Chinese aviation enterprises turn rely?
Recently, COSCO Shipping Notice first three quarters, the first three quarters this year, revenues of COSCO Shipping 5.656 billion yuan, an increase of 24.55%. Which ,7-September, the company swung to a net profit of 35.2339 million yuan, an increase of 235.3%. Some analysts expect the overall performance of aviation enterprises will be improved over the first half, but the first three quarters of the year as well as industry-based loss-making situation is still difficult to reverse. The latest statistics show that 14 listed shipping companies at a loss with 10, * ST ocean still ranked first loss.
It seems that shipping companies stand was "liberated", remains to be seen. Well, the Chinese aviation enterprises turn rely?
Sell "family silver" immediate reduction in losses
Since the second half of last year, the global economy has not yet recovered from the downturn of the sharp drop in trade, so the shipping market low levels, Chinese shipping enterprises have not been spared, the majority of enterprises at a loss. The face of difficulties, many aviation enterprises cut the Gordian knot, swift sell some "family silver" - equity, ships and even real estate, etc., in order to achieve the purpose of reducing losses or reduced losses. This proved a policy response really play an immediate effect.
The first half of this year, China COSCO has COSCO Logistics, COSCO Container Industries has sold shareholdings, which totaled 4.8 billion investment income, benefit from this, China COSCO half performance substantially cut its losses, net losses were only 990 million yuan, compared with the same period last year sharply reduced losses and 3.881 billion yuan.
August 30, China COSCO asset sale program and then throw the wholly owned subsidiary of Qingdao Ocean Asset Management Co., Ltd. 81% stake and Shanghai Tianhong Asset Management Co., Ltd. 81% stake in the price of 3.732 billion yuan, respectively, sold to Hong Kong Group, a wholly owned subsidiary. The transaction is China COSCO contributed profit of about 3.67 billion yuan.
The same ship also choose to sell the Sea Sheng, through the sale of its "Jinhai Shun", "Golden Ocean" and "Gimhae Tong" two ships get 17,860,000 yuan. In addition, the company has substantial holdings of investment securities sold 3,500 shares of stock, cash nearly 400 million yuan.
CSCL October 11 evening announcement, the controlling shareholder of the Hong Kong subsidiary of China Shipping Group, a wholly owned subsidiary of Wharf Transfer Shipping Terminal Development Co., Ltd. 100% equity transfer price for the Hong Kong port to the company issuing the shares. The transaction is expected to bring about the company's pre-tax profit of 870 million yuan. This is the second last month after the transfer of terminal assets for losses out another step chess.
For aviation enterprises have to sell assets, the industry believes that this is only an expedient measure, not a permanent solution. If the shipping market downturn a few years, then a thick foundation of aviation enterprises probably can not withstand Zhefan toss.
Of course, some people think, is quite upset aviation enterprises to sell assets, government will not stand idly by, it will lend a helping hand, the most effective means is to support policies.
Control capacity, the old ship as the preferred
Slowdown in economic growth, serious excess capacity, increased operating costs ...... This year, 15 domestic listed companies except for a few shipping realized profit, much more than 50% of its liabilities. Shipping market is facing severe difficulties and challenges.
Expectations on policy support in the shipping business, the Ministry of Transport and timely shots, issued "on the promotion of the healthy development of the shipping industry transformation and upgrading of a number of opinions" (hereinafter "Opinion"), from the capacity control, transformation and upgrading, market supervision, reduce the corporate burden, improve service levels to develop twenty five views, and actively respond to the current grim situation facing the shipping industry, and promote stable and healthy development of the domestic shipping market. Among them, the adjustment capacity of the policy on the first one. No significant capacity to deliver in the case of compression, as the adjustment capacity of a large generic means the elimination of old vessels naturally become first choice.
"Excess capacity to resolve conflicts, from the 'cut stock, control increments' to start." Department of Transportation official said, stocks in reducing capacity, the key is to eliminate some of the high energy consumption, low level of safety of the old ship. "Shipbuilding industry to accelerate the implementation of structural adjustment programs to promote the transformation and upgrading (2013-2015)" on the shipping industry and incentives for early retirement of old ships update and optimize the fleet structure, improve the competitiveness of shipping and other requirements. Shipping industry should seize the opportunity to actively implement programs related policies to promote healthy development.
In optimize the transport structure, "Opinions", elimination of old transport vessels, reduce capacity stock, adjusting the continuation of old single-hull tankers transport vessels and early retirement policy update to December 31, 2015. Actively promote the standardization of inland ship, to strictly enforce the age of the ship as a standard vessel mandatory retirement system.
"This is an operational, direct positive." Shipping expert Charles Ng said. He said that despite the recovery in the shipping industry, but within the next two years, will be because of the "long tail" effect downturn. Therefore, the continuation of this policy, allowing sufficient time for companies, greater leeway out of old vessels.
Insiders said that the shipping industry, "winter" that is, to take all measures to cost reduction, sale of assets, adjust capacity, routes are the most effective way. Shipping industry into the winter, excess capacity and insufficient demand, freight rates depressed state of the market is difficult to change, aviation enterprises fell into decline in performance or even losses predicament. In this, matching capacity, reducing expensive leased a ship aviation enterprises reduced losses "winter" the inevitable choice.
On its own, in order to seek a breakthrough transformation strain
Of course, shipping companies, losses not only rely on selling assets, reducing capacity and policy support, but also need to rely on their own to seek new development transformation strain.
Change "go it alone" to "vertical and horizontal." China Shipowners Association believes that China's shipping enterprises to get rid of the current problems, one of the most important initiative is among shipping companies, port and shipping enterprises, shipping and cargo between enterprises, to strengthen cooperation and communication from each other, share information to achieve inter-enterprise restructuring and reorganization of resources, build Cooperative Union (co) AU mechanism, walking combination, the strength of the United Way.
Routes operate from a single shift to build the industrial chain, which is the general manager of China Shipping Xu Lirong proposed countermeasures, namely from the "ship to ship" competition to "chain and chain" competition changes. He believes that the shipping market is a highly volatile, highly volatile and highly cyclical markets, to avoid operational risks, stabilize market volatility, shipping companies need to diversification, the development of complementary industries, and become a consolidator in the industry chain . The key to success is to see whether through business model innovation, the company has the resources to play the greatest effect; while to break through the border, adjusting the industrial structure, the integration of industrial chain, forming the best combination of different services, it is the optimal allocation of resources an effective way. Just between industries find the exact combination of points, break through the border, you can create a new world. Maersk shipping market volatility can achieve stable profitability, mainly due to constantly optimize the industrial structure and constantly improve the industrial chain. CVRD will give China the reason why large bulk shipping companies have a great impact, in fact, they are not really take advantage of the low cost of the ship, but the ship behind the whole industry chain advantages.
Xu Lirong also suggested that shipping companies from the traditional business model to the Combination paradigm shift. Currently, the vitality of enterprises are no longer competitive, but the convergence of forces. Who cross-border integration ability, who break through adversity to resist risks and greater capacity for sustained development. Large shipping conglomerate implement the Combination, not only to meet our financing needs, the funds internalize external circulation, reduce transaction costs, but also for improving the overall synergies, improve capital efficiency and management of great benefit. When the company developed to a certain scale, is bound to face how to solve the decreasing returns to scale, increasing the risk of problems, which need to combine shipping business and finance, the shipping business finance as an integral part of the system. Only in this way, shipping companies can in the changing market in an invincible position.
It seems that shipping companies stand was "liberated", remains to be seen. Well, the Chinese aviation enterprises turn rely?
Sell "family silver" immediate reduction in losses
Since the second half of last year, the global economy has not yet recovered from the downturn of the sharp drop in trade, so the shipping market low levels, Chinese shipping enterprises have not been spared, the majority of enterprises at a loss. The face of difficulties, many aviation enterprises cut the Gordian knot, swift sell some "family silver" - equity, ships and even real estate, etc., in order to achieve the purpose of reducing losses or reduced losses. This proved a policy response really play an immediate effect.
The first half of this year, China COSCO has COSCO Logistics, COSCO Container Industries has sold shareholdings, which totaled 4.8 billion investment income, benefit from this, China COSCO half performance substantially cut its losses, net losses were only 990 million yuan, compared with the same period last year sharply reduced losses and 3.881 billion yuan.
August 30, China COSCO asset sale program and then throw the wholly owned subsidiary of Qingdao Ocean Asset Management Co., Ltd. 81% stake and Shanghai Tianhong Asset Management Co., Ltd. 81% stake in the price of 3.732 billion yuan, respectively, sold to Hong Kong Group, a wholly owned subsidiary. The transaction is China COSCO contributed profit of about 3.67 billion yuan.
The same ship also choose to sell the Sea Sheng, through the sale of its "Jinhai Shun", "Golden Ocean" and "Gimhae Tong" two ships get 17,860,000 yuan. In addition, the company has substantial holdings of investment securities sold 3,500 shares of stock, cash nearly 400 million yuan.
CSCL October 11 evening announcement, the controlling shareholder of the Hong Kong subsidiary of China Shipping Group, a wholly owned subsidiary of Wharf Transfer Shipping Terminal Development Co., Ltd. 100% equity transfer price for the Hong Kong port to the company issuing the shares. The transaction is expected to bring about the company's pre-tax profit of 870 million yuan. This is the second last month after the transfer of terminal assets for losses out another step chess.
For aviation enterprises have to sell assets, the industry believes that this is only an expedient measure, not a permanent solution. If the shipping market downturn a few years, then a thick foundation of aviation enterprises probably can not withstand Zhefan toss.
Of course, some people think, is quite upset aviation enterprises to sell assets, government will not stand idly by, it will lend a helping hand, the most effective means is to support policies.
Control capacity, the old ship as the preferred
Slowdown in economic growth, serious excess capacity, increased operating costs ...... This year, 15 domestic listed companies except for a few shipping realized profit, much more than 50% of its liabilities. Shipping market is facing severe difficulties and challenges.
Expectations on policy support in the shipping business, the Ministry of Transport and timely shots, issued "on the promotion of the healthy development of the shipping industry transformation and upgrading of a number of opinions" (hereinafter "Opinion"), from the capacity control, transformation and upgrading, market supervision, reduce the corporate burden, improve service levels to develop twenty five views, and actively respond to the current grim situation facing the shipping industry, and promote stable and healthy development of the domestic shipping market. Among them, the adjustment capacity of the policy on the first one. No significant capacity to deliver in the case of compression, as the adjustment capacity of a large generic means the elimination of old vessels naturally become first choice.
"Excess capacity to resolve conflicts, from the 'cut stock, control increments' to start." Department of Transportation official said, stocks in reducing capacity, the key is to eliminate some of the high energy consumption, low level of safety of the old ship. "Shipbuilding industry to accelerate the implementation of structural adjustment programs to promote the transformation and upgrading (2013-2015)" on the shipping industry and incentives for early retirement of old ships update and optimize the fleet structure, improve the competitiveness of shipping and other requirements. Shipping industry should seize the opportunity to actively implement programs related policies to promote healthy development.
In optimize the transport structure, "Opinions", elimination of old transport vessels, reduce capacity stock, adjusting the continuation of old single-hull tankers transport vessels and early retirement policy update to December 31, 2015. Actively promote the standardization of inland ship, to strictly enforce the age of the ship as a standard vessel mandatory retirement system.
"This is an operational, direct positive." Shipping expert Charles Ng said. He said that despite the recovery in the shipping industry, but within the next two years, will be because of the "long tail" effect downturn. Therefore, the continuation of this policy, allowing sufficient time for companies, greater leeway out of old vessels.
Insiders said that the shipping industry, "winter" that is, to take all measures to cost reduction, sale of assets, adjust capacity, routes are the most effective way. Shipping industry into the winter, excess capacity and insufficient demand, freight rates depressed state of the market is difficult to change, aviation enterprises fell into decline in performance or even losses predicament. In this, matching capacity, reducing expensive leased a ship aviation enterprises reduced losses "winter" the inevitable choice.
On its own, in order to seek a breakthrough transformation strain
Of course, shipping companies, losses not only rely on selling assets, reducing capacity and policy support, but also need to rely on their own to seek new development transformation strain.
Change "go it alone" to "vertical and horizontal." China Shipowners Association believes that China's shipping enterprises to get rid of the current problems, one of the most important initiative is among shipping companies, port and shipping enterprises, shipping and cargo between enterprises, to strengthen cooperation and communication from each other, share information to achieve inter-enterprise restructuring and reorganization of resources, build Cooperative Union (co) AU mechanism, walking combination, the strength of the United Way.
Routes operate from a single shift to build the industrial chain, which is the general manager of China Shipping Xu Lirong proposed countermeasures, namely from the "ship to ship" competition to "chain and chain" competition changes. He believes that the shipping market is a highly volatile, highly volatile and highly cyclical markets, to avoid operational risks, stabilize market volatility, shipping companies need to diversification, the development of complementary industries, and become a consolidator in the industry chain . The key to success is to see whether through business model innovation, the company has the resources to play the greatest effect; while to break through the border, adjusting the industrial structure, the integration of industrial chain, forming the best combination of different services, it is the optimal allocation of resources an effective way. Just between industries find the exact combination of points, break through the border, you can create a new world. Maersk shipping market volatility can achieve stable profitability, mainly due to constantly optimize the industrial structure and constantly improve the industrial chain. CVRD will give China the reason why large bulk shipping companies have a great impact, in fact, they are not really take advantage of the low cost of the ship, but the ship behind the whole industry chain advantages.
Xu Lirong also suggested that shipping companies from the traditional business model to the Combination paradigm shift. Currently, the vitality of enterprises are no longer competitive, but the convergence of forces. Who cross-border integration ability, who break through adversity to resist risks and greater capacity for sustained development. Large shipping conglomerate implement the Combination, not only to meet our financing needs, the funds internalize external circulation, reduce transaction costs, but also for improving the overall synergies, improve capital efficiency and management of great benefit. When the company developed to a certain scale, is bound to face how to solve the decreasing returns to scale, increasing the risk of problems, which need to combine shipping business and finance, the shipping business finance as an integral part of the system. Only in this way, shipping companies can in the changing market in an invincible position.