Analysis of the Shipbuilding Industry Economic Operation in
From：The SiteDate：2017/5/19 Browse：0
In 2017, the Action Plan for Accelerating the Transformation and Upgrading of Shipbuilding Industry for Deepening Structural Adjustment (2016 ~ 2020) and the Action Plan for Sustainable and Healthy Development of Marine Engineering Equipment Manufacturing (2017 ~ 2020) were officially released. The "Action Plan" specifies the general requirements, priorities and safeguards for the shipbuilding industry to deepen its structural adjustment, speed up its transformation and upgrading during the "13th Five-Year Plan" and guides the healthy and steady development of shipping enterprises. In 2017, after a long period of adjustment in the international shipping market Year of recovery. With the arduous efforts of the whole industry, China's shipbuilding industry has closely followed industrial policies and seized the favorable opportunity of the market recovery. With the hard work of the entire industry, the three major shipbuilding indicators have continued to lead. The product structure has been continuously optimized, the industrial structure has been more rationalized, the combination of industry and finance has been deepened, With industry quality upgrades, the international status of the continuous improvement of good performance. However, due to the deep adjustment of the international shipping market, deep-seated problems such as "financing difficulty", "difficult delivery" and "difficult profitability" still exist. The situation of the shipping industry is still grim.
First, the basic situation of economic operation
(A) The three major shipbuilding indicators of the country by two plus one drop
In 2017, the national shipbuilding completed 42.68 million deadweight tons, an increase of 20.9% over the same period of last year; 33.73 million deadweight tons were accepted for new ships, up 60.1% over the same period of last year; and 87.23 million deadweight tons of hand-carried ships were delivered at the end of December, down 12.4%.
(II) The export of vessels maintained growth
In 2017, the country completed 39.44 million deadweight tons of export ships, up 17.9% from the same period of last year. The number of orders for export ships was 28.13 million DWT, up 72.9% over the same period of last year. By the end of December, 78.68 million DWTs of hand-held export ships were down by 14.7%. Export vessels accounted for 92.4%, 83.4% and 90.2% of the completed shipbuilding orders, new orders and hand-held orders, respectively.
From January to November 2017, China's ship exports amounted to 21.07 billion U.S. dollars, an increase of 4.4% over the same period of last year. Among the export ship products, bulk carriers, oil tankers and container ships still dominated, with a total amount of USD12.88 billion, accounting for 61.7% of total exports. Ship products exported to 181 countries and regions, still dominated by Asia. China's exports to Asia amounted to 11.07 billion U.S. dollars, accounting for 52.5% of the total. Ship exports to Europe amounted to 4.12 billion U.S. dollars, accounting for 19.6% of the total. Ship exports to Oceania amounted to 2.79 billion U.S. dollars, accounting for 13.2% of the total.
(III) The economic benefits of the shipping industry declined
From January to November 2017, there were 1,407 shipbuilding industrial enterprises above designated size in the country, with a revenue of 590.40 billion yuan from main operations, down 8.2% from the same period of previous year. Among them, the shipbuilding industry 279.9 billion yuan, down 5.9%; ship supporting industry 84.53 billion yuan, down 6.1%; ship repair industry 20.69 billion yuan, down 26.2%; offshore engineering equipment 416.9 billion yuan, down 12%.
The shipbuilding enterprises above designated size realized a total profit of 14.18 billion yuan, down 15.9% from the same period of last year. Among them, the shipbuilding industry 7.5 billion yuan, down 35.4%; ship supporting 4.53 billion yuan, down 10.3%; ship repair 690 million yuan, an increase of 38%; marine engineering equipment manufacturing 770 million yuan to achieve losses For profit.
Second, the main features of economic operation
(A) The international market share ranked first, industry concentration continued to improve
In 2017, the international shipping market bottomed out and the new shipping market remained active. China's shipping companies to seize the favorable opportunity for market recovery, and actively explore the market. Annual shipbuilding completion volume, orders for new ships and hand-held orders in the global market share of 41.9%, 45.5% and 44.6% respectively, the international market share of the three major shipbuilding indicators ranked first in the world. Shipbuilding industry to further enhance the concentration of industries, the country's top 10 companies shipbuilding accounted for 58.3% of the country's total, up 1.4 percentage points from 2016. The new orders received a clear trend toward the dominant enterprises. The top 10 new orders accounted for 73.4% of the national total. China's key shipping companies had obvious advantages and their core competitiveness continued to rise. Five enterprises entered the top 10 globally, with 4 companies to enter the world top 10 new orders.
(II) Continuous optimization of product structure and orderly development of brand building
In 2017, China's key shipyards continued to increase input in scientific and technological innovation, the product structure was upgraded, and a batch of high-tech and high value-added ships were successfully developed. The world's first 38,800 tons of intelligent ships, the world's most advanced 6,000 tons of riprap ships, 84,000 cubic meters of super-large gas carriers, saturated diving support vessels and a number of high-end shipbuilding and marine engineering equipment delivered successfully. The Group undertook the largest 22,000 TEU dual-fuel container ship, 174,000 cubic meters of liquefied natural gas (LNG) ship, 174,000 cubic meters of floating liquefied natural gas storage and regasification plant (LNG-FSRU) Production of oil storage vessels (FPSO) and other high-tech ships and marine orders, the new orders received repair ratio of 0.34. China Shipyard closely follow the market demand, continue to promote the construction of superior brand products. Nantong COSCO Shipping Kawasaki Ship Engineering Co., Ltd. to promote large container ships and clean energy vessels and other ship-type product upgrades, with good performance, quality and technology to form a brand ship. Seven projects of the shipbuilding industry in 2017 won the National Science and Technology Award, the product of Capesize Bulk Carrier of Shanghai Waigaoqiao Shipbuilding Co., Ltd., the dual fuel liquefied ethylene gas carrier of Jiangnan Shipbuilding (Group) Co., Ltd., Guangzhou Shipyard International Co., Ltd. Products Medium-Range Shipping (MR Type) Products Tanker, China Shipbuilding Huangpu Wenchong Shipbuilding Co., Ltd. Product Engineering (Work) Ship 4 selected for the second manufacturing single champion product.
(C) intensive market segments, take the initiative to lead the market demand
In 2017, in response to the current lack of demand for the three major mainstream new-type shipbuilding markets in recent years, China's key shipping enterprises are actively promoting the special vessels, the Jianghai intermodal vessels, the small and medium-sized vessels, and the offshore fishing vessels in the market of subdivision products Open up, impressive performance. The Company successfully delivered the world's first three-flap C-type tank liquid ethane gas carrier, the world's first 25,000-ton LNG high-pressure dual fuel general cargo ship, Asia's largest self-propelled cutter suction dredger Tian Kun, The first pure electric dump truck to launch the water; China's marine equipment manufacturing enterprises take the initiative to cultivate new economic growth points, and actively explore the development of non-oil and gas markets such as marine mineral resources, marine living resources and marine space resources. One of the world's first semi-submersible large-scale intelligent fishing grounds, "Marine Fisheries No.1", self-elevating multi-purpose marine ranch platform and "Deep Sea Warrior" manned submersibles were delivered in succession. The ultra-deep-water twin tower semi-submersible drilling platform "Blue Whale 1 "helped China's first trial of natural gas hydrate (combustible ice) in the sea successfully; the world's first deep-sea mining vessel project is steadily advancing. Actively expand new areas such as offshore wind power, offshore gas power generation vessels, floating power generation + seawater desalination platform, marine garbage power generation vessels, integrated marine entertainment platforms and offshore hotels.
(D) promote the lean management, Duocuobingju reduce costs
In 2017, the shipping and shipbuilding markets in the world continued to be in a downturn. Shipbuilding enterprises faced such difficult problems as "difficulty in receiving orders, difficulties in delivery of vessels" and "difficulties in making profit". In response to the changes in market and customer needs, Full transformation, through lean management, cost control, intelligent manufacturing, risk prevention and other measures to reduce costs. China Shipbuilding Industry Corporation deepened the key projects of "transfer mode - lean shipbuilding" and promoted the construction efficiency of group enterprises. The first vessel of the 72,000 t finished product tanker of Dalian Shipbuilding Industry Heavy Industries Group Co., Ltd. was 17 days ahead of schedule of the schedule of launching water and super large crude oil The construction cycle of VLCC was continuously shortened. Huangpu Wenchong continued to reduce costs and increase efficiency. Through rigorous implementation of budget management, special cost management and proactive measures such as procurement management were implemented to reduce the costs by over 300 million Yuan, Jinhai Zhizao Co., Ltd. through photovoltaic roof project to save electricity costs 10% per year, Zhoushan IMC Yongyue Construction Co., Ltd. to introduce repairing robots to improve the average operating efficiency 3 times; Nantong COSCO Shipping Kawasaki achieved through intelligent manufacturing production mode In the transition, its shipbuilding intelligent workshop adopted an automated production line to increase its production efficiency by 3 times. China Merchants Group and CSIC Heavy Industries Co., Ltd. saved financing costs by issuing corporate bonds.
(E) market-oriented means to leverage, financial and financial integration more in-depth
In 2017, as European banks continue to wait and see, some banks have tightened ship financing in succession. China Eximbank and China Development Bank continue to support China's shipbuilding industry in its transformation to high-quality manufacturing through policy-based financial means. China's shipbuilding finance leasing business has developed rapidly and has gradually become the main buyer of the newbuilding market in the world. According to incomplete statistics, the Chinese financial leasing companies such as ICBC Financial Leasing Co., Ltd., Minsheng Financial Leasing Co., Ltd., BOC Financial Leasing Co., Ltd. and BOCOM Financial Leasing Co., Ltd. have made a total of 300 Tens of thousands of tons of ships, with financial innovation model to support the healthy development of China's shipbuilding enterprises. China's key shipping enterprises continue to innovate financing models and solve financing problems through market-based instruments such as bond issuance and debt-to-equity swap. Through the implementation of market-based debt-to-equity swap, CSIC effectively optimized the capital structure, effectively reduced the leverage ratio and reduced the asset-liability ratio by 11%.
(Vi) independent innovation of key technologies, shipbuilding industry quality upgrades
In 2017, the international maritime regulations are stricter for the shipbuilding industry, especially the emission requirements. In order to meet the new requirements of shipping industry and shipbuilding industry for green and environmentally friendly products, China's shipbuilding enterprises stepped up their R & D of key core technologies and strengthened product development and market expansion. The world's first micro-ignition dual-fuel engine, the first domestic low-speed marine diesel engine with self-developed high pressure selective catalytic reduction (SCR) system and the world's largest marine propeller; autonomous research and development of electric driven marine winch with active heave compensation , CS21 medium speed diesel engine, full speed fin stabilizer, R6 mooring chain, GCS1000 gearbox and other product technologies to fill the gap, breaking the monopoly of foreign countries; Qingdao Double Swiss BalClor series of ballast water management system to become Asia's first access to the US Coast Guard Team (USCG) type approval certificate of the product.
Third, the main problems of economic operation
(A) "Financing Difficulties" problem has not been effectively alleviated
In 2017, financial institutions further increased their concern about the risk of construction of ships and marine engineering equipment. Some banks have already tightened credit or extended credit approval, which has increased the difficulty of financing their enterprises. Despite the market rebound, the market for marine and offshore engineering equipment is still at a low ebb, and the cash flow of enterprises has shrunk dramatically. Large-scale backbone enterprises in the industry are facing financial problems. Shipbuilding industry, "financing difficulties" problem has not been effectively alleviated.
(B) a continuous decline in hand-held orders, to capacity-building work long way to go
In recent years, all major shipbuilders have been working hard to resolve excess capacity. However, compared with the sharp contraction in the demand for new ships, it is difficult for new orders received by shipping companies to meet their normal production needs. China's hand-held ship orders have dropped for 4 consecutive years, most of the shipbuilding enterprises can only maintain about 1 year of work capacity, to ensure continuous production capacity to face harsh challenges. From the demand side, the international newbuilding market averages 80 million tons each year, and China can undertake more than 40% of market orders. In the face of the new normal of new-boat demand, only by advancing the supply-side structural reforms, giving full play to the decisive role of the market in allocating resources and making efforts to capacity-building work can the shipping industry really come out of the doldrums to achieve recovery.
(C) rapid rise in comprehensive costs, profit margins have shrunk dramatically
In 2017, due to the drop of orders for hand-held vessels and the increase of the opening gap of the construction vessels, the competition in the new-boat market was extremely fierce and the contradiction between the price and the cost of the new-type vessel was highlighted. On the one hand, the market demand for low-cost ship less, less start-up shipping companies, delivery difficulties, both ends of the pressure. On the other hand, since the end of 2016, the prices of raw materials dominated by shipbuilding continued to rise, with an average increase of more than 40%. The exchange rate of Renminbi against the U.S. dollar increased continuously, the financial expenses of enterprises increased, and the labor shortage led to a rigid increase in labor costs. Increased single deferred delivery, management costs continued to grow. The rapid rise of the comprehensive cost of shipping enterprises has greatly squeezed the profits of shipping companies. The profitability of the industry has dropped sharply and the sustainable development has been hit hard.
(D) the external environment continued to deteriorate, increasing the risk in hand projects
In 2017, the application of bankruptcy or debt restructuring by internationally renowned marine operators Hafila Shipping, Tide Water Company and Faustad Shipping Co., Ltd. made a huge impact on the construction of offshore equipment market, and the deferred delivery of ship-based offshore platform projects and abandonment of ships As the phenomenon intensified, the market environment continued to deteriorate. According to statistics, all types of offshore platforms owned by Chinese shipping companies are involved in contract termination and abandonment projects. These projects were repeatedly demanded by shipowners for deferred delivery and were eventually abandoned. This has greatly affected the production and operation of the shipyard. The customization of marine engineering equipment products makes it extremely difficult to resale. With the rapid development of offshore industry and technology, shipping companies' risk of abandonment of marine engineering projects continues to accumulate. The delivery situation is especially serious.
In 2018, the global economic development will tend to be steady, and the shipping market is expected to be stable and favorable. Slight growth in international shipping demand, the continuous elimination of old vessels, excess capacity will be further digested and absorbed, the new boat market is expected to remain active. It is estimated that the volume of new ships in the world will reach 70 million to 75 million dwt in 2018 and the volume of marine engineering equipment will be about 13 billion U.S. dollars. The price of new ships may rise slightly. The volume of large vessels will drop in 2018, some small and medium-sized vessels will be actively dealt with, and some special vessels such as luxury cruise ships, car carriers and ro-ro passenger vessels still deserve attention. The global oil and gas development will continue to pick up. The hot spots in the market will continue to focus on the areas of floating production platforms, offshore operation and maintenance facilities and LNG-related equipment.
It is expected that in 2018, the major economic indicators of China's shipbuilding industry will continue to be at a low level, and the completion amount of shipbuilding industry may decline. The new orders will increase compared with that of 2017, with 80 million dwt of hand-held orders by the end of the year.
(A) unswervingly promote the high-quality development of shipbuilding industry
In 2018, it is a key year for the shipbuilding industry to carry out the "13th Five-Year Plan". The whole industry should closely follow the strategic objectives of "Made in China 2025" and building a maritime power and implement the "Action Plan for Accelerating the Transformation and Upgrading of Shipbuilding Industry to Deepen Structural Adjustment (2016 ~ 2020)" and the "Sustainable and Healthy Development of Marine Engineering Equipment Manufacturing Industry Plan (2017-2020) "and other policies put forward by the key tasks, with innovation and industrial upgrading as the core, manufacturing technology and information technology as an important grasp of the depth of integration, and vigorously promote the supply-side structural reforms to enhance the international competitiveness of industries Force and hold