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Neptune Orient Lines
10 июля 2017, 18:15

China Creates Pacific Shipping Giant With Cosco's Orient Takeover

The Baltic Dry Index has retraced most of its 55% surge from March, yet the mild recovery in shipping fees since early last year appears to have revived appetite for a renewed wave of consolidation in the shipping space. For a price of $6.3 billion (HK$78.67 a share) - equivalent to an eye-popping premium of 112% of the stock’s one-year trading average - Cosco Shipping's purchase of Hong Kong-based Orient Overseas makes the Chinese state-owned firm the world’s third-largest bulk shipping company, and the largest servicing the lucrative Asia to North America route, beating out Copenhagen-based A.P. Moller-Maersk and France’s CMA CGM. The deal also makes Cosco the biggest container shipping company servicing the Pacific. Measured another way, the sales price represents a 49% premium, based on the average 20-day trading price before the announcement – the biggest premium for a major container-shipping deal since 1997 when Singapore’s Neptune Orient Lines bought APL for $833 million, offering a premium of 57%, according to Bloomberg calculations. Cosco currently has a market share of 8.4 percent while Orient Overseas has 3.2 percent, according to Alphaliner, a shipping data provider. Their combined 11.6 percent share would make the merged entity the third-biggest container-shipping company, overtaking CMA CGM with 11.2 percent. The enlarged company will operate more than 400 vessels with capacity exceeding 2.9 million twenty-foot equivalent units, including order book, according to Bloomberg. As Bloomberg Gadfly columnist Shelly Banjo noted, the acquisition is hardly a surprise; what is surprising is the premium paid for the Hong Kong shipping firm in the deal: "Cosco's initial bid for Orient Overseas more than six months ago hovered around the $4 billion mark, according to the Wall Street Journal. That figure hardly budged as recently as June, and for good reason: Most shipping deals in the last two years or so have been done at a price-to-book ratio of about one. CMA-CGM SA's acquisition of Neptune Orient Lines Ltd. was done at a ratio of one, and Maersk's purchase of Hamburg Sud represented a 1.3 multiple, according to Jefferies research. Cosco is set to pay around 1.4 times Orient Overseas's book value. A company in a weakened position has few chips to bargain for a higher offer. And it's not as if there was a white knight for Orient Overseas, whose year-on-year revenue dropped by 11 percent in 2016 and 8 percent the year before.” While state-owned firms often overpay, there’s one reason this purchase could be worth the higher price: It will allow Cosco to raise container rates on the line. “The consolidation may help raise container rates on the Americas route - the second-busiest in the world - a critical piece in the survival of the shipping industry that has been battling slumping charges and overcapacity. Earlier this year, Maersk and Hyundai Merchant Marine Co. said that they managed to get higher fees from customers on their annual rate-negotiation talks on the trans-Pacific routes. Moving goods to Europe from Asia is the world’s biggest shipping trade route.   The Cosco-Orient Overseas combination would have the capacity to move a weekly average of 77,208 containers between Asia and North America, based on end-May data from Alphaliner, a shipping data provider. In the Asia-Europe trade lane, the combination will become only the third biggest.   Shares of Orient Overseas surged 20 percent to HK$72 on Monday in Hong Kong, the biggest gain in eight years. Cosco shares jumped 5.4 percent following Friday’s 11 percent advance.” Officials also said Cosco has no plans for further acquisitions and has no timeline on when it expects to get all the regulatory approvals needed to complete the transaction. However, the union – between a state-owned firm and a company controlled by the family of Tung Chee-hwa, the first chief executive of Hong Kong after it was returned to China in 1997, is almost guaranteed approval, as officials acknowledged. The mainland shipping company will finance the purchase with bridge loans from the state-owned Bank of China. Chief Financial Officer Deng Huangjun told reporters in Hong Kong Monday. “There’s a very good chance we will get all the regulatory approvals because we always comply with all rules,” Casco’s Executive Director Xu Zune said at a press conference in the city. To some, the purchase signifies the diminishing influence of Hong Kong’s dominance in shipping amid further inroads by state-owned companies and the rise of other centers on the mainland such as Shenzhen, Guangzhou and Shanghai. “Rather than being one shiny spot, Hong Kong is now more seen as part of the Pearl River delta,” said Yu Zhanfu, a Beijing-based principal at Roland Berger Strategy Consultants. 'For the companies being acquired, there’s more to gain than to lose. They will benefit from having closer access to the broader market in the mainland.' Mainland Chinese companies can also learn from the city-based firms that have thrived in a market-based environment, he said.” While global trade expanded at the slowest pace since 2009 last year, it’s expected to rebound in 2017, growing 3.8% this year and accelerating to 3.9% in 2018 (based on the IMF always overoptimistic China's estimates).   Some of Cosco’s competitors said the new combined company was a threat that could steal business along the Asia North America route, while others backhandedly welcomed the rise in shipping fees that would likely result from the consolidation. “That is the example of a sudden new competitive challenge and we have to react and move quickly against that,” said Jeremy Nixon, chief executive officer of Ocean Network Express Pte., the operating company for the combined container business of Japan’s three biggest shipping lines.   The industry is ‘fragmented’ and consolidation can help transform the business for the benefit of customers, Maersk, the world’s biggest container operator, said Monday in reaction to Cosco’s takeover. A representative for Hyundai Merchant said the company is “closely monitoring to see how this development will impact the industry.” Investors will be watching to see if the deal leads to a sustained pickup in the Baltic Dry – and if that in turn leads to higher consumer prices. Andrew Lee, an analyst at Jefferies in Hong Kong, believes earnings of shipping companies will improve in the second half of the year, “driven by higher trans-Pacific annual contracts.” And a follow up question: if the deal unleashes consolidation amid the dry bulk shippers, and prompts price increases, will customers be able to pass on prices to already challenged consumers, or will the end result be an even bigger cut to what are already razor-thin margins.

16 января 2016, 00:31

Authoritarian rule and the impending crisis in Singapore

"We have learned that any solution to our problems require much more that the piecemeal measures attempted in the past. It demands nothing less than a fundamental change in our approach to the idea of development, a paradigm shift toward the parallel pursuit of democracy and a market economy." So said the late Kim Dae Jung, South Korea's former president. When the country was undergoing its economic throes in the wake of the 1997 Asian financial crisis, Kim knew that South Korea needed radical changes in order to resuscitate the economy. South Korea was emerging from a long period of dictatorships and a command economy dominated by the the political elite and chaebols (conglomerates owned by wealthy families). When Kim was elected president in 1998, he ditched authoritarian rule and took the country on a sharp turn towards democracy. The result? South Korea's economy bounced back with a vengeance. Today, corporations like Samsung, LG, Hyundai, SsangYong, Kumho, etc. compete on the international stage with the world's leading brands. And it's not just gadgets and cars that South Korea is exporting, the country's pop culture have found its way into the hearts of people far and wide. Korean television dramas are popular not just in Asia but places as far away as Brazil, Argentina, and Chile. The musical genre of K-pop has become a mainstay in the teen subculture all over the world with the Korean boy band, BigBang, even becoming the "gods of pop" in Indonesia. In 2012, Korean musician Psy took the globe by storm with this Oppa Gangnam Style dance video. Somewhere in here is a lesson for us in Singapore. When I met Kim before he became president, he had repeated to me that it was unfortunate that much of Asia was still under undemocratic rule which stymied the development of our societies. It is a view I share deeply. Innovation does not take place in the halls of government buildings and it cannot be kindled from ministerial pronouncements. Innovation thrives in a culture that not just tolerates but celebrates openness, diversity and, yes, dissent; it flourishes in an environment where people have free and full access to information. Financial analyst Michael Schuman expressed this point perfectly, writing in Time magazine in 2010: "Fear caused by political control doesn't foster an atmosphere conducive to free thinking. Censorship and limitations on information curtail the knowledge and debate necessary for the generation of new ideas. I'm not the only one who believes this is true. Some Koreans...argue that the country couldn't have become more innovative without democracy." It is no accident that freedom of expression and innovation are so commonly juxtaposed in the entrepreneurial world. But even before the 1997 meltdown, economist and Nobel Laureate Paul Krugman had pointed out that Singapore's top-down, input-driven growth model was unsustainable: "One can immediately conclude that Singapore is unlikely to achieve future growth rates comparable to the past." This is because, Krugman explained, "Singapore's growth can be explained by increases in measure inputs. There is no sign at all of increased efficiency." But instead of liberalising our society and encouraging the hard work of innovation like the Koreans did following the financial crisis in 1997, the PAP took the easy way out by transforming our city into a tax haven and attracting the super rich of the world. Instead of making policy adjustments to retain our local talent and investing in our people, our rulers found it expedient to bring in foreigners by the millions. Of course, these measures generated GDP growth but it was growth that masked deeper structural problems of our economy. For one thing, labour productivity levels remained dismal even as GDP expanded. The problem persists to this day with Prime Minister Lee Hsien Loong lamenting that we have "maxed out" on easy ways of achieving economic growth - a tacit admission that Paul Krugman was right. "Productivity is very tough to do," Lee acknowledges. Indeed it is. Analysts observe that it is harder now to retool Singapore's economy. The PAP has done everything - or almost everything - to kickstart the productivity engine. In 1991, it came up with the National Technology Plan to propel Singapore into the "major league of a world-class innovation-driven economy by 1995." Five years later, it launched the SME21 plan to "promote SMEs is to help them tap into global networks." This was followed by a 2001 report from Economic Review Committee (ERC) which promised to "make Singapore a knowledge economy powered by innovation, creativity and entrepreneurship." Nine years later, another committee, the Economic Strategies Committee (ESC), was formed to "make skills, innovation and productivity the basis for economic growth." Now in 2016, the government has reincarnated the ERC and ESC in the form of the Committee on the Future Economy, or CFE, to (predictably) "recommend strategies to enable companies and industry clusters to develop innovative capacities." In between, there were a myriad of schemes - costing taxpayers more that $20 billion - to boost productivity. They included promoting R&D, enhancing of public-private sector collaboration, upgrading workers' skills and capabilities, increasing foreign-worker levies, subsidising businesses in purchasing IT equipment, and so on. Bodies like the National Productivity Board, SPRING Singapore and, more recently, the National Productivity and Continuing Education Council were established to lead the productivity chase. And yet, for nearly two decades, productivity gains continue to elude us, and we have produced few innovative enterprises that are able to compete internationally. Such a scenario does not paint a bright future of our economy. In fact, Nomura's Global Markets Research predicts that the failed productivity drive will be a drag on economic growth until the end of this decade. We have tried everything except the one that is key: Freeing our society from authoritarian rule. It is clear that the anachronistic paradigm of undemocratic, one-party dominance - where debate, a free media, and a fair election system are non-existent - is the proverbial albatross around Singapore's neck. And because we have taken the easy way out all these years, we are ill-prepared to weather the global economic storm that is about to descend upon us. There is gloom in our housing market, our dollar continues to weaken even as we spent $40 billion of our reserves trying to prop it up, our oil-rig builders Kepple and Sembcorp Marine are under severe strain from cancelled projects; our flagship shipping company Neptune Orient Lines collapsed under unsustainable losses and was sold off; household debt of Singaporeans soared to become one of the highest in the world and, perhaps most frighteningly, China's economy seems on track to becoming the epicenter of the next global economic meltdown - an economy of which we are the biggest foreign investor. Assuredly, we will not be able to avoid the upheaval. The question is, when we emerge from it, will we divest ourselves of the many excuses we have put up to defer from opening up our political system, or will we continue down the dead-end alley of authoritarian rule? -- This feed and its contents are the property of The Huffington Post, and use is subject to our terms. It may be used for personal consumption, but may not be distributed on a website.

07 декабря 2015, 20:43

CMA CGM договорилась о покупке Neptune Orient Lines - economy

Французская компания CMA CGM, занимающая 3 место в мире по объему контейнерных перевозок, договорилась о покупке сингапурского конкурента Neptune Orient Lines, который из-за затяжного спада на мировом рынке доставки в последние годы испытывал серьезные проблемы. Сумма сделки, которая должна позволить французской компании расширить свое присутствие на транстихоокеанских маршрутах, составит 2,43 миллиарда долларов. Соглашению еще предстоит получить одобрение антимонопольных органов США, Евросоюза… ЧИТАТЬ ДАЛЕЕ: http://ru.euronews.com/2015/12/07/cma-cgm-bids-3bn-euros-for-singapore-s-neptune-orient-lines euronews: самый популярный новостной канал в Европе. Подписывайтесь! http://www.youtube.com/subscription_center?add_user=euronewsru euronews доступен на 13 языках: https://www.youtube.com/user/euronewsnetwork/channels На русском: Сайт: http://ru.euronews.com Facebook: https://www.facebook.com/euronews Twitter: http://twitter.com/euronewsru Google+: https://plus.google.com/u/0/b/101036888397116664208/100240575545901894719/posts?pageId=101036888397116664208 VKontakte: http://vk.com/ru.euronews

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07 декабря 2015, 20:37

CMA CGM заключила соглашение о приобретении контрольного пакета акций Neptune Orient Lines

Французская логистическая компания CMA CGM заключила соглашение о приобретении контрольного пакета акций сингапурской фирмы Neptune Orient Lines за S$2,26 млрд ($1,61 млрд). Так, в рамках данной сделки CMA CGM приобрела около 67% акций Neptune Orient Lines по цене S$1,30 за каждую.

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07 декабря 2015, 17:00

CMA CGM договорилась о покупке Neptune Orient Lines

Французская компания CMA CGM, занимающая 3 место в мире по объему контейнерных перевозок, договорилась о покупке сингапурского конкурента Neptune…

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21 ноября 2015, 22:49

CMA CGM in exclusive talks with NOL

French shipping group eyes Singapore rival as Maersk pulls out

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09 ноября 2015, 23:08

Neptune Orient ведет переговоры на предмет продажи одного из своих подразделений

Сингапурская транспортная компания Neptune Orient Lines ведет переговоры с A.P. Moeller-Maersk A/S и CMA CGM на предмет продажи одного из своих подразделений. Стоит отметить, что финансовые и прочие условия возможной сделки пока не разглашаются.

26 мая 2015, 15:43

Why Neptune Orient Lines (NPTOY) Could Be a Potential Winner - Tale of the Tape

Neptune Orient Lines in the Transport - Shipping space looks well positioned for a solid gain, but has been overlooked by investors lately

16 мая 2015, 11:00

Кто такой Ли Куан Ю

23 марта 2015 года на 92-м году жизни скончался Ли Куан Ю – самый выдающийся руководитель государства среди всех руководителей государств в новейшей мировой истории. Начиная с 60-х годов прошлого века - с послесталинских времен, – с ним просто некого сравнивать, поскольку остальные государственные деятели мира в области хозяйственной деятельности выглядят по сравнению с ним […]