China Merchants intends to integrate the shipping business of CIMC and AVIC International.
According to Caixin. China Merchants Group intends to integrate the shipping business of CIMC and AVIC International. After the integration, the shipping and offshore business of the three enterprises will be operated by China Merchants Industry Group Co., Ltd. (China Merchants Industry) under China Merchants Group. In response to relevant reports, CIMC said that it is impossible to confirm the authenticity of the plan at present, but the reorganization of CIMC offshore engineering has been advancing. AVIC International confirmed this integration.
It is not the first time that China Merchants Group has taken the lead in the integration of domestic marine business. In April this year, it was reported that China Merchants Group, CIMC, Shenzhen and SDIC Innovation Investment Management Co., Ltd. were setting up "China Offshore Group", striving to become a world-class leader in overall solutions for offshore engineering, with five construction bases in North China, East China and South China and six technology centers in Shenzhen, Yantai, Haimen, Sweden, Norway and Italy. Among them, China Merchants Group and CIMC intend to inject assets and business related to offshore engineering of both parties, and Lushen City and SDIC Innovation will be strategic investors, with cash injection.
But this time, AVIC International may become a "new member" of offshore business integration, and form an integrated interaction with China Merchants Group across the central enterprise level.
CIMC's marine business is mainly CIMC Raffles, with three construction bases in Yantai, Haiyang and Longkou, which mainly build semi-submersible drilling platforms, special ships and other marine products. AVIC International Holdings' main shipping business is AVIC ships, with two shipyards, AVIC Dingheng Shipyard and AVIC Weihai Shipyard, which mainly build high value-added special ships and chemical ships. Both of them overlap with the industrial business of China Merchants.
In addition, China Merchants began to integrate shipbuilding assets last year and signed a management custody agreement with Sinotrans Changhang Group. From 20 19 12, China Merchants Industrial Trust Jinling Shipyard and Jiangdong Shipyard under Sinotrans Changhang Group. Jinling Shipyard mainly produces special ships with high added value and high technology content, forming a brand advantage of deeply cultivating the ro-ro ship construction market and becoming the manufacturer delivering the most ro-ro ships in China.
China Merchants acquired CIMC shares, laying the foundation for offshore industry integration.
In fact, the merger of China Merchants Group and CIMC's offshore business was first seen in the "Implementation Plan for the Construction of Shenzhen Qianhai Shekou Area in China (Guangdong) Pilot Free Trade Zone" issued by Shenzhen Municipal Government on July 20 15. This plan supports China Merchants Group and CIMC to integrate their offshore resources and build Qianhai Shekou Area into the world's largest offshore equipment headquarters base.
2065438+April 2007, China Merchants Industry took over 24.53% shares of CIMC from China Merchants Port and became the largest shareholder of CIMC. This transfer is considered as an equity swap within China Merchants Group, and it can also be understood as a collaborative reorganization of offshore business within China Merchants Group, further laying the foundation for the integration of offshore industries between the two parties.
CIMC's main business is container production, and offshore business only contributed 65,438+0.7% of its revenue in 2065,438+08. Due to the continuous downturn in the offshore market in recent years, CIMC's offshore business has suffered long-term losses. From 20 16 to 20 18, the offshore business lost RMB 2130,000,139,000 and RMB 3.449 billion respectively.
There is a lot of overlap between China Merchants and CIMC in offshore business. CIMC Raffles is the main body of CIMC's offshore business, with three R&D centers in Sweden, Shanghai and Yantai, and three construction bases in Yantai, Haiyang and Longkou. Its main products are high-end marine special ships such as deep-water semi-submersible platforms and jack-up platforms.
CIMC Raffles is the largest manufacturer of deepwater semi-submersible drilling platforms in China. At present, CIMC Raffles has delivered nine deep-water semi-submersible drilling platforms, operating in the Norwegian North Sea, Brazil, West Africa and South China Sea, accounting for 78% of the market share in China during the same period. Five deepwater semi-submersible drilling platforms are under construction, accounting for 23% of the global market share. 2065438+February 2007, CIMC Raffles delivered the world's most advanced semi-submersible drilling platform "Blue Whale 1".
On the other hand, Youlian Shipyard, two industrial subsidiaries of China Merchants, has become an influential high-end brand of marine engineering and ship repair and modification in the world, and China Merchants Heavy Industry has also become a builder of high-end products of marine engineering equipment and special ships in China. 2065438+20051October, 165438+ China Merchants Heavy Industry won an order for four deepwater semi-submersible drilling auxiliary platforms from a Singapore company, which was once considered as a challenge to CIMC Raffles' monopoly position in this field.
Mai Liang Bo, president of CIMC, expressed the possibility of integrating offshore business on several occasions. Mai Liangbo said at the 20 18 performance briefing that CIMC offshore business is in the process of integration, but did not disclose the specific situation; In an exclusive interview with the Securities Times last year, Mai also said that the future development of offshore engineering needs to integrate superior resources, cooperate with each other and strengthen alliances. China Maritime Trade Union stands at the top of the world and has a bright future.
According to the data, if China Merchants Industry and CIMC Raffles merge smoothly, the construction record of jack-up drilling platforms will reach 38, and the construction record of semi-submersible drilling platforms will reach 14. Judging from the historical order record, it will become the first echelon of global marine engineering and will open up a new competitive situation.
When AVIC sold its shipping business, China Merchants Group became a potential investor.
In recent years, the performance of AVIC ships, the shipping business unit of AVIC International Holdings, has been losing money, and AVIC International Holdings has been considering selling the shipping business before. 20 18, 10 In June, AVIC International Holdings announced that it was conducting preliminary negotiations with potential investors on the sale of the ship. At that time, it was reported that China Merchants Group was a potential investor in AVIC's international shipping business, and the shipyard controlled by AVIC International might merge with China Merchants Heavy Industry. This plan is supported by the State-owned Assets Supervision and Administration Commission and is part of the policy of integrating state-owned enterprises into internationally competitive groups.
At present, AVIC has two shipyards-AVIC Dingheng Shipbuilding Co., Ltd. and AVIC Weihai Shipbuilding Co., Ltd., among which Avic Weihai Shipyard mainly builds multi-purpose ships, container ships, bulk carriers, oil tankers, crude oil tankers, ro-ro ships, ro-ro terminals and transport barges. At present, its main target is the passenger-ship business. AVIC Dingheng Shipbuilding mainly builds special ships with high added value, and is committed to building production bases for high-end stainless steel chemical ships and small and medium-sized liquid ships. AVIC Dingheng has built asphalt tankers and small liquefied gas tankers, and now focuses on building small tankers with a deadweight of less than 20,000 tons.
According to Clarkson's data, AVIC Weihai Shipyard currently holds eight orders of 67,000 dwt, all of which are ro-ro passenger ships. AVIC Dingheng Shipyard has 22 ships with 225,598 dwt, including oil tanker 1 ship and chemical tanker 2 1 ship.
In April this year, AVIC International announced that it would sell AVIC Weihai Shipyard to Shenzhen China Merchants Offshore Investment Co., Ltd. ... The two parties signed an agreement, and AVIC International transferred 69.77% equity of AVIC Weihai Shipyard and shareholders' loan of Weihai Shipyard to China Merchants Haitou at a price of no more than 620 million yuan. After the transfer is completed, there is only one shipyard left in AVIC Dingheng. According to informed sources, AVIC Dingheng will be sold to enterprises under China Merchants in the future.
Shenzhen China Merchants Overseas Investment Co., Ltd. is an indirect wholly-owned company of China Merchants Group. China Merchants Shipping Co., Ltd. holds shares 100%. Established on 20 13 1 1.05, its main business scope is investment management. The overseas investment subsidiaries of China Merchants include China Merchants Cruise Manufacturing Co., Ltd., Zhejiang Youlianxiu Shipbuilding Co., Ltd. and Beijing Guohai Offshore Asset Management Co., Ltd.
Similar to China Merchants and CIMC, the shipping business assets of AVIC International Holdings were also impaired due to operating losses. By the end of 20 18, the impairment loss of assets and goodwill of AVIC shipping holdings was 227 million yuan. Therefore, some insiders told the international shipping network that the current operating conditions of CIMC Raffles and AVIC are not optimistic. After being integrated into the investment promotion industry, the synergy generated by the three parties will reduce operating costs and improve operating difficulties.
At present, China Merchants Industry has seven shipbuilding bases, including China Merchants Heavy Industry (Shenzhen), China Merchants Heavy Industry (Jiangsu), Hong Kong Youlian Shipyard, Shekou Youlian Shipyard, Zhejiang Youlian Shipyard (formerly Zhejiang Dong Bang Shipyard Co., Ltd.), Jinling Shipyard and Jiangdong Shipyard. If CIMC Raffles' three construction bases in Yantai, Haiyang and Longkou are added, as well as AVIC Weihai Shipyard and AVIC Dingheng Shipyard, China Merchants Industry will have 12 shipyards. If the North-South Ship is successfully reorganized, China Merchants will integrate the marine business of CIMC and AVIC International, and become the third largest state-owned shipbuilding group in China and the largest offshore equipment manufacturer in the world.