DOCSLIB.ORG

Annual Report 年度報告 2019 2019

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 年度報告 2019 2019 ai1587437366551_CSSC Offshore AR19 cover_william_full 23.7mm.pdf 1 21/4/2020 上午10:49 H Stock Code: 00317 A Stock Code: 600685 ANNUAL REPORT 年度報告 2019 2019 C M Y CM MY CY CMY K 二零一九年年度報告 2 0 1 9 ANNUAL REPORT TABLE OF CONTENTS Section I Definitions and Important Risk Warnings 3 Section II Company Overview and Major Financial Indicators 4 Section III Business Overview of the Company 9 Section IV Report of the Board 11 Section V Significant Events 32 Section VI Changes in Ordinary Shares and Shareholders 69 Section VII Directors, Supervisors, Senior Management Officers and Employees 74 Section VIII Corporate Governance 81 Section IX Internal Control 88 Section X Financial Report 89 Section XI Five-Year Financial Summary 274 CSSC Offshore & Marine Engineering (Group) Company Limited 1 Annual Report 2019 IMPORTANT NOTICE I The Board, the Supervisory Committee and the Directors, Supervisors and senior management of the Company warrant that there are no false statements, misleading information or material omissions in this annual report and are jointly and severally responsible for the truthfulness, accuracy and completeness of the contents of this annual report. II All Directors of the Company attended the 26th meeting of the ninth session of the Board held on 27 March 2020, of which Mr. Xiang Huiming, executive Director, appointed Mr. Sheng Jigang, executive Director, to attend and vote on his behalf; Mr. Chen Ji, executive Director, appointed Mr. Chen Zhongqian, executive Director, to attend and vote on his behalf; Mr. Shi Jun, non-executive Director, appointed Mr. Chen Liping, executive Director, to attend and vote on his behalf; Mr. Liu Renhuai, independent non-executive Director, appointed Mr. Yu Shiyou, independent non-executive Director, to attend and vote on his behalf. The annual report for 2019 was unanimously approved at the meeting. III WUYIGE Certified Public Accountants LLP has issued standard auditors’ report without qualifying opinions for the Company. IV Han Guangde, the person in charge of the Company, Hou Zengquan, the person in charge of accounting, and Xie Weihong, the head of accounting department (accountant in charge), have declared that they guarantee the truthfulness, accuracy and completeness of the financial statements contained in this annual report. V Profit distribution proposal or proposal for capitalisation of capital reserves of the Company for the Reporting Period considered by the Board The Company will not make profit distribution or issue new bonus shares by capitalisation of capital reserve for 2019. Please refer to Section V of this report. The profit distribution proposal is subject to the approval at the 2019 annual general meeting. VI This annual report contains forward-looking statements that involve future plans and development strategies which do not constitute a commitment by the Company to its investors. Investors should be aware of the investment risks. VII No controlling shareholder or related party of the Company has misappropriated funds of the Company and no guarantee has been provided for by the Company in violation of the required decision-making procedures. VIII This annual report is prepared in both Chinese and English. In case of any discrepancy, the Chinese version shall prevail. CSSC Offshore & Marine Engineering (Group) Company Limited Annual Report 2019 2 SECTION I DEFINITIONS AND IMPORTANT RISK WARNINGS I DEFINITIONS Unless otherwise stated in context, the following terms shall have the following meanings in this report: Definitions of frequently used terms DWT (deadweight tonnage) deadweight capacity with tonne as unit CSSC China State Shipbuilding Corporation Limited Company CSSC Offshore & Marine Engineering (Group) Company Limited Group CSSC Offshore & Marine Engineering (Group) Company Limited and its subsidiaries CSSC International CSSC International Holding Company Limited, an overseas wholly-owned subsidiary of China State Shipbuilding Corporation Limited CSSC Finance CSSC Finance Company Limited, a non-banking financial institution wholly-owned by China State Shipbuilding Corporation Limited CSSC Holdings China CSSC Holdings Limited, a listed company controlled by China State Shipbuilding Corporation Limited Huangpu Wenchong CSSC Huangpu Wenchong Shipbuilding Company Limited, a 54.5371%-owned subsidiary of the Company as at the end of the Reporting Period GSI Guangzhou Shipyard International Company Limited, a 73.7232%-owned subsidiary of the Company as at the end of the Reporting Period Chengxi Yangzhou CSSC Chengxi Yangzhou Shipbuilding Company Limited, a company owned as to 49% by the Company as at the end of the Reporting Period Wenchong Shipyard Guangzhou Wenchong Shipyard Co., Ltd, a wholly-owned subsidiary of Huangpu Wenchong Wenchong Dockyard Guangzhou Wenchong Dockyard Co., Ltd., a wholly-owned subsidiary of GSI Zhongshan GSI Zhongshan GSI Marine Engineering Company Limited, a wholly-owned subsidiary of GSI United Steel Guangzhou United Steel Structures Limited, a wholly-owned subsidiary of GSI Wenchuan Heavy Industrial Guangzhou Wenchuan Heavy Industrial Co., Ltd., a wholly-owned subsidiary of Huangpu Wenchong CSSC Internet CSSC Industrial Internet Co., Ltd. WUYIGE WUYIGE Certified Public Accountants LLP ShineWing ShineWing Certified Public Accountants LLP Nanfang Environment Nanfang Environment Co., Ltd, a 95%-owned subsidiary of GSI as at the end of the Reporting Period SSE Shanghai Stock Exchange Stock Exchange The Stock Exchange of Hong Kong Limited II IMPORTANT RISK WARNINGS The relevant risks which might exist have been described in this report in details, please refer to Section IV “Report of the Board” for the risks that the Company might face. CSSC Offshore & Marine Engineering (Group) Company Limited 3 Annual Report 2019 SECTION II COMPANY OVERVIEW AND MAJOR FINANCIAL INDICATORS I INFORMATION OF THE COMPANY Chinese name of the Company 中船海洋與防務裝備股份有限公司 Chinese abbreviation 中船防務 English name of the Company CSSC OFFSHORE & MARINE ENGINEERING(GROUP)COMPANY LIMITED English abbreviation COMEC Legal representative of the Company Han Guangde II CONTACT PERSONS AND CONTACT METHOD Secretary to the Board Authorised Securities Representative Name Li Zhidong Yu Wenbo Contact address 15th Floor, Ship Building, No. 137 Gexin Road, Haizhu 15th Floor, Ship Building, No. 137 Gexin Road, District, Guangzhou City, the People’s Republic of Haizhu District, Guangzhou City, the People’s China Republic of China Telephone 020-81636688 020-81636688 Fax 020-81896411 020-81896411 E-mail [email protected] [email protected] III GENERAL INFORMATION Registered address of the Company 15th Floor, Ship Building, No. 137 Gexin Road, Haizhu District, Guangzhou City, the People’s Republic of China Postal code 510250 Office address of the Company 15th Floor, Ship Building, No.137 Gexin Road, Haizhu District, Guangzhou City, the People’s Republic of China Postal code 510250 Website comec.cssc.net.cn E-mail [email protected] IV INFORMATION DISCLOSURE AND PLACE FOR INSPECTION Name of media designated for information disclosure China Securities Journal, Securities Times and Securities Daily Website designated by the CSRC for publishing annual reports www.sse.com.cn HKEXnews website of the Stock Exchange www.hkexnews.hk Place for inspection of the annual report of the Company Office of the Board V INFORMATION ON THE COMPANY’S SHARES Information on the Company’s shares Stock exchange on Stock Stock abbreviation Class of shares which the shares are listed abbreviation Stock code before change A Shares Shanghai Stock Exchange COMEC 600685 GSI H Shares The Stock Exchange of Hong Kong Limited COMEC 00317 GUANGZHOU SHIP CSSC Offshore & Marine Engineering (Group) Company Limited Annual Report 2019 4 SECTION II COMPANY OVERVIEW AND MAJOR FINANCIAL INDICATORS VI OTHER RELATED INFORMATION Accounting firm engaged Name WuYiGe by the Company (domestic) Office address 1504, Xueyuan International Tower No.1 Zhichun Road, Haidian District, Beijing, the PRC Names of signing Yang Xin, Xu Zongliang, Xiao Zuguang accountant Accounting firm engaged Name WuYiGe by the Company (overseas) Office address 1504, Xueyuan International Tower No.1 Zhichun Road, Haidian District, Beijing, the PRC Names of signing Yang Xin, Xu Zongliang, Xiao Zuguang accountant Financial advisor performing Name None continuous monitoring Office address None and guidance duties during the Reporting Period Signing officers of None financial advisors Period of continuous None monitoring and guidance Legal adviser appointed Name ETR Law Firm by the Company (domestic) Office address 29/F, CTF Finance Centre (Guangzhou East Tower), 6 Zhujiang Road East, Zhujiang New Town, Guangzhou Legal adviser appointed Name Herbert Smith Freehills by the Company (Hong Kong) Office address 23/F, Gloucester Tower, 15 Queen’s Road Central, Hong Kong Share registrar and transfer office A Shares China Securities Depository and Clearing Corporation Limited Shanghai Branch Office address 3/F, China Insurance Building, 166 Lujiazui East Road, Pudong New Area, Shanghai H Shares Hong Kong Registrars Limited Office address 17/F, Hopewell Centre, 183 Queen’s Road East, Wan Chai, Hong Kong CSSC Offshore & Marine Engineering (Group) Company Limited 5 Annual Report 2019 SECTION II COMPANY OVERVIEW AND MAJOR FINANCIAL INDICATORS VII MAJOR ACCOUNTING DATA AND FINANCIAL INDICATORS FOR THE PAST THREE YEARS (i) Major accounting data Unit: Yuan Currency: RMB Change compared to same period Major accounting data 2019 2018 last year (%) 2017 Operating
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]
  • 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..
    [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]