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Nantong Rainbow Heavy Machineries acquires Koch Solutions

PostTime:2019-07-12 09:30:13 View:31

China’s heavy equipment manufacturer, Nantong Rainbow Heavy Machineries, is acquiring German firm Koch Solutions and the two companies have signed the strategic agreement. Koch Solutions is a German based company offering services for designing, supplying, installing and operating equipment for materials handling. The acquisition will include Koch’s brand, core team, patented technologies, product sales and after-sale services. Nantong Rainbow said that the company would combine the advantages of Koch and further optimize its business scope and services. At the signing ceremony for the agreement, the company also released new products under its brand GENMA, which is established to provide heavy machineries equipment applied in industrial cranes, metallurgy cranes, port cranes, offshore cranes & bulk material handling equipment’s supply. The newly launched GENMA products cover mobile port cranes and seven types of ship-unloaders, which were fully researched and developed by the company. Nantong Rainbow Heavy Machineries, owned by Jiangsu Rainbow Heavy Industries - listed on the Shenzhen Stock Exchange, is focusing /bulk material handling equipment supply for mining and ports.

Nantong to build new port area for container handling expansion

PostTime:2019-07-11 08:54:39 View:24

The Chinese city of Nantong is to develop a new port area Tongzhou Wan to strengthen its container cargo handling capacity. Zhao Yufeng, Nantong Municipal Deputy Secretary General, told a press briefing that the municipal government had formed a management team for the development of Tongzhou Wan. The provincial authorities of Jiangsu will also assign higher-level officials for coordination of the port project. To develop the Tongzhou Wan port area is three deepwater shipping channels will be dredged, along with three river-sea transportation channels, three road highways and two rail links. The first phase port terminal project will include ten 50,000 tonnes-class berths, four 100,000 tonnes-class berths and two 200,000 tonnes-class berths. The first 50,000 tonnes-class berths will start construction in 2020 and commence operations in 2022. The aim is to develop Tongzhou Wan into a container shipping hub by 2025 and have a handling capacity of 15m teu by 2035.

Cosco Shipping Shipyard sets up a base at Rui Tai Nantong Shipyard

PostTime:2019-05-28 09:13:59 View:35

Cosco Shipping (Nantong) Shipyard, a subsidiary of Cosco Shipping Shipyard, has established a new operation base at Rui Tai Nantong Shipyard for regional resources consolidation and management. Lu Zhimin, official from Nantong Rugao Port area Administration Commission said that the co-operation with Cosco Shipping Shipyard is a good model for state-owned and private assets combination. Yuan Jian, chairman of Rui Tai Shipyard said that the company had jointly repaired 52 vessels with Cosco Shipping Nantong Shipyard since the two parties inked strategic agreement in September 2018. The co-operation between the large-sized state owned company and small-sized private company is designed to avoid vicious competition. Rui Tai Shipyard, located at Rugao port of Nantong, is specialized in ship’s drydocking repair, afloat repair, ship modification projects and structural steelwork.

CSP to develop Nantong terminal into transhipment hub for lower Yangtze

PostTime:2018-07-04 08:41:45 View:132

COSCO Shipping Ports (CSP) has officially started operations at its Nantong Tonghai Terminal on the Yangtze River. With Nantong Port’s good location, CSP plans to develop Nantong Tonghai Terminal into a transhipment hub for the lower Yangtze River as part of the Yangtze River Economic Belt and optimize its terminals network in the region. The terminal has three container berths and one bulk berth, with annual handling capacity of 1.47m teu and 5.37m tons respectively. Apart from the Yangtze River feeder services Nantong Tonghai Terminal also has a Japan service calling and various local direct routes. All domestic and foreign trade companies will be migrated from the old Langshan Port to Nantong Port in phases from July with full migration expected to be completed by the end of August 2018. Nantong Tonghai Terminal expected to see throughput of 250,000 teu for 2018.   In 2017 CSP acquired 51% equity interest in Nantong Tonghai Terminal for RMB105m ($15.7m). Along with the terminal operating deal, CSP also secured land rights to develop a container freight station and logistics park just outside the terminal area. In what it bills a “new model of integrated development and operation of terminal parks”, CSP sees the development of the Nantong Tonghai logistics project as a way to enhance the competiveness of the terminal and increase its profitability. CSP has been diversifying its core terminals business to move into supply chain services in an effort to boost profitability. Fellow Chinese ports group China Merchants Port also actively uses this strategy in its global port developments. CSP md and vice chairman Zhang Wei said: “The commencement of operation of Nantong Tonghai Terminal will further optimize the Company’s terminals network in the Yangtze River Delta.  We plan to develop the two subsidiaries - Wuhan Terminal and Nantong Tonghai Terminal into major transshipment hubs in the middle and lower reaches of the Yangtze River.”

Nantong Dongxin shipyard holds creditors’ meeting to liquidate assets

PostTime:2015-10-20 08:53:07 View:291

China’s Nantong Dongxin Shipbuilding Heavy has held its first creditors’ meeting on 16 October to liquidate its assets, according to an announcement by the local Nantong court. Due to a lack of cash flow, the shipbuilder Dongxin had stopped production since end-2013, and applied for a liquidation of its assets from December 2014. Established in 2008, Dongxin used to be one of the biggest shipyards in Nantong’s northwest Gangzha district. The medium-sized shipyard is owned by Nantong Dongxin Heavy Industry Development Co. Dongxin built mainly dry bulk carriers of up to 82,000 dwt, and its clients are mostly Chinese shipowners. The privately-owned shipyard is just one of thousands of Chinese yards that have gone down due to the prolonged slump in the shipbuilding sector.

Bankrupt Nantong Mingde seeks new investors

PostTime:2015-07-14 08:08:28 View:345

Bankrupt Nantong Mingde Heavy Industry has announced that it is seeking new investors after its former potential investor Sainty Marine failed to make the mark to help with its restructuring. Chinese shipbuilder Mingde said last Friday that it has requested to a local court to extend the submission of the restructuring plan’s time limit, which lapsed on 25 June. Mingde’s long time business partner Sainty Marine had originally wanted to help Mingde via a debt-for-equity rescue deal, but Sainty Marine itself has been troubled by a host of financial problems, leading to a mutual agreement to terminate the rescue plan. Among the several prerequisites, the new investors for Mingde would need to put down a guarantee of RMB100m ($16m). The receiver of Mingde has set a timeline of up until 30 July 2015 to receive interests from investors. As at 31 December 2014, Mingde made a loss of RMB470.45m. The company saw Sainty Marine applied to help with its restructuring back in December last year. Sainty Marine is Mingde’s biggest creditor and the two shipyards had been collaborating over newbuilding contracts so as to utilise yard capacity and lower production costs.

Sainty Marine aborts plan to help restructure Nantong Mingde

PostTime:2015-07-10 08:34:02 View:541

The botched deal came as Mingde has repeatedly failed to submit its restructuring plan, and Sainty Marine itself did not have the ability to help Mingde. Shenzhen-listed Sainty Marine, which is troubled by debts and lawsuits, confirmed on Thursday that it has decided to pull out from the planned debt-for-equity rescue deal for Mingde. “The management of Mingde believed that in view of Sainty Marine’s cashflow problems, it is unable to channel any more resources to support the restructuring process,” Sainty Marine said in a statement to the stock exchange. “In view of Mingde’s rather large-scale of operations and after a discussion with Mingde’s management, Sainty Marine has decided to stop its involvement in the restructuring of Mingde,” the statement said. Back in December 2014, the local Chinese court had accepted Sainty Marine’s application to help restructure Mingde, and the latter would need to submit a restructuring plan within six months. Sainty Marine has earlier warned that the debt-for-equity deal is expected to fall through as it faces a host of troubles – assets and accounts frozen by banks, contract cancellations, delays to newbuilding deliveries, lawsuits, and departure of senior officials. Sainty Marine is Mingde’s biggest creditor and the two shipyards have been collaborating over newbuilding contracts so as to utilise yard capacity and lower costs.

Jiangsu’s Nantong shipyards increase production value in 2014

PostTime:2015-01-20 08:53:37 View:391

Nantong shipbuilders in China’s Jiangsu province have increased their newbuilding production value in 2014, according to figures from local authorities. Last year, Nantong shipbuilding enterprises generated a combined RMB165bn ($26.6m) in newbuilding production, a jump of 14% compared to the previous corresponding period. As at the end of 2014, Nantong was home to more than 400 shipyards, equipment suppliers and offshore marine companies. Five leading enterprises saw their 2014 revenue in excess of RMB5bn, while the second-tier 12 enterprises recorded a combined revenue in excess of RMB1bn, government figures showed. Nantong shipbuilders accounted for around 15% of China’s shipbuilding market share, while the offshore marine sector took up one-third of the country’s share. Jiangsu is China’s largest shipbuilding province, with the shipbuilders typically completing around 23-25m dwt of newbuilding capacity annually. Some of China’s leading state-owned corporations such as China Cosco, China Merchants Heavy Industry and Zhenhua Heavy Industries have operations in Jiangsu’s Nantong city. But amid the ongoing slump in the shipbuilding sector, the provincial government has set a target to reduce 10m dwt of yard capacity over the 2013-2017 five-year period. The prestigious China ‘white list’ of shipyards saw 14 Jiangsu shipbuilders on the list. But among them, debt-ridden Nantong Mingde Heavy Industry will be acquired by compatriot Sainty Marine via a debt-to-equity rescue deal. Elsewhere in China’s south central Guangxi province, shipbuilders have also recorded higher value in production last year. Government figures showed Guangxi shipyards recorded new tonnage production value of approximately RMB320m, representing around 32% increase year-on-year. Guangxi shipbuilders have a combined yard production capacity of 350,000 dwt each year, churning out on average 100 containerships and bulk carriers. The higher production from Guangxi shipyards was attributed to the booming Zhujiang-Xijiang economic belt, which covers the areas of South China’s Guangdong province and Guangxi Zhuang Autonomous Region. Meanwhile, China’s ministry of industry and information technology announced that Chinese shipbuilders have recorded a drop in new orders received for 2014. Chinese shipyards last year brought in 59.95m dwt of new contracts in tonnage terms, down 14.2% compared to the previous year figure of 69.84m dwt. Up until 31 December 2014, Chinese yards sat on an order backlog of 148.9m dwt, a decline of 13.7% year-on-year.

Port Equipment Manufacturers Association signs China's ZPMC and Nantong

PostTime:2015-01-19 08:57:29 View:473

LONDON's Port Equipment Manufacturers Association (PEMA) has added four new member companies: ZPMC, Nantong Rainbow Heavy Machineries, Spohn + Burkhardt and INTERCON Technical Information Systems. Shanghai's ZPMC is the world's largest supplier of container cranes and other heavy-duty equipment. The Chinese state holding company has eight production bases across the country, and owns a fleet of 26 heavylift ships to deliver its products around the world.  Nantong Rainbow Heavy Machineries (RHM) also supplies heavy-duty cranes and other machines on a global basis to the ports, mining, shipbuilding, manufacturing and offshore industries, among others, Mynewsdesk online reports.  In the ports sector, RHM supplies both container and bulk handling equipment. RHM is based in Nantong, China, where it operates manufacturing and research facilities. German company Spohn + Burkhardt produces a broad spectrum of control systems and stations for transport, construction and handling equipment, including container cranes and ships.  Based in Abu Dhabi, UAE, INTERCON Technical Information Systems (TIS) provides drive and motion control systems for cranes, including low and high voltage electrical designs and diesel generator sets as well as automation and process control solutions, consultancy and project management services. The company serves the Middle East and Africa. "We are delighted to welcome two major Chinese crane manufacturers and two experts in equipment control technology as our latest members," said Ottonel Popesco, President of PEMA.  "With nearly 80-member companies today, PEMA is the trusted industry body representing all facets of port equipment and technology on a global scale."  

Sainty Marine to apply debt-to-equity rescue deal for bankrupt Nantong Mingde

PostTime:2014-12-30 08:20:12 View:506

Debt-ridden Nantong Mingde Heavy Industry will enter into a restructuring process as ordered by a local court and the shipbuilder is expected to be acquired by compatriot shipbuilder Sainty Marine. Nantong Intermediate People's Court on 26 December ordered Mingde to file for bankruptcy and its biggest debtor Sainty Marine will take control of Mingde via a debt-to-equity rescue deal. Due to the prolonged recession of the global shipbuilding industry, particularly in China, Mingde has been making losses and failed to secure fresh loans from the banks, local reports said. Mingde, lacking cashflow, had been collaborating with Sainty Marine to jointly win newbuilding orders, eventually leaving the former in the debt of the latter over the years. Mingde is one of China's 59 'white list' shipyards, which are expected to enjoy financial support from the local banks and gain recognition as reputable shipbuilders. Sainty Marine also made it to the 'white list'. Sainty Marine recently announced to the stock exchange that it has cancelled four newbuildings with Corbita Maritime Investment as the shipowner could not make payments. The botched deal is expected to result in a potential loss of RMB37m ($5.9m) in 2014 for the Shenzhen-listed yard. At present, Mingde continues its daily operations as the yard holds an order for 14 stainless steel chemical tankers due for deliveries between 2016 to 2017.

Nantong Rainbow bags order to build five salt carriers

PostTime:2014-12-02 08:11:23 View:471

China’s Nantong Rainbow Offshore & Engineering has won a deal to build five shallow-draft salt carriers for Mexico’s Exportadora de Sal SA (Essa). The five 15,500 dwt self-unloading salt carriers will be delivered in phases starting from the first half of 2016. Designed by Shanghai Tian Yi Ship Engineering Company, the newbuildings will replace part of Essa’s existing tug and barge fleet for the purpose of transporting salt from its Guerrero Negro production facility to Cedros Island export terminal off the Mexican state of Baja California. The new salt carriers are expected to save Essa up to 30% of operating costs compared to using its older fleet. The newbuildings were contracted by Corretaje Maritimo Sud American through a public tender earlier this year.

China’s Nantong earmarks $6.5m to subsidise shipbuilders

PostTime:2014-07-31 09:42:15 View:433

China’s Nantong city government has announced subsidies worth RMB40m ($6.5m) for the local shipbuilding sector. Nantong, located in one of China’s main shipbuilding provinces Jiangsu, has earmarked the RMB40m to support local shipyards in securing newbuilding orders and in purchasing equipment domestically. Shipbuilders will receive a RMB10,000 subsidy for every 10,000 dwt in capacity of confirmed newbuilding order, local media reported. In addition, shipyards buying marine equipment from the domestic market will receive a 2% rebate each year from the annual purchase amount, with a maximum subsidy of RMB2m a year. In 2013, Nantong government had provided subsidies worth a total of RMB10.27m to 12 shipyards for 21 projects, of which 14 are offshore jobs and seven are shipbuilding contracts.