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Dec 23, 10:14
Standard & Poor's Rating Services downgrades Japan's Kawasaki Kisen ratings ...
seagull Dec 23, 10:14
Standard & Poor's Rating Services downgrades Japan's Kawasaki Kisen ratings to 'BB'
Standard & Poor's Rating Services today lowered to 'BB' from 'BB+' its long-term corporate credit and senior unsecured debt ratings on Kawasaki Kisen Kaisha Ltd. (Kawasaki Kisen), one of the world's leading shipping companies, and removed the ratings from CreditWatch, where we placed them on Oct. 5, 2011, Reuters reports. The outlook on the ratings is stable. We base this action on our view that the company will show a sharp deterioration in earnings and financial performance in its financial results for fiscal 2011 (ended March 31, 2012) amid difficult conditions in the container shipping industry. The outlook on the long-term corporate credit rating is stable, reflecting our expectation that the company's financial performance will gradually recover in coming years.
Kawasaki Kisen expects to make a large net loss of JPY32 billion in fiscal 2011. Across the industry, higher fuel costs and fierce competition on prices have produced a significant deterioration in the profitability of container shipping companies. The strong yen, a sluggish dry bulk market, and a sharp decline in car exports following the Great East Japan Earthquake on March 11 further weakened the company's earnings. Standard & Poor's believes Kawasaki Kisen's ratio of total debt to capital will increase to 70% or more as of March 31, 2012.
However, we are of the opinion that Kawasaki Kisen's key financial ratios will recover gradually after hitting bottom in fiscal 2011. In our view, the company is likely to lower debt to EBITDA to below 5x in the coming two to three years from a level we estimate of more than 13x in fiscal 2011. We expect the market for container and dry bulk shipping to remain weak because new vessels that shipping companies are scheduled to launch will continue to increase capacity. However, most container operators, including Kawasaki Kisen, are eager to increase prices following significant losses. Also, Standard & Poor's expects earnings in Kawasaki Kisen's car carrier business to improve steadily on the back of a recovery in production at Japanese automakers. At the same time, company management has frozen new capital expenditure on fleet expansion to improve the company's financial standing.
We may consider lowering the ratings on Kawasaki Kisen if weakness in the shipping market results in a larger loss than the company expects in fiscal 2011. Another loss or negative free cash flow in fiscal 2012 would further pressure the ratings. On the other hand, we may revise the outlook to positive if we become more confident that Kawasaki Kisen can lower its debt to EBITDA to below 4x. Given the severity of the current business environment, however, we believe the possibility of such an outcome is low.
en.portnews.ru
Standard & Poor's Rating Services downgrades Japan's Kawasaki Kisen ratings to 'BB'
Standard & Poor's Rating Services today lowered to 'BB' from 'BB+' its long-term corporate credit and senior unsecured debt ratings on Kawasaki Kisen Kaisha Ltd. (Kawasaki Kisen), one of the world's leading shipping companies, and removed the ratings from CreditWatch, where we placed them on Oct. 5, 2011, Reuters reports. The outlook on the ratings is stable. We base this action on our view that the company will show a sharp deterioration in earnings and financial performance in its financial results for fiscal 2011 (ended March 31, 2012) amid difficult conditions in the container shipping industry. The outlook on the long-term corporate credit rating is stable, reflecting our expectation that the company's financial performance will gradually recover in coming years.
Kawasaki Kisen expects to make a large net loss of JPY32 billion in fiscal 2011. Across the industry, higher fuel costs and fierce competition on prices have produced a significant deterioration in the profitability of container shipping companies. The strong yen, a sluggish dry bulk market, and a sharp decline in car exports following the Great East Japan Earthquake on March 11 further weakened the company's earnings. Standard & Poor's believes Kawasaki Kisen's ratio of total debt to capital will increase to 70% or more as of March 31, 2012.
However, we are of the opinion that Kawasaki Kisen's key financial ratios will recover gradually after hitting bottom in fiscal 2011. In our view, the company is likely to lower debt to EBITDA to below 5x in the coming two to three years from a level we estimate of more than 13x in fiscal 2011. We expect the market for container and dry bulk shipping to remain weak because new vessels that shipping companies are scheduled to launch will continue to increase capacity. However, most container operators, including Kawasaki Kisen, are eager to increase prices following significant losses. Also, Standard & Poor's expects earnings in Kawasaki Kisen's car carrier business to improve steadily on the back of a recovery in production at Japanese automakers. At the same time, company management has frozen new capital expenditure on fleet expansion to improve the company's financial standing.
We may consider lowering the ratings on Kawasaki Kisen if weakness in the shipping market results in a larger loss than the company expects in fiscal 2011. Another loss or negative free cash flow in fiscal 2012 would further pressure the ratings. On the other hand, we may revise the outlook to positive if we become more confident that Kawasaki Kisen can lower its debt to EBITDA to below 4x. Given the severity of the current business environment, however, we believe the possibility of such an outcome is low.
en.portnews.ru
Sep 29, 8:47
"K" Line India to commence management of bulk carrier operations in In...
seagull Sep 29, 8:47
"K" Line India to commence management of bulk carrier operations in India trade
Kawasaki Kisen Kaisha, Ltd., Tokyo ("K" Line) is pleased to announce that ‘K’ LINE (INDIA) PRIVATE LIMITED (‘K’ LINE INDIA) will commence management of bulk carrier operations (post fixture) from India, the Company said Tuesday.
Currently, five CVCs (Panamax and Post Panamax) and one COA contract (Panamax) have been serving JSW Group’s coal requirements. All operational work of these bulk carriers which was earlier handled by "K" Line in Tokyo will now be handled by "K" LINE INDIA’s staff effective October 1st, 2011.Â
"K" Line has concluded both CVC and COA contracts with JSW Group, the total now being fourteen. The vessels have been undertaking all marine transportation of Australian, Indonesian and South African coal bound to JSW Group’s facilities in India.
Management of these bulk carrier operations (post fixture) from India will greatly assist customers in India. It also shows "K" Line`s determination to extend customer-oriented services that provide prompt support and quick access for its esteemed customers.
Source: shippingazette.com
"K" Line India to commence management of bulk carrier operations in India trade
Kawasaki Kisen Kaisha, Ltd., Tokyo ("K" Line) is pleased to announce that ‘K’ LINE (INDIA) PRIVATE LIMITED (‘K’ LINE INDIA) will commence management of bulk carrier operations (post fixture) from India, the Company said Tuesday.
Currently, five CVCs (Panamax and Post Panamax) and one COA contract (Panamax) have been serving JSW Group’s coal requirements. All operational work of these bulk carriers which was earlier handled by "K" Line in Tokyo will now be handled by "K" LINE INDIA’s staff effective October 1st, 2011.Â
"K" Line has concluded both CVC and COA contracts with JSW Group, the total now being fourteen. The vessels have been undertaking all marine transportation of Australian, Indonesian and South African coal bound to JSW Group’s facilities in India.
Management of these bulk carrier operations (post fixture) from India will greatly assist customers in India. It also shows "K" Line`s determination to extend customer-oriented services that provide prompt support and quick access for its esteemed customers.
Source: shippingazette.com
Sep 18, 9:50
Kawasaki wins contract for 7 boiler units for Shell's floating LNG facility
Kaw...
seagull Sep 18, 9:50
Kawasaki wins contract for 7 boiler units for Shell's floating LNG facility
Kawasaki Heavy Industries, Ltd. has secured a contract from Technip for supplying 7 units of boilers for Shell’s floating LNG facility Prelude, the world’s first Floating LNG facility, The boilers to be supplied by Kawasaki are the largest ever in the capacity for marine use, KHI said Thursday.
The boilers will be installed on the topside of the Prelude facility, and supply 220 tonnes per hour of high temperature and high pressure steam. The steam produced by these boilers will be used for power generation and LNG production processes in the Prelude facility.
Shell’s Prelude floating liquefied natural gas facility will be moored over 200 kilometers offshore North West Australia, in water about 250 meters deep. At 488 meters long and 74 meters wide, Prelude will be the largest floating offshore facility in the world.
Kawasaki has supplied more than 1,200 boiler units, not only for land use for firing various kinds of fuel but also for marine use including LNG carriers. This contract award is testimony to Kawasaki’s proven track record and technical capability, which has realized reliable and robust boilers that can operate under severe offshore conditions.
In parallel with an expected increase of worldwide energy consumption, floating LNG facilities are anticipated to be required worldwide in addition to conventional onshore LNG plants, and opportunities for boilers for such facilities are expected to grow accordingly.
Source: shippingonline.cn
Kawasaki wins contract for 7 boiler units for Shell's floating LNG facility
Kawasaki Heavy Industries, Ltd. has secured a contract from Technip for supplying 7 units of boilers for Shell’s floating LNG facility Prelude, the world’s first Floating LNG facility, The boilers to be supplied by Kawasaki are the largest ever in the capacity for marine use, KHI said Thursday.
The boilers will be installed on the topside of the Prelude facility, and supply 220 tonnes per hour of high temperature and high pressure steam. The steam produced by these boilers will be used for power generation and LNG production processes in the Prelude facility.
Shell’s Prelude floating liquefied natural gas facility will be moored over 200 kilometers offshore North West Australia, in water about 250 meters deep. At 488 meters long and 74 meters wide, Prelude will be the largest floating offshore facility in the world.
Kawasaki has supplied more than 1,200 boiler units, not only for land use for firing various kinds of fuel but also for marine use including LNG carriers. This contract award is testimony to Kawasaki’s proven track record and technical capability, which has realized reliable and robust boilers that can operate under severe offshore conditions.
In parallel with an expected increase of worldwide energy consumption, floating LNG facilities are anticipated to be required worldwide in addition to conventional onshore LNG plants, and opportunities for boilers for such facilities are expected to grow accordingly.
Source: shippingonline.cn
May 11, 10:13
Seaspan accepts delivery of sixtieth containership
Seaspan Corporation announce...
seagull May 11, 10:13
Seaspan accepts delivery of sixtieth containership
Seaspan Corporation announced today that it accepted delivery of the Berlin Bridge, a 4500 TEU containership, from Samsung Heavy Industries Co., Ltd. The new containership is Seaspan's fifth delivery in 2011 and expands the Company's operating fleet to 60 vessels, Stockhouse reports.
The Berlin Bridge is on charter to Kawasaki Kisen Kaisha Ltd. ("K-Line"
of Japan under a twelve-year, fixed-rate time charter with options to K-Line to extend the charter term up to an additional six years. The vessel is the fourth of five 4500 TEU sister ships and the sixth of a total of seven vessels to be chartered by Seaspan to K-Line.
About Seaspan
Seaspan is a leading independent charter owner of containerships, which it charters primarily pursuant to long-term fixed-rate time charters to major container liner companies. Seaspan's contracted fleet of 69 containerships consists of 60 containerships in operation and 9 containerships scheduled for delivery through March 2012. Seaspan's operating fleet of 60 vessels has an average age of approximately five years and an average remaining charter period of approximately seven years. All of the 9 vessels to be delivered to Seaspan are already committed to fixed-rate time charters of 12 years in duration from delivery. Seaspan's customer base consists of eight of the world's largest liner companies, including A.P. Moller-Maersk A/S, China Shipping Container Lines (Asia) Co., Ltd., Compania Sud Americana de Vapores S.A., COSCO Container Lines Co., Ltd., Hapag-Lloyd USA, LLC, Kawasaki Kisen Kaisha Ltd., Mitsui O.S.K. Lines, Ltd., and United Arab Shipping Company (S.A.G.).
Seaspan's common shares are listed on the New York Stock Exchange under the symbol "SSW".
Seaspan's Series C preferred shares are listed on the New York Stock Exchange under the symbol "SSW PR C".
fairplay.co.uk
Seaspan accepts delivery of sixtieth containership
Seaspan Corporation announced today that it accepted delivery of the Berlin Bridge, a 4500 TEU containership, from Samsung Heavy Industries Co., Ltd. The new containership is Seaspan's fifth delivery in 2011 and expands the Company's operating fleet to 60 vessels, Stockhouse reports.
The Berlin Bridge is on charter to Kawasaki Kisen Kaisha Ltd. ("K-Line"
of Japan under a twelve-year, fixed-rate time charter with options to K-Line to extend the charter term up to an additional six years. The vessel is the fourth of five 4500 TEU sister ships and the sixth of a total of seven vessels to be chartered by Seaspan to K-Line.About Seaspan
Seaspan is a leading independent charter owner of containerships, which it charters primarily pursuant to long-term fixed-rate time charters to major container liner companies. Seaspan's contracted fleet of 69 containerships consists of 60 containerships in operation and 9 containerships scheduled for delivery through March 2012. Seaspan's operating fleet of 60 vessels has an average age of approximately five years and an average remaining charter period of approximately seven years. All of the 9 vessels to be delivered to Seaspan are already committed to fixed-rate time charters of 12 years in duration from delivery. Seaspan's customer base consists of eight of the world's largest liner companies, including A.P. Moller-Maersk A/S, China Shipping Container Lines (Asia) Co., Ltd., Compania Sud Americana de Vapores S.A., COSCO Container Lines Co., Ltd., Hapag-Lloyd USA, LLC, Kawasaki Kisen Kaisha Ltd., Mitsui O.S.K. Lines, Ltd., and United Arab Shipping Company (S.A.G.).
Seaspan's common shares are listed on the New York Stock Exchange under the symbol "SSW".
Seaspan's Series C preferred shares are listed on the New York Stock Exchange under the symbol "SSW PR C".
fairplay.co.uk
May 2, 10:57
Kawasaki Heavy suffers losses in ship and offshore division
Kawasaki Heavy Indu...
seagull May 2, 10:57
Kawasaki Heavy suffers losses in ship and offshore division
Kawasaki Heavy Industries unveiled that its ship and offshore division suffering losses for the financial year ended 31 March 2011, Seatrade Asia reports.
The Tokyo-based group announced on Thursday that revenue for the ship and offshore division fell 22% year-on-year to JPY118.4bn ($1.5bn) compared to previous year's figure of JPY151.9bn. In the financial year 2010-11, Kawasaki won orders for 11 bulkers and one submarine worth JPY78.9bn, surpassing the order worth of JPY16.1bn in 2009-10.
The group's order backlog for the reporting period, however, dropped 19% to JPY177.3bn compared to the previous year. Looking ahead, Kawasaki forecast revenue of JPY110bn and operating loss of JPY4bn in the coming year for its ship and offshore division. It also expects to win new orders worth JPY60bn, down 24% year-on-year.
seanews.ru/event
Kawasaki Heavy suffers losses in ship and offshore division
Kawasaki Heavy Industries unveiled that its ship and offshore division suffering losses for the financial year ended 31 March 2011, Seatrade Asia reports.
The Tokyo-based group announced on Thursday that revenue for the ship and offshore division fell 22% year-on-year to JPY118.4bn ($1.5bn) compared to previous year's figure of JPY151.9bn. In the financial year 2010-11, Kawasaki won orders for 11 bulkers and one submarine worth JPY78.9bn, surpassing the order worth of JPY16.1bn in 2009-10.
The group's order backlog for the reporting period, however, dropped 19% to JPY177.3bn compared to the previous year. Looking ahead, Kawasaki forecast revenue of JPY110bn and operating loss of JPY4bn in the coming year for its ship and offshore division. It also expects to win new orders worth JPY60bn, down 24% year-on-year.
seanews.ru/event
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