with a total of 1.5 million dead weight tonnes (DWT), in the first half of 2013, and had delivered at least two 380,000-DWT class very large ore carriers in the second half of the year.

Rongsheng Heavy Industries Group Holdings Limited is pleased to announce the establishment of Rongsheng Offshore & Marine Private Limited (“Rongsheng Offshore & Marine”), the Group’s new offshore engineering base, in Singapore. The company will focus on research and development, marketing and “Engineering, Procurement and Construction” (“EPC”) projects in offshore engineering, drawing on Singapore’s superior industry advances and human resources. On the same day, Rongsheng Offshore & Marine also officially announces that it has secured an EPC contract for a 2,000-meter deepwater tender barge. With sound developments made in the high-end offshore equipment manufacturing field, the Group will seek to accelerate its all-round transformation into an offshore engineering service provider.

Rongsheng Offshore & Marine, a wholly-owned subsidiary of China Rongsheng Heavy Industries and registered in Singapore, is set to become a light asset, high technology and first class offshore engineering talent base. It will play an important role in the Group’s offshore engineering strategy; the sales team is positioned to help the Group to gain market share in the international offshore engineering market, and the operational team will help the Group to achieve greater breakthroughs by engaging in high-end operational activities such as research and development, EPC project management and international procurement.

Mr. Chen Qiang, Executive Director and Chief Executive Officer of China Rongsheng Heavy Industries, said: “The opening of Rongsheng Offshore & Marine marks an important milestone towards the Group’s goal to upgrade and transform into an offshore engineering service provider. Combined with the company’s new, innovative operating model and technological platform and Jiangsu Rongsheng Heavy Industries Company Limited’s (“Jiangsu Rongsheng”) strong manufacturing base, China Rongsheng Heavy Industries has gained access to the global market and can now make their presence felt in the high-end marine equipment manufacturing field. By improving efficiency and lowering cost through synergizing the Group’s various business areas, we are confident that we can build Rongsheng into a world-class offshore engineering brand.”

The tender barge, ordered by a Norwegian customer, is currently one of the largest of its kind in the world, complete with a high-tech, high value-added deepwater engineering apparatus that boasts a wide scope of applications and excellent cost performance. With a maximum working depth and drilling depth of 2,000 meters and 6,000 meters, respectively, it meets the global requirements of oil drilling operations in mild-temperature waters.

The project in question is an EPC project, covering Engineering, Procurement, Construction. Rongsheng Offshore & Marine is the general contractor, and Jiangsu Rongsheng is the manufacturer. China Rongsheng Heavy Industries is one of the few shipbuilders in China capable of undertaking an EPC project, and the winning of this tender highlights the technological and manufacturing strength of China Rongsheng Heavy Industries in the marine engineering field. It also demonstrates the recognition received by the Group in the international shipbuilding and offshore engineering industries.

Mr. Don Lee, Director and Chief Executive Officer of Rongsheng Offshore & Marine, has made great achievements in offshore engineering and commands a considerable reputation, having established extensive contacts and close cooperation with offshore rig owners and petroleum companies over the course of 40 years in the field. Prior to his appointment at Rongsheng, Mr. Lee served as an Senior General Manager at Sembcorp Marine’s subsidiary Jurong Shipyard, Senior Vice President of the Marketing of Sembcorp Marine,Director of Jurong Brazil, Director of Brazil Netherlands BV, and Director of PPL Shipyard.