SHI Rongcheng Shipyard (Hafen)

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Rongsheng admits payment delays to suppliers and workers

Rongsheng Heavy Industries have admitted that it has delayed payments to suppliers and workers through an official announcement today, in response to a worker protest in its shipyard earlier this week. “Demand in the global shipbuilding market has continued to decline and prices for new vessels have failed to rebound. Throughout the shipbuilding industry, banks and other financial institutions have tightened credit facilities available to shipbuilders, and many shipowners have delayed, renegotiated or defaulted on payments to shipbuilders. These factors have caused higher pressure on the group’s working capital in recent months, and the group has tightened cash outflow by delaying its payment to its suppliers and workers,” Rongsheng said in the release. Rongsheng said it is currently in discussions with a number of banks and financial instituations for renewing exisiting credit facilities while it is also actively seeking financial support from the government and the substantial shareholders of the company. It has entered an agreement with a company controlled by Zhang Zhirong, a major shareholder and the former chairman of the company on July 3, to secure an interest-free and security-free loan of RMB200m to finance its working capital. [05/07/13]

Rongsheng Faces Order Slump - No 2012 ship orders

China Rongsheng Heavy Industries Group Holdings Ltd. (1101), which hasn’t announced any 2012 ship orders, may find winning deals even harder as a company owned by its billionaire chairman faces an insider-trading probe. Bloomberg reports. Rongsheng, based in Shanghai, has tumbled 86 percent since a November 2010 initial public offering because of concerns about delivery delays and a global slump in ship orders caused by a glut of vessels. The shipbuilder, which operates facilities in Jiangsu and Anhui provinces, also said yesterday that first- half profit probably dropped “significantly” because of falling prices and slowing orders. http://www.businessweek.com/news/2012-07-30/rongsheng-faces-order-slump-as-sec-probes-chairman-s-company