Visiting the sail that Goldman Sachs bought

This newspaper reporter Shu Chen in Zhoushan Island south of Zhi Island, is located in Zhejiang, another private shipbuilding faucet--Sail Group Co., Ltd. (hereinafter referred to as sailing). Two years ago, the stake of Goldman Sachs, a well-known investment bank, made the more than 50-year-old ship more eye-catching, once the market high hopes. However, with the financial crisis, the original enterprise in the end of 2008 in Hong Kong to achieve the listing of the plan was stranded, Goldman withdrew from the resistance.　　What is the potential share of Goldman Sachs's eyes now in the context of the battered city? Operating trough in November 2007, Goldman Sachs invested heavily in Jiangsu Shipbuilding Enterprise, soon after the Rongsheng, to sail group also extended an olive branch, to 50 million of dollars in exchange for the latter 20% of the equity. At that time, the two sides to the outside world, the proposal by Goldman Sachs, the sail will be listed in Hong Kong at the end of 2008, and in the production value of the company plans in 2008, 2009, 2010, respectively, reached 4 billion yuan, 8 billion, 10 billion yuan.　　According to the group's external disclosure data, the total industrial output of the year was 2.54 billion yuan, and the sales revenue was 2.23 billion yuan. Nearly two years later, our reporter visited the sailing, after the lunch break in large quantities of workers walked to the factory, the work of the workshop is still busy, the dock side docked a new two chemical ship. "Now the whole production is still in order, because the original order and the situation is not so bad, but also not optimistic."　　"The director of an office of the sailing group said to our correspondent. "Last November, the company summoned the backbone of a mobilization meeting on how to deal with the financial crisis, and the whole mentality was still very relaxed." Because the day is still very good, together with overtime to get bonuses. Until this year, only slowly feel the market recession, shipowners began to trouble you, the orders are difficult, the ship price is also depressed. And the withdrawal of a single or change ship type and so on. "The director of the office said," a few years ago, the ship market is too hot, we engaged in shipbuilding industry has been more than 10 years, the earlier has been a meager profit, suddenly turned into a violent industry, we all know not normal, but also expected to the city will fall, but did not expect the crisis will come so It is also because the shipping industry has a lagging response to the macro economy itself, and we are slow to take a shot at the advent of the crisis. "Before we take orders, are people begging for the door, and our ship price is higher than elsewhere, shipowners are also looking at the quality of the sail, the credibility of the relationship between us and shipowners have been very good." But now because the shipowners themselves have no money, so there is no way, they do not choose the best shipbuilding quality, but to see which ship price low. The ship price is too low, we definitely will not answer, can not do a loss of business. The Director of the office said, "Similarly, when handing over a ship, in contrast to the previous owners ' desire to lift the ship in advance, they began to pick the boat's faults, and shipbuilding was a complicated process, and it was difficult to fully fulfill the fine manufacturing standards, and all the places that had been passed would have been singled out, so that shipowners could delay time, To make up for shippingThe loss of transport caused by the slump in the market. For us, the cost is increased, and the only way to do it is as far as the owner's request is concerned. "We also slowed down the listing." In fact, before Goldman Sachs shares, the sail of the big shareholder to build Dragon Steel will have the idea of listing, Goldman came in after the preparatory work began, but the macro-economic changes too fast. Now the company is still pushing it, but it's not getting any further. "The original group did have a level three plan, but the impact of the financial crisis has also been adjusted, and now the plan is not as good as change," said the director. A person familiar with the matter told reporters: "As the market environment changes, the staff's purse is shrinking quickly." Two years ago when the ship city, the company to each of the mid-level cadres with a Passat sedan, can be seen, and now the whole environment is not good, orders, profits are reduced, there are signs of a disguised wage reduction, all aspects of expenditure are beginning to save the province.　　"Transition dilemma affected by the financial crisis, the company's original flagship container ship market suffered a serious decline, and thus to attack the special ship market, but because of the new orders, including special ships, the situation is not ideal, the company is facing the transition dilemma." In more than 2008 years, sailing group foreign publicity materials can be seen, the company's main products are "2750 boxes, 900 boxes, 700 boxes, 660 boxes, 4350DWT container bulk export ship", "self-developed ultra-low-temperature tuna fishing vessels are included in the national key new product sequence,　　30-40 passenger ferry is included in the National Key Technology Innovation project, and "5000 parking pctc, 92500 tons bulk carrier, 16500 ton chemical ship and other advanced ships" are being developed. "The container ship itself is closely related to people's livelihood, economic and trade relations, and the container ships sailing are mainly sold to Germany, which is vulnerable to the crisis." Many shipowners are starting to seal up a lot of spare capacity, and there are also withdrawals. The person said. According to foreign media reports, in September this year, two German shipowners have cut the value of 600 million U.S. dollars of new ship orders, including the confirmation of the lifting of the 4 4,600-container ship. According to the International Ship Market Weekly, the global container ship has no new orders for 11 consecutive months since last October.　　According to Clarkson statistics, the global container shipping trade growth rate from 2007 to 10.9% back to 2008 6.1%, considering the recovery of Europe and the United States as early as 2010, Clarkson expected the 2009 global container shipping trade growth will fall further to 5.3%. "We have now adjusted the type of ship, we have built a relatively single container ship, now basically able to build the ship are made, including car transport, bulk carriers, chemical ships, etc., the variety has become more." "Many other species have been considered, including marine engineering equipment that is now relatively hot, but the competition hasThere was some vehemence, and presently we had no intention of entering. "Actually at the end of 2007, sailing group after the investment of Goldman Sachs, chairman Xuyukang has openly proposed that the sail will take a diversified, complex industrial road, with 10 years to build 100 of their own industrial chain of transport fleets, to create an independent shipping market, research and development of manufacturing marine accessories; To build 5000 car parking vehicles, 16500 tons of chemical ships, luxury cruise and other High-tech, high value-added special ships, to enter the international ship high-end market. "However, the transition will take some time, our special ship is still at the beginning of the stage."　　The head of the office added. According to the reporter understands, now the company starts at the same time to build has 8 ships (including 4 5000 parking PCTC ships, 2 16600-ton chemical ships and 2 92500-ton bulk carriers are under construction this year with about 17 or 18 orders, which can be produced in hand for about 2010 years. "The difficulty of transformation, the key is the special ship, including the new orders are very little, now hand orders are long time ago, the only new orders received this year is 8 bulk carriers, but the new order of the ship price compared to the previous low."　　The Director of the office said. "However, in our business in the past more than 50 years of shipbuilding history, encountered more than the present situation, also survived." Long experience in shipbuilding and a strong ability to resist risk, I think it was one of the reasons why Goldman Sachs invested us. "We were state-owned shipyards earlier in the 90, the market from planned economy to market economy, we had classes all day, there was no ship, and then slowly changed ideas from small boats to build corporate credibility." Later by the end of 90 is also not to receive domestic orders, then decided to carry out large-scale technical transformation, to the international market, the process is very painful, but finally successfully went out. This wave of crises is much better than the previous two. Now the company's strategy is to take more than other ship-type orders, strengthen internal management, improve technical research and development capabilities. If the technology can support, the rest of the problem is not small, we are the backbone of our own training, reserve talent, from other places to dig less. ”