Sealink building 9 more vessels

Published: Monday March 3, 2014 MYT 12:00:00 AM
Updated: Monday March 3, 2014 MYT 6:39:25 AM

Sealink building 9 more vessels

BY JACK WONG

One of Sealink's offshore support vessels in action. Ting (inset) says the company is building nine such vessels costing some RM200mil for inventory in view of robust oil and gas sector

   

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KUCHING: Sealink International Bhd, which specialises in the construction of offshore marine support vessels for the oil and gas (O&G) industry, is building another nine such vessels to meet rising demand.

Corporate affairs manager Ting Hui said the vessels under construction cost some RM200mil.

“These new vessels are at various stages of construction. Whatever we build is for inventory as we are quite different from other local shipbuilders. We will only sell the new vessels to external customers if the prices are good,” he told StarBiz.

Last month, the company delivered one new vessel.

Miri-based Sealink group is an integrated service provider that builds, sells, owns and operates a diverse fleet of 41 vessels currently, serving mainly the global offshore O&G exploration and production industry.

Ting said as the group had a robust ship-chartering business, it would continue to invest in new offshore support vessels for lease.

In view of the renewed vigour in the O&G industry, the group has embarked on a new shipbuilding programme with a budget of about US$100mil (RM327.7mil).

It owns two shipyards in Miri that have a combined capacity to construct up to 17 vessels a year.

Last year, the ship charter division took delivery of two ultra-sophiscated hybrid diesel electric and diesel mechanical propulsion multipurpose platform supply vessels-cum-handling tugs built by the group’s shipyards.

“The two hybrid vessels, which cost about US$37mil each, are now operating in Malaysian waters,” said Ting.

The additional revenue generated from the two hybrid vessels in the second half-year helped to lift Sealink ship charter segment’s revenue by 16% to RM144.6mil in 2013 from RM98.7mil in 2012. The segment’s pre-tax profit grew to nearly RM19mil from RM17.3mil year-on-year.

“Our ship-chartering business is doing very well and is expected to perform better this year. The two hybrid vessels can generate RM12mil in profit this year,” said Ting. The ship charter division has been awarded extensions for several long-term charter contracts.

He said in view of the rising demand for offshore marine support vessels, Sealink was ramping up the utilisation level of its shipyards and hoped to achieve optimal production in 12 months.

Construction of vessels for use in the O&G industry provides higher margin than other types of vessels.

Last year, its shipbuilding segment’s revenue soared to RM93mil from RM22.8mil in 2012, or an increase of 308%, as more new vessels were sold.

According to Ting, the group is currently studying new designs on vessels to be built in line with the drastic shift adopted by the shipbuilding division three years ago to build newer and larger vessels.

The change is to enable the company to remain ahead of its competitors and keep abreast with the shift to larger vessels for deep water operations.

The group is modernising its fleet by disposing off older and smaller vessels. It sold three old vessels for US$5.8mil to overseas buyers about four months ago.

While Malaysia’s O&G industry had expanded rapidly over the past few years with the award of more offshore installations, industry players had anticipated the national oil company Petroliam Nasional Bhd to continue to maintain a high capital expenditure to boost oil production activities before the country become a net oil importer.

These new installations are in addition to the enhanced oil recovery projects (EOR) awarded and being finalised.

Noting that other oil majors were increasing their investments, Ting said there was heightened deepsea exploration activities going on.

As the new platforms and EOR projects were expected to come on stream in the next 12 to 24 months, Ting said more offshore marine supply vessels would be in demand during the installation of the offshore platforms and structures, and after these were commissioned.

“Now it is the fabricators of offshore platforms who are benefitting. Once (new) offshore production activities kick in in the next two to three years, service providers will benefit as more offshore supply vessels and anchor-handling tugs will be required,” he added.

According to him, there is currently a shortage of certain types of vessels for the O&G industry.

“We can see supply is very restrictive, especially utility vessels, in the market,” said Ting.

[TheStar]

金獅多元、海聯國際、利維高前景可期？

讀者馬先生問：

（1）金獅多元控股（LIONDIV，2887，主板工業產品組），（2）海聯國際（SEALINK，5145，主板工業產品組），及（3）利維高（LEWEKO，8745，主板工業產品組）的前景如何？股價表現如何？年終目標價多少？為何利維高的年終報告只到2010年12月？

答：

金獅多元首9月虧損擴大

（1）金獅多元控股在最新業績中談到公司前景時指出，政府最近實施的新鋼鐵政策（鋼鐵產品反傾銷政策）料可加強國內鋼鐵業的競爭力。

當時，該公司認為，加上政府推行的經濟轉型計劃下的基建計劃，將使本地鋼鐵產品需求增加。有鋻於此，預料其鋼鐵業務在下季將保持令人滿意的業績表現。該公司旗下的零售業及產業發展業務料可保持令人滿意表現。

截至2013年3月31日止第三季，淨虧損縮減至1千964萬8千令吉，前期淨虧損為7千685萬4千令吉。而營業額則大增至4億6千465萬5千令吉，前期僅1億8千437萬2千令吉。

不過，首9個月淨虧損則擴大至1億7千467萬4千令吉，前期淨虧損為8千646萬9千令吉。營業額為10億1千162萬7千令吉，前期為10億3千747萬令吉。每股資產值為1令吉40仙，前期為1令吉65仙。

該公司在去年10月杪宣佈，其重組債券建議獲得債券持有人通過，即原本是在去年11月16日到期的1億3千200萬美元的可轉換債券，延長兩年至2014年11月16日。

據手上獲取的資料顯示，在過去至少5年裡，沒有證券研究為該公司股價提供年終目標價。

海聯國際船隻租賃業務唱好

（2）自從海聯國際於2008年7月杪上市以來，所得資料顯示，沒有證券研究進行剖析及給予年終目標價。

惟該公司管理層在公佈最新季度業績時表示，預料公司涉足的出租船隻，以及銷售海事岸外支援船隻的需求有增無減。

除了新合約外，租船業務也獲得數項長期延長出租合約。該公司料在下一個財政年，將接受一艘超复雜混合多元用途平台供應船兼三用工作船。

由於大馬油氣領域活動升溫，該公司樂觀船隻出租業務，可在未來12個月里取得合理表現，並承諾將保持其在油氣業的地位與市占率。

該公司指出，全球經濟已從2009年的危機中復甦，不過，仍然存有一些意料不到的驚奇與不明朗。

惟該公司還是認為，本地油氣業也從過去3年的弱勢低潮中獲得改善。

國際原油價格也保持在每桶90美元以上水平，特別是預料國家石油及其他區域油氣財團，將會頒發更多的油氣及相關領域的工程合約，因油氣業從2012年起已出現復甦跡象。

至於大馬市場方面，預料油氣業將頒發更多合約，包括較小型的邊緣油田，以及今年預期更多提昇石油產量的工程合約等，預料有助於該公司取得一些合約。

截至2013年3月31日為止首季，淨利為431萬2千令吉，前期為478萬4千令吉。而營業額則增至5千零51萬5千令吉，前期為2千214萬6千令吉。首季每股淨利為0.86仙。每股淨資產值為87仙。

利維高短期業績有望改善

（3）利維高在宣佈最新業績時，談到未來業務展望，旗下鋸木及木模加工業務，受到歐洲市場對熱帶木材需求停滯不前的負面影響。

惟樹桐貿易的賺幅則有增無減。該公司會持續檢討其產品組合及採取一切需要措施，以改善生產力及效率。

旗下預拌混凝土業務持續取得正面成績。該公司對它的長期策略計劃，將會專注增加訂單及工廠使用率，預料對業務帶來正面貢獻。

旗下產業發展業務，正為其怡保產業計劃進行初步活動，料將為公司未來收入來源之一。基於上述情況，該公司相當有信心短期業績表現有望改善。

該公司是有如期公佈各季業績報告，可能你的資訊並不充足；而根據最新公佈的業績（是於今年5月杪公佈），截至2013年3月31日止第三季，該公司轉虧為盈，取得淨利12萬9千令吉，前期則是淨虧損1千349萬8千令吉。營業額為650萬9千令吉，前期為389萬9千令吉。

首9個月淨利為18萬3千令吉，前期為淨虧4千284萬令吉，首9個月營業額為1千909萬7千令吉，前期為3千450萬9千令吉。首9個月的每股淨利為0.08仙，前期為每股淨虧損16.14仙。每股資產值為41仙。

上述股項的股價表現難以預測，最近數年來都沒有證券行研究該公司，所以未能提供年終目標價。（星洲日報／投資致富‧投資問診室）

BDI寫18月高點‧船運市場現曙光

（美國‧紐約15日訊）原物料航運費用最近持續飆漲，船運市場顯露復甦跡象，但因中國經濟成長趨緩和其他全球性壓力未除，運費仍遠低於金融危機前的歷史高點。

追蹤散裝貨船運費的波羅的海干貨指數（BDI）上半年暴漲68%，7月初更創下1179點的18個月來高點，12日以1149點作收。

船運經紀公司Banchero Costa在給客戶的報告中指出，儘管BDI上揚，今年對干散貨船商仍將充滿挑戰，因船租費跌到谷底、資產（貨船）價值也跌至歷來低點，“隧道盡頭雖已出現一絲亮光，但市場還要一段時間才會恢復平衡。”

BDI向來波動劇烈，2008年中國商品需求攀升，當時BDI一度漲至破紀錄的11,793點，但在全球金融危機爆發後重挫。在市場榮景時訂購的船隻，交船時景氣已跌至谷底，船運市場供過於求，導致BDI暴跌。

研究業者Capital Economics商品分析師皮優說：“未來數年新船供應增加的速度將顯著趨緩，因目前市場供過於求，使新船需求大減。”

但他預期，原料貨運需求可望較過去數年加速成長，主因是今年中國鐵礦砂進口料將攀升，美國煤礦出口也將維持強勁成長。

儘管中國的鐵礦砂需求可望增加，但法新社訪調10位經濟學家預測，中國今年第二季經濟成長率將降至7.5%，較上季的7.7%進一步趨緩。中國是大多數原物料的主要消費國，其經濟發展與航運業景氣榮衰息息相關。

針對航運業未來展望，皮優指出，由於中國下半年成長可能放緩，BDI近期可能不會強勁復甦，預計未來數年才會逐步好轉，“今年漲勢可能受限，但明年可望站上2011年底的2,000點水平”。

全球油輪出租量
6年新高

租用超大型油輪數量攀升到至少2007年來高點，國際能源署（IEA）預估全球煉油產量上揚之前、油輪需求已上揚。

根據倫敦商品和運費衍生性金融商品經紀商Marex Spectron，貿易商和石油公司7月租用126艘超大型油輪（VLCC）運載原油，且有更多租約待敲定中。

這是該公司自2007年1月開始記錄以來連續兩個月達到歷史新高。每艘超大型油輪運載量達200萬桶原油。

據波羅的海交易所，中東到日本航線的超大型油輪平均運費，自6月底來暴增3倍至每日2萬4千939美元。IEA預測，第三季全球煉油產量將較前季增加3%，“增幅非常高”。

法國巴黎銀行駐倫敦商品市場主管欽尼格理恩說：“目前油輪租賃創新高，是為了滿足原油需求旺季的運載需求，但隨著煉油廠的原油庫存增加，未來一至兩個月油輪租賃需求料將明顯趨緩。”

全球最大船舶經紀商Clarkson的數據顯示，油輪租賃價格攀升，有助於提昇VLCC今年原本是1997年來最低、平均每日6千838美元的收入。

挪威船運大亨費德利森的前線航運公司說，每日進賬2萬5千500美元才能打平收支。

IEA預估，9月全球煉油產量將攀升至每日7千720萬桶的今年高點，較1月成長2.1%。（星洲日報／財經）

Sealink SALE OF INDUSTRIAL LAND AND BUILDING

SALE OF INDUSTRIAL LAND AND BUILDING

SEALINK INTERNATIONAL BERHAD

Type	Reply to query
Reply to Bursa Malaysia's Query Letter - Reference ID	NM-130618-50905
Subject	SALE OF INDUSTRIAL LAND AND BUILDING
Description	Please refer to announcement details in the attachment below.
Query Letter Contents	We refer to your Company's announcement dated 14 June 2013 in respect of the  aforesaid matter. In this connection, kindly furnish Bursa Securities with the following  additional information for public release:- The approximate age of the double storey detached industrial building on the  Property. The encumbrances on the Property, if any. Brief details of the rental arrangement with the third party and the rental  income per month. Details on any Refund / Termination Clause under the Sale and Purchase  Agreement ("SPA"). Valuation method adopted by the valuers in arriving at the market value. The basis and justification in arriving at the Sale Consideration. The names of Desa Metro's Directors, Major Shareholders and their respective  shareholdings in Desa Metro. The timeframe for utilisation of proceeds. The highest percentage ratio applicable to the transaction pursuant to  paragraph 10.02(g) of the Main Market Listing Requirements. Whether the transaction is subject to the shareholder approval and the relevant  government authorities (if applicable) and the estimated time frame for  submission of the application to the relevant authorities. To make available for inspection the SPA and the Valuation Report by the  valuers and to state the time and place where the documents may be inspected. Please furnish Bursa Securities with your reply within one (1) market day from  the date hereof. Yours faithfully WAN CHOON YEN Sr Manager, Issuers Listing Division Regulation ZO/NM copy to:- General Manager & Head, Market Surveillance Department, Market  Oversight Division, Securities Commission (via fax)

Reply to Query from Bursa Malaysia Securities Berhad.pdf

BHIC - MATERIAL LITIGATION

BHIC - MATERIAL LITIGATION

Announcement Type: General Announcement

Company Name	BOUSTEAD HEAVY INDUSTRIES CORPORATION BHD
Stock Name	BHIC
Date Announced	30 Apr 2013
Category	General Announcement
Reference No	BH-130429-63098

Type	Announcement
Subject	MATERIAL LITIGATION
Description	KUALA LUMPUR HIGH COURT ORIGINATING SUMMONS NO.22NCVC-316-04/2013 SEALINK SHIPYARD SDN. BHD. -V- BOUSTEAD PENANG SHIPYARD SDN. BHD.
The Company is pleased to announce that its wholly-owned subsidiary company, Boustead Penang Shipyard Sdn. Bhd. (“BP Shipyard”) had, on 29 April 2013, been served with a generally endorsed Writ of Summons by Sealink Shipyard Sdn. Bhd. (“Plaintiff”). The generally endorsed Writ of Summons was filed in the High Court of Malaya at Kuala Lumpur on 22 April 2013. To date the Plaintiff has not served its Statement of Claim on BP Shipyard. According to the general endorsement to the Writ of Summons, the Plaintiff is claiming against BP Shipyard an amount of RM23,141,373.37, costs and other reliefs that the Court deems just and fit, arising from an alledged breach of two contracts, both dated 3 September 2008, by BP Shipyard, with regard to the work done and/or goods supplied for the construction of the accommodation work barges for Hull No. 131 (first contract) and Hull No. 132 (second contract). The matter has been fixed for case management on 13 May 2013. The Directors of BP Shipyard are firm in their considered view that the Plaintiff’s claim is without merit and they are confident that BP Shipyard will be able to resist the Plaintiff’s claim. The above aside, BP Shipyard is presently seeking legal advice in respect of a counterclaim to be filed by BP Shipyard against the Plaintiff in this action. Further announcement will be made as the case progress. This announcement is dated 30 April 2013.

Sealink wins RM113m worth of contracts

KUALA LUMPUR: Sealink International Bhd has secured new contracts totalling RM113mil, consisting of contracts for the sale of two offshore support vessels and long-term charters for four vessels.

In a filing with Bursa Malaysia, it said the contracts for the two offshore support vessels are worth about RM42mil and the vessels would be delivered to the overseas customers by year-end and early next year.

The long-term charters for four offshore support vessels were worth about RM71mil. - Bernama

[theStar]

海聯國際達成1.13億船艦相關交易

（吉隆坡24日訊）海聯國際（SEALINK,5145,主板工業產品組）達成1億1千300萬令吉的船艦相關交易。

該公司發文告說，將以4千200萬令吉脫售兩艘離岸支援船予外國客戶，並以7千100萬令吉出租4艘離岸支援船。（星洲日報／財經）

Shipbuilding, repair sector to create 20,000 jobs

KUALA LUMPUR: The shipbuilding and ship repairing industry will generate 20,000 employment opportunities by 2020, said International Trade and Industry Minister, Datuk Seri Mustapa Mohamed.

"A challenge that we face in this industry is a shortage of human capital, with a number of high-value jobs being done outside Malaysia.

"Basic ship repairing and ship building is done in Malaysia but when it comes to the finishing touches, it goes elsewhere. This due to the lack of skilled manpower and we need to address it.

"To date there are about 30,000 people working in this sector in Malaysia and it will increase to 50,000 by 2020," Mustapa told reporters at the Second National Marine Industries Forum, here on Tuesday.

He said the Malaysia Shipbuilding/Ship Repairing Strategic Plan 2020 is designed to put the country on the global map of major shipbuilding nations.

"The strategic plan helps chart the highly potential sector's growth and provide the framework for its development in a structured and well-planned manner," Mustapa added. - Bernama

[theStar]

SEALINK show time?????

**LiangChai : SEALINK move Slowly and steady..........

航运业造船业同受运力过剩困扰，短期难见曙光

业界人士在日前于新加坡举行的亚太海事展上预测，全球航运业和造船业仍将受到运力过剩和全球经济前景不明朗的影响，短时间内难见到曙光。

　　一些分析人士表示，金融危机之后，尤其是最近半年内一些因素相互叠加，导致航运业前景不确定性增加。但也有行业人士认为，航运业最终会走出低迷，而亚太地区的岸外业务和高技术含量、高附加值的船型的生产销售仍会是亮点。

　　新加坡裕廊海港私人有限公司高管表示，2008年是全球航运业的转折点，由于需求萎缩，行业形势急转直下。2009年之后出现短暂复苏，这让许多业界人士误以为贸易会很快回暖，又开始下单订船。这是造成目前运力过剩的重要因素。

　　环球海运集团新加坡主席兼首席执行官马赫什·西瓦萨米说，造成运力过剩的因素之一，是金融危机后推迟交付的造船订单在最近半年内逐渐交付使用，而应该在这一段时期交付的船只又按期交付。两种供应因素相互叠加，加剧运力过剩局面。因此，未来一年行业前景仍将比较困难。

　　航运业运力过剩，船舶制造业自然也受到影响。中国机电产品进出口商会副会长石永红介绍说，去年全球船舶制造业新订单下滑了约一半，中国船舶制造业在去年下半年的新订单同比也减少了约四成。

　　石永红表示，很多企业接到新订单减少，只能依靠“老”的订单维持运营。据了解，一部分造船企业的订单足以维持到今年年底，也有一些企业能够维持到2013年底。

　　中国船舶工业行业协会年初发布的报告说，2012年新船订造量约为7000万至8000万载重吨，造船完工量预计约为1.5亿载重吨。船舶产品供需失衡的状况将更加严重，甚至可能恶化，新船价格可能将继续下滑。业界人士也表示，中国造船企业还面临人力等要素成本上升的挑战。

　　新加坡法律专家捷亚·普特拉预计，全球海事行业最早也要到2013年中期才能复苏，一些企业可能会出现资金困难。

　　不过，业界人士表示，航运业仍是全球经济的重要部门，全球货物贸易的90%仍要依靠海运。石永红预计，航运业和造船业在两到三年内终将渡过困难时期。
　　中国船舶工业行业协会方面也表示，万箱级集装箱船、液化天然气船等轮船的建造订单价格预计将保持平稳。

　　太古岸外新加坡总经理乔治·霍辛顿表示，亚太区强劲的经济势头是岸外行业前景的重要支持因素，因此其长期前景并没有那么悲观。也有业界人士表示，随着亚洲区内贸易的增加，亚洲已经成为全球海事行业的引擎。
　　此次海事展设有中国展区，共有65家中国企业参展，其中包括集体亮相的江苏南通船舶制造业基地多家企业。
　　石永红说，中国船舶制造业的技术实力与日韩等国相比仍有差距。相对而言，中国企业的优势集中在劳动密集、资金密集和技术比较成熟的业务板块。不过，中国船舶制造业近年来仍取得了长足进展。中国机电产品进出口商会船舶分会秘书长张守淳介绍说，中国企业也在抓住时机进行产业升级，加强绿色技术等领域的投入。

　　中国造船业仍需努力求存

　　据新华社电中国造船业在低迷期激烈竞争中仍需努力争取订单，同时从质量、成本和研发等多方面努力以求存。
　　业界人士对全球造船业前景仍保持较为悲观的看法，认为航运业要消化运力过剩尚需时日。中国船舶工业行业协会秘书长王锦连说，造船企业在2003年开始的5年空前旺市中积累了大量订单，虽然航运业从2008年起至今持续低迷，但造船企业手上的订单仍在维持其运营，这些船交付之后预计会造成航运部门又一轮运力过剩。
　　王锦连表示，业界人士的看法是航运业复苏可能需要2至3年，而造船业复苏会相应滞后一两年。不过，如果全球经济复苏步伐加快，航运业复苏也会较快。但即便如此，造船业复苏“怎么也要3年左右的时间”。

　　王锦连表示，中国造船企业仍需努力争取订单；同时也要千方百计提高产品质量，缩短造船周期，控制成本；此外还要贴近市场，加强研发，对于最近几年出现的安全和环保新标准要加强跟踪研究，更好满足船东需求。

　　他表示，中国造船业已有了一些研究绿色造船等新趋势的机构。虽然跟日本和韩国相比仍存在一些滞后状况，但中国一些船厂仍能顺利应对一些新的规范。尽管如此，中国造船业在这方面仍需抓紧时间。

　　中国机电产品进出口商会船舶分会秘书长张守淳表示，中国造船业近年来加强技术研发投入取得不错进展，在液化天然气船、液化石油气船和万箱级以上超大型集装箱船以及一些海事工程领域取得了突破。在散货船、油船和集装箱船等三大主力船型以及产品节能方面也有显著提升。

　　他表示，在后金融危机时代的严峻形势下，中国船舶工业加快了前进步伐，尤其是在研制、设计、建造和出口高技术含量、高附加值的船舶方面步伐比以前加大了。

中国船舶订单量只够1.8年 部分船厂停工在即

受全球经济影响，国际造船业低迷，一年来船厂拿不到海外订单

　工信部装备工业司7月31日发布的数据显示，上半年，全国造船完工量3220万载重吨，同比增长4.2%；承接新船订单1074万载重吨，同比下降50.3%。截至2012年6月底，我国手持订单仅剩12587万载重吨，同比下降30.7%，比2011年底下降16%，已不足我国造船业1.8年的工活量。按手持订单交付期推算，部分船厂已经无法保证今年下半年的开工需求。

　　保持四成市场份额

　　在世界船市低迷的时期，我国仍能保持较高的市场份额。统计数据显示，上半年中国船舶(600150,股吧)工业造船完工、新接订单、手持船舶订单（6月底）三大指标，按载重吨计分别占世界市场份额的40.7%、40.8%和42.3%；按修正总吨计算，三大指标占比也都超过35%。 

　　上半年，全国规模以上船舶工业企业1630家，完成工业总产值3971亿元，同比增长4.7%。其中，船舶制造业2999亿元，同比增长0.5%；船舶配套业565亿元，同比增长25.8%；船舶修理业87.9亿元，同比增长9.8%；船舶改装业157亿元，同比增长25.4%；海洋工程装备制造业141亿元，同比增长10%。 

　　国际新造船市场上，需求船型结构较上一年再度发生变化。尽管散货船成交总量低迷，但依然占据市场主导地位，油船成交也开始小幅回升。与油气勘探、开发、生产与运输相关的大型装备产品市场（油船、液化气船、钻井平台、生产平台和海工辅助船）综合表现较为活跃，而集装箱船特别是超大型集装箱船市场十分疲软。业内专家指出，目前全球船舶市场供需矛盾难以消除，船舶市场仍将持续低迷，短期内市场回升的可能性较小。 

　　接船难 交船难 

　　今年上半年，新船成交持续低迷，国内新接订单仅为1074万载重吨，只有同期新船完工量的33%。同时，受散货船市场极度低迷的影响，撤销船舶订单量有所上升，上半年全国被撤销船舶订单41艘、258万载重吨，是去年全年撤单总量的1.3倍。

　　受航运市场低迷，船东经营持续亏损的影响，交船难的现象从中小船厂向骨干船厂蔓延。船东更改设计、变更合同期、严格检验、调整船价等要求越来越多，加上国际新标准、新规范陆续实施，船舶交付越来越困难。部分造船企业管理粗放，对规范、标准理解不充分，对船东的严格要求不相适应，交船难度明显加大，延期交船情况增多。

　　受金融危机影响，全球银行放贷额度收缩，船东融资难问题加剧，新船合同的预付款比例从40%大幅下降至10%左右，且交船后进度款支付的比例较多，还不能及时回款，使企业生产资金流动性不足问题日益严重。统计显示，1-5月份船舶企业应收账款同比上升26.6%，负债同比上升9.5%，利息支出同比上升43%，财务费用同比上升77%。

　　船舶市场持续低迷，我国船企占据优势的三大主流船型船价继续下跌，船价与成本费用倒挂的矛盾十分突出。统计显示，1-5月份船舶行业主营业务收入同比增长了5.3%，但主营业务成本同比增长7.2%，增幅高于主营业务收入1.9个百分点。产品销售利润率仅为4.77%，同比下降30.7%。亏损企业数量增加到347家，亏损额同比大幅上升62.9%。部分中小企业面临更为严峻的考验，转产、倒闭、减员现象日益严重。

　　业内专家建议，相关部门应加大资金投资力度，支持企业进行高新技术研发，引导企业从常规船型向高新技术船型转移，帮助和引导企业形成品牌优势；鼓励造船企业之间的兼并、收购和重组，调节造船产能，坚决淘汰落后产能，让资源在市场作用下配置到有竞争力的企业手中，改善产能和需求之间的矛盾，加速产业转型升级。

Sealink turns cautious amid weak market conditions

Insider Asia
Written by Insider Asia
Wednesday, 21 March 2012 11:46

Sealink International (42.5 sen) has scaled back plans for the number of vessels to be built this year due to the global economic uncertainties. Its chartering business is also expected to see more vessels slated for dry-docking, which would dampen otherwise fairly resilient earnings. As such, sales and earnings are expected to contract this year before an anticipated recovery in 2013.

Note that the company had written off some RM5.5 million of deposits for new engines in its latest earnings results for 4Q11, after cancelling plans for the construction of some vessels due to an oversupply of certain types of vessels in the market amid heightened global economic uncertainties. These were orders made before the global financial crisis.

The write-off further depressed earnings in the absence of any vessel sales during the quarter. As a result, total net profit fell to just RM700,000 in 4Q11, down 93% year-on-year (y-o-y) and 68% quarter-on-quarter (q-o-q). The shipbuilding arm remained in the red.

For the full year, sales were down by about 10% to RM201.9 million amid weaker vessel sales, although this was offset somewhat by stronger chartering revenue. The latter was up 26% y-o-y on the back of improved demand, especially for longer term charters, and stabilisation in rates.

Sealink’s chartering fleet remained at 37 with the addition of two new offshore support vessels housed under associates. Earnings before interest and tax (Ebit) for the unit improved to RM31.9 million in 2011, up from RM24.4 million in the previous year.

However, the increase in chartering earnings was not sufficient to offset the drop in contributions from the shipbuilding arm. Ebit from shipbuilding totalled just RM3.6 million, after falling into the red in 2H11, down from RM24.2 million in 2010.

Net profit for the company totalled RM17.6 million, down 47% from RM33.6 million in 2010.

Weak market amid tighter credit and global uncertainties
The outlook for the current year remains poor. We estimate shipbuilding sales will drop further to roughly RM75 million, down from RM114.5 million in 2011.

The global economic slowdown and eurozone debt crisis has resulted in widespread credit tightening for the shipbuilding sector. The industry as a whole, and the dry bulk segment in particular, is undergoing its own crisis of excess capacity and falling prices.

Note that Sealink’s shipbuilding arm is modelled primarily on a build and sell basis. Thus, the company has prudently scaled down its own plans due to the weaker market conditions.

It has one completed vessel, slated for sale later in the year, and five smaller ones are currently under or about to start construction. We assume two of the five vessels will be kept for its chartering business and the remaining three to be sold to third parties, likely in 2H12.

Earnings from the unit are expected to be marginal given the fixed overheads, type of vessels built and under-utilisation. Its two shipyards have a combined capacity to build up to 17 vessels per year.

We also expect revenue from the chartering business to come off in 2012, mostly due to the high number of vessels slated for dry-docking to undergo surveys and maintenance. Positively, some of the work will be done at its own repair yard, which was completed early this year. This should result in some cost savings.

Sealink expects market conditions to gradually improve in 2013
Sealink is in the process of finalising the designs for the construction of four or five new vessels, which will be completed in 2013/14. One or two of these may be transferred to the chartering arm and the remaining to be sold. These new, higher value vessel types are expected to lift sales and earn better margins. The company expects the shipbuilding arm to rebound strongly next year from a low base.

Chartering revenue and earnings are also expected to regain traction in 2013, after a rush of scheduled maintenance this year. Chartering demand for offshore support vessels in the oil and gas sector is expected to remain fairly resilient on the back of high crude oil prices, which should continue to support exploration and production.

Activities in the domestic oil and gas sector are expected to gather momentum with higher contract flow from the national oil company, Petroliam Nasional Bhd. Demand from overseas charters is also expected to remain strong. Currently, several of Sealink’s larger vessels, accounting for roughly one-third of revenue, are on long-term charters abroad, including in Australia.

Plus, the company plans to add at least two large vessels to its fleet in 2H13, which will give chartering earnings a material boost. The vessels are currently under construction in China.

Waiting for clearer evidence of turnaround
We estimate net profit will drop to RM14.6 million this year, from RM17.6 million in 2011, before rebounding in 2013, to RM28.5 million. That prices the stock at roughly 14.5 our estimated earnings for 2012 and 7.5 times for 2013 at the current price of 42.5 sen.

The company has yet to announce any dividends for 2010. Although Sealink’s gearing remains comparatively modest at about 60%, we assume no dividends will be paid in 2011/12 taking into account the management’s prudent approach.

Sealink’s shares have fallen well off their 52-week high of 80 sen amid a weakening outlook for the sector. The downside from here on appears limited with the stock trading well below its net assets per share of 89 sen.

Its shares may continue to underperform pending firmer evidence of a turnaround.


Note: This report is brought to you by Asia Analytica Sdn Bhd, a licensed investment adviser. Please exercise your own judgment or seek professional advice for your specific investment needs. We are not responsible for your investment decisions. Our shareholders, directors and employees may have positions in any of the stocks mentioned.


This article appeared in The Edge Financial Daily, March 21, 2012.

[theedgemalaysia]

MAYBULK UPTREND???

**LiangChai：看来下个星期，Shipping counter 会有一番作为
ALAM
SEALINK(monitor)
SYSCORP

Baltic Dry Index plunge signals a major drop in economic activity

**LiangChai: What happen if BDI index below 1000 then now at 862????
Those stock related with BDI index....
MAYBULK 
COASTAL
ALAM
SYSCORP
HUBLINE
TAS
TGOFFS
SEALINK




3 days news
Index loses 53 per cent in three years. It is a measure of maritime shipping costs for commodities like minerals and grains (with the Pacific Ocean as the hub). The recent decline reflects trends in industrial output in Asia, especially China.

Milan (AsiaNews) – The Baltic Dry Index (BDI) hit a new low at 1.013 points (pts), dropping by 40 pts (-3.80 per cent) from the previous closing. This represents a drop of 47.51 per cent in 35 days compared to the 12 December session, when it closed at 1,930 pts. In the past 52 weeks, it slid by 53.38 per cent from a high of 2,173 pts (set on 14 October 2011). Yesterday’s level represents the lowest in the past three years and is a sign of a steep and sudden decline. This is important because it is an indicator of deep cuts in basic economic activity in Asian nations on the Pacific Ocean, most notably China.

The index had also taken a nosedive in 2008, but one that was even steeper than the current one. On 20 May 2008, the BDI had hit 11,793 pts, its highest level since it was first introduced in 1985. Only six months later, on 5 December, it hit its lowest point (in the middle of the post-Lehman Brothers crisis), at 663 pts for an overall decline of 94 per cent.

In order to understand the importance of these numbers, we must first consider the term itself. The Baltic Dry Index has nothing to do with today’s Baltic Sea, because the bulk of today’s maritime trade takes place in the Pacific, but it did 270 years ago, in 1744 to be more precise.

The BDI is a measure of costs for commodities shipped in bulk dry cargo carriers. In practice, it refers to shipping costs for goods, especially mining products (mostly coal and iron) and grains (wheat, soya, maize and other cereals), transported in bulk quantities in big cargo ships (from 30,000 to over 100,000 tonnes per ship).

The BDI is equally important from a macroeconomic point of view. It is a good indicator of trade in raw materials and agricultural commodities. For instance, shipments of minerals are an indication of basic industrial trends. A drop in iron ore shipments reflects a lower demand for steel in construction and heavy industry. A drop in agricultural commodities indicates lower output since relative demand for food staples tends to be stable, albeit on a slightly upward curve. More recently however, the relation between agricultural production and demand (tied to consumption and economic cycle) has been less significant because a substantial portion of grain production has gone into non-food use, like biofuels.

Since bulk dry cargo ships carry commodities used in semifinished products and industrial goods like cement and (coal-generated) power, the BDI is a forecasting tool of future economic activity.

Presently, because most primary industrial production is centred in Asia, especially China, so most bulk dry cargo shipping criss-crosses the Pacific. Thus, the current low BDI indicates a major and sudden drop in industrial production in Asia, chiefly in China, down to one of its lowest point, about a tenth of what it was in 2008.

LiangChai Stock Watch : SEALINK

SEALINK posted Nine-month net profit 16.890 million (decreased 28.97%)

SEALINK posted Nine-month net profit 16.890 million (decreased 28.97%)

Sealink today got volume

Today someone grab Sealink. Hmmm....

Sealink 1H net profit 14.587 million (decreased 37.27%)

Sealink Volume Distribution

                            1 Day

                            5 Day
                            5 days chart excludes current trading day's data

                            10 Day
                            10 days chart excludes current trading day's data

AmResearch: RM1.70 fair value for Sealink shares

Published: 2008/07/02

AMRESEARCH estimates that shares of Sealink International, a shipbuilder, have a fair value of RM1.70 each when they make their debut on Bursa Malaysia.

This implies a 36 per cent potential upside from the initial public offering price of RM1.25 each, and values the company at 12 times its forecast fiscal 2009 earnings.

Miri-based Sealink does shipbuilding and the chartering of vessels. It is an integrated service provider of support vessels for the offshore oil and gas industry.

AmResearch said the company's shipbuilding and chartering activities are highly complementary and provide it a competitive edge over rivals who do pure shipbuilding or chartering.

"In addition to business intelligence gathered in both market segments, the model gives it the flexibility to sell or retain completed vessels for hire to take full advantage of prevailing market conditions," the broker said.

Sealink has two shipyards in Miri, measuring 12.4 ha in total, which can build 15 vessels a year. The shipyards are operating near full capacity. The chartering division has a fleet of 29 vessels which are mainly under short-term charter contracts.

With the robust growth expected for oil and gas exploration and production at shallow and deepwater sites, demand from marine support services are expected to be strong globally.

In Malaysia alone, revenues from shipbuilding and chartering of vessels for the offshore oil and gas industry are expected to grow at 20 per cent average a year over the next five years.

"Management has long-term plan to build the group as a sizeable integrated service provider," AmResearch said.

"Bullish market conditions in the next few years should allow the group to reap good profits, albeit lower than if it were to sell all its vessels constructed from shipbuilding and grow its fleet of vessels," said the report.

Sealink's strategy to grow its charter fleet should translate to more stable earnings base. The group is also setting its presence globally by selling its vessels overseas.

Read more: AmResearch: RM1.70 fair value for Sealink shares http://www.btimes.com.my/Current_News/BTIMES/articles/AmResearch__RM1_70_fair_value_for_Sealink_shares20081024145457/Article/