造船业整合将至

Integration of shipbuilding industry to take place

我们曾在2008年4月预测：全球造船业将经历一个行业整合过程。如今预测已经成为现实。在市场不景气的大环境下，行业的集中度提高是一个自然过程，这也是为什么小摩（Morgan Stanley）考虑同美联银行（Wachovia）合并。鉴于当前全球金融市场的状况，我们认为一些船厂将面临危机，我们将看到全球造船业进行行业整合。

The forecast that global shipbuilding industry will undergo industrial inte-gration processes has come into reality. Under market depression, improvement of industrial centralization is a natural process. This is also the reason why Morgan Stanley considers a merger with Wachovia. In the face of current situ-ation of global financial market, we believe that some shipyards will face crisis. We will witness the industrial integration of global shipbuilding industry. In the past few years, ship-ping industry has developed prosperously. Although many shipown-ers have enough capitals to tackle with the credit crunch period, many ship-yards didn’t enjoy the fruits of mar-ket prosperity. In fact, changeable costs of many orders held by shipyards are higher than ship value specified in the contract. Currently, some industrial integration deals had occurred. Some on-going shipyards and new shipyards have no other selections except being taken over by large-sized shipyards with long history at preferential prices.