DOCSLIB.ORG

SHIPPING and SHIPBUILDING MARKETS Contents

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
SHIPPING and SHIPBUILDING MARKETS Contents 2016 ANNUAL REVIEW SHIPPING AND SHIPBUILDING MARKETS Contents Shipbuilding p.05 Cruise p.81 Dry Bulk p.31 Yachting p.87 Tanker p.43 Containerships p.93 Chemical & Ro-Ro p.105 Small Tankers p.55 LPG p.63 Car carrier p.111 Marine LNG p.69 insurance p.117 Offshore p.75 An online version of this Annual Review is available in English, Chinese and French. www.brsbrokers.com Profi le The BRS Group is a diversifi ed global shipping services group offering a Employees range of maritime activities which worldwide complement its core shipbroking business. In addition to Shipbroking and Yacht Brokerage, the Group’s activities include Marine Insurance, Shipbrokers Freight Futures (FFA’s), Software Technology and Market Intelligence. Assets transactions per year Chartering transactions per year BRS - 2016 ANNUAL REVIEW 1 2 BRS - 2016 ANNUAL REVIEW The year 2015 has been as bad as expected. Each actor made its decisions as if it was the only Shipping in all its forms has lost its lustre. We one in its market. But the markets do not expand estimate some $65bn in underlying market value indefi nitely. We are waking up to a maritime sector has been lost in shipping assets over 2015. that was being dimensioned to meet the demand This year saw historic (adjusted) lows or near lows, of an adolescent China with mature Western in almost all market sectors except tankers. Only economies weaned off energy consumption, and the tanker markets defi ed predictions: despite an the expected globalisation of trade. Today there oversupply of new tonnage, they remained strong, is a realisation that it is not only the cost of energy but fragile on the back of an unforeseen and that will drive world trade, but the consequences of unprecedented fall in oil prices... global warming. With COP 21 closing a year of turmoil on the energy Although pollution from transportation is lower than markets, there is a global realisation that our energy from heat production or industrial processes it is appetite has to be restrained. Whether it be coal, oil evident nevertheless that shipping will be required or gas, some 40% of world transportation concerns to find new ways to meet aggressive targets. The raw materials that have fuelled the industrial Sulphur Emission Control Area (SECA) zones are just revolution and our globalisation. This is not good for the beginning. The International Maritime Organisation shipping! There are already major consequences and International Chamber of Commerce are actively taking place, and we expect them to accelerate working to participate, and now with the Tier 3 emission over the year to come… Coal and oil companies limit, the Energy Efficiency Design Index (EEDI) are switching their emphasis to renewables. and Oil Discharge Monitoring Equipment (ODME) Energy conservation is no longer just a slogan, have tangible results to show. But there will surely there are now tangible targets. And despite a fall be more: speed limits, or high tech development by in energy costs to post-China expansion lows, this the yards and designers, new fuel types with less potential economic stimulus has done nothing to pollutants, port or State control measurements, and restore world trade. The mining industry has seen CO2 limits per ton/teu transported. its product’s prices collapse. Demand has been Our industry, which represents about 2.5% of cut more than expected by the double effect of global greenhouse gas emissions, is way behind sluggish economies and China’s refocus away from the car and airline industries in seeking cleaner heavy industry. transportation solutions. Will shipping contracts be Consolidation is no longer good enough. awarded to companies that pollute less, will there Elimination has already started with coal and iron be tangible premiums for industrial users of freight ore mines closing, steel mills shutting and power to choose low pollutant carriers? The carbon credit plants being mothballed. Shipping companies system in its infancy might just allow the start of a have gone under, leaving their assets in the hands redistribution but it will be the companies themselves, of new owners with cheaper capital costs. Yards pushed by their investors and consumers seeking have closed and others have been rationalised. a commercial advantage from lowering global The irony of our situation is that the industry emissions, that will allow our world to change. thought that by building bigger, less energy would Our industry needs to put in place objective and be consumed per ton or per teu transported, measurable standards on a worldwide scale. We and thus we would be more effi cient. The mining need to work with international organisations to industry players thought that by producing more, ensure there is a premium for polluting less. Our they could bring down their breakeven point and industry needs to get its act together and thus grow their market shares. Shipping companies fi nd a medium term solution to our current crisis. ordered new ships also to average down their Putting a premium on lowering pollution will have breakeven, while yards built more, faster. several effects. It will strengthen the emphasis on research and development, it will incite owners to scrap outdated vessels, it will encourage financiers to calculate with shorter life cycles, it will incentivise end users to choose the least damaging mode of transportation for their goods, and thus it will enable charterers to seek out and Energy conservation pay extra for less polluting carriers. The world, our is no longer just a slogan, maritime world, really needs this change. Tim JONES there are now tangible targets. President BRS - 2016 ANNUAL REVIEW 3 Erradale, 39,800 dwt B.Delta Box Logger Grabber Bulkcarrier. Second unit delivered in 2014 out of a large series ordered by CNCo at Chengxi Shipyard and operated by Swire Bulk. Here pictured sailing through Shanghai in 2015. 04 BRS - 2016 ANNUAL REVIEW Shipbuilding A tempestuous year 2015 felt as if a cyclone had fi nally caught up the whole shipbuilding industry. It slashed down dry bulker newbuilding orders to lows not seen since 2001 amidst a landscape of gloomy bulk freight rates and endlessly freefalling second hand values. Surprisingly, as if these two ship types were safe in the eye of the storm, newbuilding orders for containerships and tankers reached new highs. This made 2015 the second best year for containerships and the fourth best year for tankers over the last 15 years, just behind the most dynamic boom years (2007-2008). BRS - 2016 ANNUAL REVIEW 05 SHIPBUIILLDING Marlin Azurite One of the eight 50,000 dwt MR Tankers under construction at GSI Global Trade and World GDP and Active Fleet Growth (Guangzhou Shipyard International) in China for Oil and Commodity Trader TRAFIGURA BV % 12% 9.6% 10% 8.6% 8% 6.7% 9.6% 6.2% 6% 4.5% 4.2% 3.9% 5.4% 3.2% 3.5% 4% 4.2% 3.4% 3.4% 3.2% 2% 2.6% 3.3% 3.4% 0.0% 3.1% 0% -2% -4% -4.0% -6% 2009 2010 2011 2012 2013 2014 2015 World GDP Seaborne Trade World Active Fleet Growth (Excl Offshore) Source: BRS, IMF & Clarksons •l % Key points of 2015 the size, thanks to a strong demand for these -20 types of vessels. Newbuilding orders continued to fall (about 20% Drop in number of y-o-y) while remaining solid at levels above the 2014 2015 Ships 1,691 1,359 orders between post-boom years of 2009-2012 (yearly average of Orders 70m dwt), and slightly exceeded (by about 10%) m dwt 131.1 104.7 2014 and 2015 Ships 1,338 1,402 the deliveries of the year. Delivery m dwt 88 94.2 After three years of continuous decrease, shipyard Ships 4,178 3,823 % deliveries increased by about 7%, due to the high Orderbook 7 m dwt 305.1 286 peak of contracting in 2013 (149m dwt). The world Increase in Ships 36,179 36,650 orderbook decreased by about 6% while the active Active Fleet m dwt 1,644 1,706.1 number of fl eet grew albeit moderately (about 3.5%). Ships 12% 10% Orderbook/Active Fleet deliveries At the start of 2016, the percentage of newbuilding m dwt 19% 17% between 2014 orders versus the active fleet declined further compared with the previous two years, reaching a The orderbook ranking in deadweight tons of the and 2015 low of 17% compared to a 53% peak in 2008. five major shipbuilding areas did not change in 2015: China was still in the lead (43%), followed by Orders decreased for the second consecutive Korea (29%), Japan (22%), Rest of the Word (RoW) % year. Bulker orders, which remain the largest (5%) and Europe (2%). However China, whose 43 single segment of the shipbuilding industry, main ship production consists of bulkers, saw its China market well ahead of tankers and containerships, market share decline to the benefi t of Japan which experienced a collapse. Added to this, the fall in share for orders was able to offer highly competitive pricing due second hand prices exacerbated the competition to the depreciation of the yen. This was the first placed in 2015 between shipbuilding nations and shipyards. time China’s market share had declined since it in dwt terms Some shipyards were unable to take any orders became the largest shipbuilding nation in 2010. during the year and that increased the pressure on newbuilding prices. As from the beginning Meanwhile, several Korean shipyards, already of 2015, bulker prices plummeted continuously, weakened by the prevailing low newbuilding losing on average 10%, and thus returning to the prices, ran into financial troubles because of historically low levels recorded at the end of 2012.
Load more

Recommended publications
  • Register of Lords' Interests
    REGISTER OF LORDS’ INTERESTS _________________ The following Members of the House of Lords have registered relevant interests under the code of conduct: ABERDARE, LORD Category 10: Non-financial interests (a) Director, F.C.M. Limited (recording rights) Category 10: Non-financial interests (c) Trustee, National Library of Wales (interest ceased 31 March 2021) Category 10: Non-financial interests (e) Trustee, Stephen Dodgson Trust (promotes continued awareness/performance of works of composer Stephen Dodgson) Chairman and Trustee, Berlioz Sesquicentenary Committee (music) Director, UK Focused Ultrasound Foundation (charitable company limited by guarantee) Chairman and Trustee, Berlioz Society Trustee, West Wycombe Charitable Trust ADAMS OF CRAIGIELEA, BARONESS Nil No registrable interests ADDINGTON, LORD Category 1: Directorships Chairman, Microlink PC (UK) Ltd (computing and software) Category 10: Non-financial interests (a) Director and Trustee, The Atlas Foundation (registered charity; seeks to improve lives of disadvantaged people across the world) Category 10: Non-financial interests (d) President (formerly Vice President), British Dyslexia Association Category 10: Non-financial interests (e) Vice President, UK Sports Association Vice President, Lakenham Hewitt Rugby Club (interest ceased 30 November 2020) ADEBOWALE, LORD Category 1: Directorships Director, Leadership in Mind Ltd (business activities; certain income from services provided personally by the member is or will be paid to this company; see category 4(a)) Director, Visionable
    [Show full text]
  • Evidence on Stock Market Bubbles from the Shanghai-Hong Kong Stock Connect Program
    One Security, Two Prices: Evidence on Stock Market Bubbles from the Shanghai-Hong Kong Stock Connect Program Shantaram Hegde Department of Finance 2100 Hillside Road University of Connecticut Storrs, CT 06269-1041 E-mail: [email protected] Jin Peng* Department of Finance 2100 Hillside Road University of Connecticut Storrs, CT 06269-1041 E-mail: [email protected] 6/27/17 * We thank Kose John, Joseph Golec, Assaf Eisdorfer, Paul Borochin, John Clapp and seminar participants at Univer- sity of Connecticut for valuable comments and suggestions. All remaining errors are our own. Address correspond- ence to Jin Peng, School of Business, University of Connecticut, 2100 Hillside Road, BUSN 406, Storrs, CT 06269- 1041, or e-mail: [email protected]. One Security, Two Prices: Evidence on Stock Market Bubbles from the Shanghai-Hong Kong Stock Connect Program Abstract In this paper, a unique data sample from cross-listed stocks in two segmented but partially con- nected markets allows us to examine the implications of the bubble theories while controlling for fundamentals. We study price, volume, volatility and liquidity changes surrounding the launch of the Stock Connect program on 17 November 2014, which links trading in A shares listed on the Shanghai Stock Exchange (SSE) to their ‘twin’ (cross-listed) H shares traded on the Hong Kong Stock Exchange (SEHK). The price and price discovery gaps of the A-H shares should be larger after the Stock Connect if the speculative trading in Shanghai market explains most of the price differences. On the other hand, there should be a price convergence effect after the Stock Connect if the efficient market theories explain a fraction of the price disparity since information asym- metry and limits of arbitrage are reduced.
    [Show full text]
  • Annual Social Responsibility Report
    2016 ANNUAL SOCIAL RESPONSIBILITY REPORT Responsibility 2016 Corporate Governance Responsibility Management Economic Responsibility Environment Responsibility Social Responsibility COMEC About Us Outlook for 2017 2016ANNUAL SOCIAL RESPONSIBILITY REPORT TABLE OF CONTENTS RESPONSIBILITY 2016 Responsibility 2016 01 Key Performance Key Performance 01 Major Honors 01 01 Economic Responsibility Steady Business Growth Value of Social Letter to Stakeholders 14 Total Assets Operating Income Total Profit 02 Contribution Per Share Building High-quality Ships 16 About Us 04 RMB46,269million RMB23,350million RMB119million RMB1.878 Production Safety Management 18 Corporate Profile 04 Independent Technological Innovation History 04 20 Geographic Coverage and Principal Products Enhanced Operation and Management 05 22 Research and Product Quality Comprehensive Energy Consumption Environment Development Expenses Assurance Expenses Per RMB10,000 of Output Value Protection Expenses Corporate Governance 07 RMB657million RMB43,204,000 0.0395 RMB16,449,000 02 Environment Responsibility ton of standard coal/RMB10,000 Organisational Structure 07 Green Management 26 Operation of the Board, the Supervisory 07 Committee and General Meeting Green Research and Development 27 Percentage of Number of Employees Total Number of Suppliers Investor Relations Management 09 Female Employees Total Charitable Donations Green Production 28 21,025 12.76% 3,938 RMB2,150,000 Responsibility Management Development of Environment 33 10 Protection Business Responsibility Culture 10
    [Show full text]
  • Overseas Regulatory Announcement Announcement on Unusual Movements in the Trading of the a Shares
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement. (a joint stock company with limited liability incorporated in the People’s Republic of China) (H Share Stock Code：00317) OVERSEAS REGULATORY ANNOUNCEMENT ANNOUNCEMENT ON UNUSUAL MOVEMENTS IN THE TRADING OF THE A SHARES This overseas regulatory announcement is made by CSSC Offshore & Marine Engineering (Group) Company Limited (hereinafter the “Company”) pursuant to Rule 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Hong Kong Stock Exchange”). I. DETAILS OF UNUSUAL MOVEMENT IN THE TRADING OF THE A SHARES The deviation value of the increase in the closing prices of the A Shares of the Company accumulated more than 20% in three consecutive trading days from 8 July 2020 to 10 July 2020, which reached the relevant required standards of the “Trading Rules of the Shanghai Stock Exchange” and constituted unusual movements in the trading of shares. II. RELEVANT SITUATIONS CONCERNED AND VERIFIED BY THE COMPANY (I) Production and Operation As verified by the Company, there has been no significant change in the market environment and industry policies in where the Company operates, the Company has been producing and operating normally, and there are no disclosable material matters which remains undisclosed.
    [Show full text]
  • China Connect Weekly
    2019 21 Jan 2019 China Connect Weekly Market Strategy The A-share mapping of the STI Board Macroeconomics No improvement in banks’ risk appetite Stock Recommendations CMSK Pinggao Electric Sunner Development Nari Technology CITIC Securities Brokerage (HK) Limited Investment Advisory Services Tel：2237 9250 Please refer to the attachment for detailed disclaimer and regulatory disclosures E-mail：[email protected] csb.com.hk CONTENTS: Marke t Stra tegy The A-share mapping of the STI Board The Science and Technology Innovation Board (STI Board) is expected to be rolled out by end- 2Q19E at the earliest, with guidance projects from brokerage firms the most likely pilot shares. Macroeconomics No improvement in banks’ risk appetite The recovery of local special bonds and bond market may help Jan 2018E social financing stabilize briefly. Weekly Top Pick Price Target Stop Loss Upside Company (Rmb) (Rmb) (Rmb) (%) CMSK CMSK 18.39 26.77 17.5 46 (001979 CH) Pinggao Electric 8.44 10.40 8.0 23 (600312 CH) Sunner Development 18.40 21.40 17.5 16 (002299 CH) Nari Technology 19.39 22.00 18.4 13 (600406 CH) China Connect Weekly: mapping A-share The the STI of Board 2 21 Jan 2019 Source: Respective Company, CS Please refer to the attachment for detailed disclaimer and regulatory disclosures. MARKET STRATEGY: The A-share mapping of the STI Board he A-share market’s Science and have the opportunity to become protection; (iv) biomedicine; and (v) TTechnology Innovation Board public, in our view, but they are not technology services. We expect the (STI Board) is expected to come likely to be among the first pilots.
    [Show full text]
  • This Document Is Important and Requires Your Immediate Attention
    THIS DOCUMENT IS IMPORTANT AND REQUIRES YOUR IMMEDIATE ATTENTION If you are in any doubt as to any aspect of this circular or as to the action to be taken, you should consult your stockbroker or other registered dealer in securities, bank manager, solicitor, professional accountant or other professional advisers. If you have sold or transferred all your shares in CSSC Offshore & Marine Engineering (Group) Company Limited, you should at once hand this circular together with the proxy form and reply slip to the purchaser or transferee or to the bank, stockbroker or other agent through whom the sale or transfer was effected for transmission to the purchaser or transferee. Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this circular, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this circular. (a joint stock company with limited liability incorporated in the People’s Republic of China) (H Share Stock Code: 00317) CONNECTED AND DISCLOSEABLE TRANSACTION IN RELATION TO THE ENTERING INTO THE PHASE I RELOCATION AGREEMENT OF WENCHONG SHIPBUILDING; APPOINTMENT OF AUDITORS FOR 2019 AND ELECTION OF A SUPERVISOR Independent Financial Adviser to the Independent Board Committee and the Independent Shareholders Vinco Capital Limited (A wholly-owned subsidiary of Vinco Financial Group Limited) A letter from the Board is set out on pages 4 to 17 of this circular. A letter from the Independent Board Committee is set out on pages 18 to 19 of this circular.
    [Show full text]
  • Britain's Maritime Future
    COUNCIL OF MILITARY EDUCATION COMMITTEES OF THE UNITED KINGDOM UNIVERSITIES BRITAIN’S MARITIME FUTURE By Jeremy Blackham and Andrew Lambert COMEC OCCASIONAL PAPER. No 6. 1 2 COUNCIL OF MILITARY EDUCATION COMMITTEES OF THE UNITED KINGDOM UNIVERSITIES BRITAIN’S MARITIME FUTURE By Jeremy Blackham and Andrew Lambert COMEC OCCASIONAL PAPER. No 6. 3 Series Editor Dr Patrick Mileham © Jeremy Blackham © Andrew Lambert No part of this publication, except for short extracts, may be reproduced, stored in a retrieval system, or transmitted in any form without the prior permission of the Council of Military Education Committees, c/o COMEC Editor, Wiston House, North Cheriton, Templecombe BA8 0AD. Design and Layout by Kim Martin Printed by Letterworks, Reading Previous Papers Occasional Paper No 1: University Service Units. What are they really for? By Dr Patrick Mileham, 2012. Occasional Paper No 2: The Conundrum of Leadership - Leadership in Government, Foreign Affairs, Defence and Society. By Lord Owen, 2013. Occasional Paper No 3: Leadership in Future Force 2020. By General Sir Richard Barrons, 2014. Occasional Paper No 4: University Officers’ Training Corps and the First World War. By Edward M Spiers, 2014. Occasional Paper No 5: Reshaping the British Nuclear Deterrent. By Lord David Owen, 2015. Online These Papers can be viewed online at: http://www.comec.org.uk/publications/occasional 4 FOREWORD BY PROFESSOR DICK CLEMENTS CHAIRMAN COMEC It gives me particular pleasure to introduce this COMEC Occasional Paper. Within its covers are two papers delivered by our invited speakers at the 2015 COMEC Defence Conference addressing “Britain’s Maritime Future”. Professor Andrew Lambert is a well-known naval historian.
    [Show full text]
  • RWR Pentagon List Affiliates
    Publicly Traded Chinese Military Companies (and Affiliates) as Designated by the U.S. Department of Defense Published on August 31, 2020 Updated on November 12, 2020 This is a list of all the publicly traded Chinese companies that have been designated by the U.S. Department of Defense (DoD) as being owned or controlled by, or affiliated with, the People’s Liberation Army (PLA) or China’s defense industrial base. Also included are the publicly traded subsidiaries of Chinese companies designated by the DoD. The research in this report is extrapolated from RWR’s Entity Risk Tracker product, which catalogues the risk exposure of Chinese and Russian companies. It should be noted that while many of the companies listed below are directly implicated in China’s defense industrial base, several of the subsidiary companies do not have independent ties to the Chinese military and are associated, according to RWR research, only by their ownership. The companies on this list are accessible to U.S. individual and institutional investors as A Shares, H Shares, or Red Chips, and are, in some cases, included in popular indexes like the MSCI Emerging Markets (EM) Index and the FTSE All-World Index, which are used as benchmarks for exchange-traded funds (ETFs) with international exposure. These companies are sourced from the two lists of qualifying entities prepared by the Department of Defense in June and August 2020, in response to Section 1237 of the National Defense Authorization Act for FY 1999. Aviation Industry Corporation of China (AVIC)* AviChina Industry & Technology Co., Ltd. AVIC International Holdings Ltd.
    [Show full text]
  • China's Shipbuilding Industry and Policies Affecting It
    REPORT ON CHINA’S SHIPBUILDING INDUSTRY AND POLICIES AFFECTING IT OECD SCIENCE, TECHNOLOGY AND INDUSTRY POLICY PAPERS April 2021 No. 105 2 REPORT ON CHINA’S SHIPBBUILDING INDUSTRY AND POLICIES AFFECTING IT This paper was approved and declassified by the OECD Council Working Party 6 on Shipbuilding (WP6) on 26 November 2020, and was prepared for publication by the OECD Secretariat. Note to Delegations: This document is also available on O.N.E under the reference code: C/WP6(2020)8/FINAL This document, as well as any data and any map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. © OECD (2021) The use of this work, whether digital or print, is governed by the Terms and Conditions to be found at http://www.oecd.org/termsandconditions/ OECD SCIENCE, TECHNOLOGY AND INDUSTRY PAPERS REPORT ON CHINA’S SHIPBBUILDING INDUSTRY AND POLICIES AFFECTING IT 3 Report on China’s shipbuilding industry and policies affecting it OECD Shipbuilding Unit1 Abstract 1. This report analyses the structural characteristics of China’s shipbuilding industry, notably through comparison of other major shipbuilding economies. Building upon previous reports drafted in 2008 and 2011, it aims to analyse China’s shipbuilding sector from a holistic and multidisciplinary perspective (e.g. the interconnection between trade, competition, monetary, financial, fiscal and industrial policies), with a particular emphasis on government support measures. Key findings from these analyses suggest that: 1) China’s shipbuilding industry has been labelled as a strategic industry, which may equally explain China’s intention to move up the shipbuilding value chain, 2) State-owned conglomerates hold a lot of influence in China’s shipbuilding industry, 3) Government support to the Chinese shipbuilding industry is alleged to have contributed to global excess capacity.
    [Show full text]
  • Development of Shanghai Port
    INTERNATIONALIZATION OF CHINESE ECONOMY AND SHIPPING Global economy and trade 2014-2017 Global Economy Growth % 2014 2015 2016 2017 Global economy 3.4 3.2 3.1 3.4 Developed nations 1.9 2.1 1.6 1.8 In 2016, IMF forecasts US 2.4 2.6 1.6 2.2 the global economy Euro zone 1.1 2.0 1.7 1.5 UK 3.1 2.2 1.8 1.1 volume around USD75 Japan 0.0 0.5 0.5 0.6 Emerging markets and developing nations 4.6 4.0 4.2 4.6 trillion with a yoy Russia 0.7 -3.7 -0.8 1.1 increase of 3.1% and China 7.3 6.9 6.6 6.2 India 7.2 7.6 7.6 7.6 the global trade volume Brazil 0.1 -3.8 -3.3 0.5 up by 1.7%. China South Africa 1.6 1.3 0.1 0.8 Note: Estimated percentages for 2016 and 2017 achieved about USD11 Source: IMF, World Economy Forecast, Oct.2016 trillion GDP growth with a yoy increase of 6.7%. 2014-2017 Global Trade Growth % In general, China takes 2014 2015 2016 2017 Global trade volume 2.8 2.7 1.7 1.8-3.1 the lead in the slow Export: Developed nations 2.4 2.8 2.1 1.7-2.9 resurrection of world Developing nations 3.1 3.2 1.2 1.9-2.9 economy and trade. Import: Developed nations 3.5 4.6 2.6 1.7-2.9 Developing nations 2.9 1.1 0.4 1.8-3.1 Note: Estimated percentages for 2016 and 2017 Source: WTO World Trade, Sep.27, 2016 China's economy and trade Despite of the global economy downturn, the estimated economy growth of China is 6.7% that accounts for 33.2% in terms of contribution to the global economy growth.
    [Show full text]
  • 1 Hong Kong Exchanges and Clearing Limited and the Stock
    Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss however arising from or in reliance upon the whole or any part of the contents of this announcement. (a joint stock company with limited liability incorporated in the People’s Republic of China) (H Shares Stock Code: 00317) POLL RESULTS OF THE ANNUAL GENERAL MEETING OF 2020 AND THE 2020 FINAL DIVIDEND The Board is pleased to announce that the 2020 AGM was held on 27 May 2021 and the resolutions set out in the Notice of 2020 AGM were duly passed by the Shareholders. Reference is made to the notice (“Notice of 2020 AGM”) of CSSC Offshore & Marine Engineering (Group) Company Limited (the “Company”) dated 30 March 2021 in relation to the annual general meeting of 2020 (the “2020 AGM” or “Meeting”). Unless otherwise stated, capitalised terms used herein shall have the same meanings as those used in the Notice of 2020 AGM. The Board is pleased to announce that the 2020 AGM was held at the Conference Room, 15/F Marine Tower, 137 Gexin Road, Haizhu District, Guangzhou, the People’s Republic of China at 10:00 a.m. on 27 May 2021. The resolutions set out in the Notice of 2020 AGM were duly passed by poll by attending Shareholders and proxies. The 2020 AGM was convened by the tenth session of the Board of Company and Mr.
    [Show full text]
  • “Bad Actors” Traded on the Frankfurt Stock Exchange
    Prague Security Studies Institute Economic & Financial Threat Program PSSI Report THE SECURITY AND HUMAN RIGHTS IMPLICATIONS OF CHINESE CORPORATE “BAD ACTORS” TRADED ON THE FRANKFURT STOCK EXCHANGE Roger W. Robinson, Jr., Zack Kramer PSSI Report Economic & Financial Threat Program April 2021 EXECUTIVE SUMMARY Hundreds of millions of unwitting retail investors worldwide are currently holding in their retirement accounts and investment portfolios the public securities (i.e., stocks and bonds) of Chinese “bad actor” companies that are saddled with significant risk related to their track records on national security and human rights. Intellectual property theft, particularly among developers of emerging technologies with dual‑use military capability, as well as corporate espionage and cyberattacks by Chinese companies and departments within the People’s Liberation Army (PLA) compound the national security and material risks associated with many Chinese companies operating overseas and accessing international capital markets. These companies include entities that have been sanctioned by the U.S. and other governments for a range of reasons, including links to: the PLA; egregious human rights abuses, including the aiding and abetting of genocide against the Uyghurs and other religious minorities in Xinjiang; the building and militarizing of illegally claimed islands in the South China Sea; the manufacturing of advanced weapons systems; the construction of an oppressive “surveillance state”; weapons proliferation concerns; and environmental degradation among other serious abuses. Like all Chinese enterprises, these entities are also bound by Article 7 of China’s 2017 National Intelligence Law, which states that they are obligated to “support, cooperate and collaborate in national intelligence work and guard the secrecy of national intelligence work they are aware of.”1 Many are also now obligated to have representatives of the Chinese Communist Party embedded in their senior management structures.
    [Show full text]