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Property - Overall \| PDF
Tapering delayed, so now what?
OVERWEIGHT - Maintained Author(s): Donald CHUA +65 6210 8606,

▊ The US Fed has postponed the tapering of monetary stimulus and this will have a positive near-term impact on S-REIT share prices. But we note that interest rates remain on an upward bias, and an aggressive investment stance on S-REITs may not be wise. We remain selective. Developers, another interest-rate sensitive sector, could be a better bet. We remain Overweight on developers, preferring stocks with less residential and more diversified exposures. UOL, CapLand and GLP remain our key picks. We remain Neutral on S-REITs but highlight AREIT and SUN as our top picks to benefit from this positive event. S-REITs that de-rated the most in the last three months could also rebound the most. These include KREIT, CDLHT and FCOT.
What Happened The Fed has postponed the start of monetary stimulus wind down, and is now expected to begin tapering only in Jan 2014. This news has driven US long bond yields down overnight, with the 10YSGB down 30bps (236bps) from the last high. What We Think This is clearly positive news for interest-rate sensitive property stocks, and we expect positive share price movements for S-REITs and developers in the near term. However, we note that while the Fed tapering is delayed, interest rates remain on an upward bias. S-REIT yields could compress with the 10YSGB but investors should be mindful that S-REITs typically do not perform well in a climate of interest-rate uncertainty. We think that it is not where rates are at, but rather when will they stabilise and at what levels. S-REITs trade at c.396bp spread over the 10YSGB, 1x P/BV and FY14 yields of 6.3%, within the historical average ? not cheap but also not expensive. For now, S-REITs look like a good trade, with those that de-rated the most in the last three months could also rebound the most (Figure 5). Our preference remains in the developer space, where a diversified structure and much cheaper valuations (30% discount to RNAV in the sector, c.0.5 s.d. below mean) allow for more downside protection. Firmer S-REIT share prices and more stable interest rates are also conducive for asset recycling growth. We see developer stocks as cheaper proxies to near-term asset reflation. What You Should Do Maintain Neutral on S-REITs with positive bias in the near-term, and Overweight on developers.

soucre : cimb

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I have did the research on this train .

and limed infromation can find .

CNR and CSR they had win the contracts , but in china they alots company are doing Aluminium and train.

Midas is the small company in china and is the private operation.

CNR and CSR both are gov company .

the infromation only depending on the CEO .

this stock only up for two $0.53 , and drop fast back to $0.49 -0.48.

the higher is $1 in some time two back.

becarefull of this train.

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Genting Singapore: Japan to submit casino bill? (HOLD)

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Today's Headline

SIA, Tata to run full-service carrier in India

Singapore Airlines (SIA) has unveiled plans to get into bed with India's Tata group again to set up a joint-venture airline in that country.

In a surprise announcement yesterday, SIA said it had signed a Memorandum of Understanding with Tata Sons and applied for Foreign Investment Promotion Board (FIPB) approval to establish a new full-service airline in India.

Subject to FIPB and other regulatory approvals, the airline will be based in New Delhi.

Total initial investment will be US$100 million, with Tata Sons owning 51 per cent for its US$51 million share and SIA the remaining 49 per cent.

All this comes nearly two decades after SIA and Tata first tried - and failed - to start up their joint-venture airline in India in 1994.

Faced with intense lobbying by Air India and other domestic players, the Indian government changed the rules and barred foreign airlines from holding stakes in domestic start-ups. SIA then tried to modify its participation to that of technical support, but even this was shot down by the authorities.

So strong was the anti-foreigner sentiment in Indian aviation circles that even SIA's aircraft leasing associate, Singapore Aircraft Leasing Enterprise (now BOC Aviation after Bank of China bought it some years ago), was barred from leasing planes in India.

The Indian government unexpectedly liberalised ownership rules in the aviation sector. In September 2012, New Delhi ruled that foreign carriers would be allowed to own up to a 49 per cent stake in start-ups. This prompted Malaysia's AirAsia early this year to set up a joint venture with Tata to start up a low-cost venture in India.

Now comes a full-service joint venture with SIA finally realising a long-held dream to become a notable player in the second most populous nation.

soucre : AmFraser Securities

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This news had post last week.

and now bb is waiting to short sell in count . becarefull.

due to sky is no clean.

1.) cosco hold alot contracts but low profits.

2.) cosco bro company ( cosco ocean shipping maager corruption issues)

all the bads news in cosco , So cosco how to moving featured up.

CEO didn't make the certify on those issue.

when the sky is clean then bb star buy in and push up.

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Today all sin share profits taking .

and wait for next weeks.

to play contra is not now, your Brake even point is $0.10.

If you buy yesterday at $1.11 = then $1.12

bb will wait for next week then buy in . look volume low today

good luck to you.

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My point is Buy at right time and sell at Good Time.

so when CEO or director sell or buy their company stock need to reports to SGX. ( some time they are switch to other counts , normal are the same line )

who know they may be sell kepcorp and buy in yz.

IF they buy other company share don't need to reports to sgx.

My colleague , Ms k , she is kelpcorp supports ,

she know the company will.

when to buy in and when to sell out

she toild me buy at price $9.xx close to $10 , and wait for good news to sell

yesterday she sell off at 10.85

now she is waiting for bads news come and buy in.

for any stock you buy must know the coimpany will . don't anyhow just buy because of some ask to buy. important thing is you can make money and happy during the trade. don't wait for music to stop and you kana hold .

stock up for 3 days , normally down for two days due to profits taking .

and wait for good news to coming .

so if you had sell other counts and wait for lower to buy in.

some good news to come soon..

just buy in and waiting , bb will switch to this again soon.

everyone happy make money .

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This is alway happen when company announed secure news contracts and the share ready higher. the Director/Chief Executive Officer who may also be a substantial will sell they share to you

today KEPPEL CORPORATION LIMITED Director sell 5000 lots

end up you may hold the share for them.

ascend88 ( Date: 19-Sep-2013 08:47) Posted:

good dividend aside...

not forgetting captial gain....

which counter can give me the higest capital gain with good dividend...

holding my yang yang tight tight

cheongsl ( Date: 19-Sep-2013 06:54) Posted:

Higher divident is not true currently, unless Yang continue to rise further.

Yang Zi Jiang current price divident is 4.55% yield

Keppel Corp is 4.52%, Semb Corp Ind 2.96%, Semb Corp marine 2.88%.

Yang Divident yield is almost in par with keppel corp now, if compare to Semb corp ind, semb corp marine, it need to at least rise to $1.70

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last time when Yangzijiang up $1 . Next cosco will follow and over take.

$1.20 , you can see now Yangzijiand $0.30 30 % differnce in gap.

this two points are the main issues for cosco facing now .

we small don't know , bbs don't tell you lah.

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May not these Information from china web site

your broker may no tell you and us.

but the issues only on china ocean shipping or cosco corp singapore.

waiting for Cosco CEO to clarify on this. Issues , Eise fund not buy in we had to wait still 5 Nov 3Q results. then see how is go .

Winson ( Date: 19-Sep-2013 13:27) Posted:

Bro, tks for sharing...
Can I say that this is another Ka na sia Chinese counter?

samson ( Date: 19-Sep-2013 12:04) Posted:

Page 4

控制还是竞争
中远的天量高租金合约，并非简单的判断失误， ?当时中远在租船问题上有很强的投机心理。 ?有航运公司高管表示。

?2007年，中远希望在市场便宜时租进来一大批船，等市场走高时，中远再转租给其他公司，在中间赚取差价。这种思想本身就有问题， ?他表示， ?这是小船队的做法。中远这么大，不做好主营业务，却去炒船，风险太大了。 ?

至于租入船的比例，业内人士表示应该根据手里掌握的市场份额和合同随时进行调整，如果租进来的规模很大，在市场走低时应该马上退掉。
?中远在租船合同上缺少整体设计和把控，造成租的船在市场不好时很难退掉。 ?这位航运公司高管表示。

一位中远集团人士介绍，在包括租船在内的各类合同风险审核上，中远有完整的规章制度和业务流程，但实际情况中很难按照流程去做，并称权力最大的就是具体业务员，领导审批只画圈。
租船合同完全是契约自由，博弈的根本因素是市场供需，条款上的内容都差不多，主要差异就表现在运价上。

?我们经常会在合同上看见：该条款参照哪一年哪一份合同，翻出那份合同又看到：参照哪一年哪一份合同，实际上这份合同就是没有谈。 ?一位曾参与中远租船合同纠纷案件的律师表示，在考虑当前的运价时，对合同条款要非常熟悉，尽量争取对自己有利的条款，不能依赖于以前的条款。

中远对市场的判断也存在严重失误。 2007年和 2008年时， BDI指数上冲万点，中远判断市场还会继续上涨，因此签下 200多条干散货船的中长期租入合同。不过市场很快反转，现在中远的租入船每天依然要付出大量租金，但从货主手中获得的运价远低于租金，很多船甚至无货可运。

多位不愿透露姓名的中远人士对财新记者表示，中远应该对经营战略进行反思，要不要 ?控制船 ?，如何决策，如何风控。

在 8月 30日举行的业绩发布会上，马泽华表示， ?我们不否认在风险控制和扩张方面存在的问题。 ?
中远在市场的竞争力不强。一位货代经理表示， 8月他有批货要从大连运到印度艾哈迈达巴德， ?我订的是印度国航。因为中远实在太贵了，印度国航一个集装箱是 1050美元，中远要 1700多美元，比印度国航贵六七百美元。 ?他另举例，同样是大连去日本，包括中海集运在内的市场价格在 100美元左右，中远的价格要 200美元。

?中远现在还是国企那一套， ?另一位货运经理表示， ?中远从来不出来拜访客户，认为自己很牛。用中远，提货出现一点问题，都不愿意给解决，没有一点服务意识。 ?

中远集团内部人士承认中远机构设置臃肿， ?党政工团部门层层对应，越搞越庞大 ?。而据财新记者调查，中远内部管理费用高企，即使亏损时期，管理层的头等舱、星级酒店、出国考察等方面常有超标，但公司内部要求普通员工严苛，比如双面复印等。另外，一线人员的工资待遇、晋升制度比照马士基等外企都差很多。同在广州上班，马士基的新加坡籍油漆 (产品库求购供应 )涂装 (产品库求购供应 )工程师工资为每小时 120美元，中远的工程师一个月 8000元。 ?我们一个月的工资，人家一天就干回来了。大家只能想着捞外快。 ?中远内部的一位工程师说。

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Page 4

控制还是竞争
中远的天量高租金合约，并非简单的判断失误， ?当时中远在租船问题上有很强的投机心理。 ?有航运公司高管表示。

?2007年，中远希望在市场便宜时租进来一大批船，等市场走高时，中远再转租给其他公司，在中间赚取差价。这种思想本身就有问题， ?他表示， ?这是小船队的做法。中远这么大，不做好主营业务，却去炒船，风险太大了。 ?

至于租入船的比例，业内人士表示应该根据手里掌握的市场份额和合同随时进行调整，如果租进来的规模很大，在市场走低时应该马上退掉。
?中远在租船合同上缺少整体设计和把控，造成租的船在市场不好时很难退掉。 ?这位航运公司高管表示。

一位中远集团人士介绍，在包括租船在内的各类合同风险审核上，中远有完整的规章制度和业务流程，但实际情况中很难按照流程去做，并称权力最大的就是具体业务员，领导审批只画圈。
租船合同完全是契约自由，博弈的根本因素是市场供需，条款上的内容都差不多，主要差异就表现在运价上。

?我们经常会在合同上看见：该条款参照哪一年哪一份合同，翻出那份合同又看到：参照哪一年哪一份合同，实际上这份合同就是没有谈。 ?一位曾参与中远租船合同纠纷案件的律师表示，在考虑当前的运价时，对合同条款要非常熟悉，尽量争取对自己有利的条款，不能依赖于以前的条款。

中远对市场的判断也存在严重失误。 2007年和 2008年时， BDI指数上冲万点，中远判断市场还会继续上涨，因此签下 200多条干散货船的中长期租入合同。不过市场很快反转，现在中远的租入船每天依然要付出大量租金，但从货主手中获得的运价远低于租金，很多船甚至无货可运。

多位不愿透露姓名的中远人士对财新记者表示，中远应该对经营战略进行反思，要不要 ?控制船 ?，如何决策，如何风控。

在 8月 30日举行的业绩发布会上，马泽华表示， ?我们不否认在风险控制和扩张方面存在的问题。 ?
中远在市场的竞争力不强。一位货代经理表示， 8月他有批货要从大连运到印度艾哈迈达巴德， ?我订的是印度国航。因为中远实在太贵了，印度国航一个集装箱是 1050美元，中远要 1700多美元，比印度国航贵六七百美元。 ?他另举例，同样是大连去日本，包括中海集运在内的市场价格在 100美元左右，中远的价格要 200美元。

?中远现在还是国企那一套， ?另一位货运经理表示， ?中远从来不出来拜访客户，认为自己很牛。用中远，提货出现一点问题，都不愿意给解决，没有一点服务意识。 ?

中远集团内部人士承认中远机构设置臃肿， ?党政工团部门层层对应，越搞越庞大 ?。而据财新记者调查，中远内部管理费用高企，即使亏损时期，管理层的头等舱、星级酒店、出国考察等方面常有超标，但公司内部要求普通员工严苛，比如双面复印等。另外，一线人员的工资待遇、晋升制度比照马士基等外企都差很多。同在广州上班，马士基的新加坡籍油漆 (产品库求购供应 )涂装 (产品库求购供应 )工程师工资为每小时 120美元，中远的工程师一个月 8000元。 ?我们一个月的工资，人家一天就干回来了。大家只能想着捞外快。 ?中远内部的一位工程师说。

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Page 3

天量高租金合约中远正泥潭深陷。

中远集团是中国的旗舰式央企之一，资产总额超过 3300亿元，海外资产和收入超过总量的半数以上。
目前，中远集团在境内外控股中国远洋、中远太平洋、中远国际、中远投资、中远航运五家上市公司，并参股招商银行、招商证券等多家上市公司。
中金公司航运业分析师聂迪中表示，中远现存的两大主营业务中，上半年散货净亏损约 18.2亿元，剔除租入船亏损合同拨备回拨的净影响 6.7亿元后，板块主业亏损约 24.9亿元，同比收窄 29%；集运净亏损 22.4亿元，同比扩大 32%。预计今明两年两大业务盈利的难度仍然较大。

聂迪中表示，干散货业务的减亏主要得益于租入船队的退租，该项措施节省租金成本约 9亿元。
长江证券航运业分析师韩轶超表示，中远于 2012年底计提了 13.72亿元干散货亏损合同拨备，在 2013年上半年回拨 10.72亿元，上半年新计提干散货亏损合同拨备 4.03亿元，并且预计两大主营业务仍深陷亏损泥沼。

中远的公告将亏损归咎于国际航运业供求失衡、干散货航运市场持续低迷，燃油及相关成本居高不下等市场环境因素。但接近中远的人士表示，上述原因只是表象，亏损的症结在于其 2007年、 2008年签下的大量高租金散货船合约。

中国远洋 2007年年报显示：为适应市场需求快速增长的需要，中国远洋继续积极推进运力升级，于 2007年订造、订租 37艘各型集装箱船 (船型船厂买卖 )舶，这些船舶于 2009年至 2012年之间交付。截至 2007年底，公司持有 56艘集装箱船舶订单。
截至 2007年底，公司船队经营集装箱船舶 144艘，较 2006年底增加 9%；经营干散货船舶共有 419艘，其中自有船 202艘，平均船龄 14.6年；租入船 217艘。

一位航运公司高管表示， ?2007年时，中远干散货船队规模在世界上已是最大的，中远想要对市场施加更大的影响，追求更稳定的回报，仅通过造船、买船来不及，提出了从拥有船向控制船发展的思路，核心就是要控制船。控制船就是要租进来一部分，以此保证可用的船队规模。 ?该人士介绍。

?这种战略思路有其道理，关键是租入船要达到什么样的比例。 ?他说，一般情况下，航运公司应当以自有船为主、租入船为辅，当自有船满足不了履行合同的需要时，通过租船来拾遗补阙。 ?租入船规模大于自有船规模显然过于激进。 ?截至 2008年底，中远租入船 233条，自有船 210条。

这位人士认为，扩大租入船会造成自有船队的老化和萎缩。自有船应该是航运公司的根本和核心。自有船的总成本要比租入船稳定，一条船从造好到报废有 25年，每年的折旧可控，此外自有船可以保留船员队伍，尤其是知识力量和技术系统。 ?没有这些不就变成皮包公司了吗？ ?他说。

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page 2

中远集团内部机制缺乏制衡

中远集团有 ?广大上青天 ?五大主要分公司，其中青岛、广州、大连三家均发生了负责人腐败案。
2011年，青岛远洋运输有限公司（下称青岛远洋）原副总经理宋军被控涉嫌贪污、受贿和妨害作证三项罪名，涉及 37套房产及 700多万美元的非法所得； 2012年，广州远洋运输公司（下称广州远洋）原总经理徐惠兴被控受贿 240余万元。

大连远洋孟庆林案被认为与青岛远洋宋军案有许多相似之处。
青岛远洋一案中，宋军从 2006年 10月到 2008年 6月间，与台湾海运公司老板邓某 ?共同投资合作买卖、租赁 ?了三艘船舶，获投资款、租金利息差、卖船利润以及保证金、佣金共计 1180多万美元，私自存放在邓某提供的香港东方汇理银行 Prudence公司账户中。 2007年 4月至 9月间，宋军经过一系列繁琐的转移，将该账户中的 606.5万美元兑换成 4620.24万元人民币，转入其指定的账户。

一位大连航运业人士分析，这类租船腐败案比较容易操作，一般都是在看似合理的业务中掺杂私人利益。
知情人士透露，大连远洋在租船活动中，通过孟庆林自己的私营公司担当中介，中介公司和大连远昌签订服务协议后，去市场上找船提供给大连远昌，差价、佣金稳稳下袋。

一位航运公司人士向财新记者介绍，这类出处可疑的中介公司有三部分利润：高于市场价的租金、中介费用和其他费用。

船舶租金以天报价，随时波动。以一艘载重 17万吨的好望角型特大干散货船为例，日租金从 1万美元到 10万美元波动。在航运市场好的时候，用船企业对租金不敏感，以高于市场价几百美元或上千美元报价，一年下来所获不菲。

中介费用更是旱涝保收。一般中介公司可以获得租船合约总额的 1.25%，如果承租人和出租人双方各有一家中介公司，中介费即是合约价值的 2.5%，一份合同的金额少则几十万美元，多则上千万美元，有些有私心的航运公司业务员会故意多安排一家中介公司以赚取中介费。此外，船员、维修等费用也是不小的开支，如果在合同中划拨给承租人，出租人也将省下一大笔钱。

一位中远集团人士向财新记者介绍，业务员根据船型需求寻找合适船舶，并审核船舶资料，经过询价、报价、还价后双方确定价格并拟定合同条款，最后的结果由租船处长确认，大额合同由运输部经理甚至公司领导人决策。

这位人士解释说，船舶租赁价格与股票一样，分分秒秒都在变化。业务员每天要确认大量的天价合同，虽然合同上有些可能需要公司法人代表签字，但大部分是授权给运输部部长或者租船处处长就可以签。在这种情况下， ?如果部门领导和业务员之间串通起来造假，非常容易得逞 ?。

一位中远集团人士表示，不仅仅是租船，凡是成本控制单位都有这个问题，如船的理赔保险、修船、定备件、加油等各个环节，都存在大量的放水、让利等行为，到底哪些是合理的商业行为，哪些是腐败，如果没有一整套专业的约束机制，很难判断。
一位航运公司高管表示，腐败的根本原因在于国有企业的制度缺陷，无人真正心疼，加上管理中缺乏制衡机制，业务流程设计不够科学，存在很多权力的集中点。

一位中远高管表示，以往这类案件发生时， ?孟庆林们 ?会赶紧利用手中的权力把服务公司买过来，这样租赁关系就是变成给下属公司派任务。 ?但这次的问题是，孟庆林下台了。 ?

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BB Profits taking now .

may back to $1.09 support point.

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中远高租金船腐败链初探

亏损经年，内部腐败案不断被揭开，但不过是冰山一角，这就是中国远洋运输（集团）总公司（下称中远集团） ??2007年曾拥有世界最大船队、却随即为之付出惨痛代价的中国国企。
中国远洋控股股份有限公司（ 601919.SH/01919.HK，下称中远） 8月 29日晚发布 2013上半年业绩报告，中远上半年归属母公司净亏损约 9.9亿元，亏损同比收窄 80%，二季度单季盈利 10亿元，环比一季度 -19.9亿元扭亏为盈。
比起过去两年连续亏损百亿元的局面，中远 2013年中期扭亏为盈的主要原因，并非公司主营业务出现逆转，而是来自一次性的非经营性收入，集中处置了中集集团和中远物流的股权，一举获得 48.9亿元的税前处置收益。
中远是中远集团最重要的上市公司平台，占 90%的业务，因 2011年、 2012年亏损 104.49亿元、 95.6亿元，已被特别处理为 *ST远洋。如果今年还不能扭亏，中远将被暂停上市。
中远同期的主营业务仍亏损 47.6亿元，显示中远的基本面并无好转。同期波罗的海干散货指数（ Baltic Dry Index，下称 BDI）略有上浮，仍在 1250点一线徘徊，距离中远达到盈亏平衡的 2500点尚远。而在 2007年 -2008年在 BDI过万点时，中远集团签下的大量高租金船合同，恰是拖累中远连年亏损高达百亿元的重要原因。同期中远的国际、国内同行，如马士基或中海，主营业务均没有亏得这么惨烈。
当年为何签下那么多的高租金船合同，究竟完全是宏观判断失误，还是烈火烹油背后，其实另有缘由？
财新记者多渠道获悉，中远集团下属二级公司大连远洋运输有限公司（下称大连远洋）原总经理孟庆林于 7月 12日被纪检部门带走调查，此前大连远洋全资子公司大连远昌船务有限公司（下称大连远昌）原总经理高福生已被查。两人涉及高租金散货船 (船型船厂买卖 )腐败案。
近年来，中远已有多位地方大员被查出贪腐案，令中远集团上下十分紧张，究竟案件最终会查到什么程度、什么层面？
8月 27日，大连远洋企业文化部部长运庆昌确认 ?孟庆林确被带走调查 ?，但表示 ?其余情况不清楚 ?。 8月 30日中远上半年业绩发布会上，中远集团董事长、中国远洋董事长马泽华以司法机关介入为由，未介绍案情，仅表示， ?中远集团旗下非上市公司最近是出现些问题，有关人员正在接受调查。 ?
大连远洋东窗事发
大连远洋是中远集团旗下惟一以液体散货运输为主的专业化运输公司，专营石油运输，不在集团的上市公司资产中，也处于亏损状态。
大连远昌为中远集团的孙公司，专门从事港内油轮运输、干散货运输、船舶租赁、船舶代管及代理服务等。大连远洋旗下像大连远昌这样的陆上企业有 12家之多，涉足房地产、劳务外派、船舶供应、物业管理、客货运输、货代、教育培训等多个领域。 ?这些公司都在应该清理之列，保留下来就相当于留着小金库。 ?知情人士表示。
在上市之前，中远就想将大连远洋并入上市公司资产中，上市后也有收购大连远洋的计划，但受制于大连远洋复杂的资产结构，尤其是大连远昌这类非主营业务公司太多，难以清理以及尚未盈利，一直没有装入上市公司。
此次大连远洋案的起因是大连远昌原总经理高福生涉嫌利用职务之便，违规签下数艘高租金散货船合同，开展相关业务非法获利，经人举报，被检察院带走调查。

相关部门在调查此案过程中，确定与大连远昌违规操作散货船租赁合同的公司负责人，正是大连远洋原总经理孟庆林的女婿，并由此牵出孟庆林本人。
?孟庆林是老远洋人，在位时相当于中远集团的部门长，属于集团中层干部。 ?该知情人士透露，今年 1月 6日大连远洋召开领导班子调整大会，孟庆林正式卸任。时任集团董事长的魏家福、总经理马泽华到会宣布人事调整， ?当时，集团领导们对孟庆林在大连远洋任职期间，对于中远油轮船队的高速发展所做的贡献，给予充分肯定 ?。

但他也透露，孟庆林在退休前就已在外私下成立了自己的公司，这在集团内部是被明令禁止的， ?但集团上下对这种情况都睁只眼闭只眼。 ?该人士称，孟庆林在年初退休后全职经营自己的公司，依靠在大连远洋的关系获取业务，收益不菲。他透露，孟在位期间作风行事高调，退休后未及时收敛，得罪了不少人，这次被查处是因被人举报。
另一位大连远洋人士则称孟庆林任人惟亲， ?大连远昌的高福生原本不是中远的，是孟庆林硬拉进来，并当上了远昌的总经理。两个人关系火热，不是正常的上下级关系，是铁哥们儿。 ?

公开资料显示，孟庆林 1952年 8月 26日出生，天津人， 1986年加入中远集团，曾任天津远洋运输公司调度室主任、航运处处长、副总经理，中远南美公司总经理。 2001年 7月任大连远洋运输公司总经理，至 2013年 1月 7日退休。

一位中远集团人士称，目前中远内部利用职务之便寻求经济利益的案件，已经形成团体化运作的腐败窝案， ?一名领导贪腐绝不可能只限于一个人 ?。目前，尚不确定有关案件会涉及中远哪些人士。
今年 7月 1日， 63岁的中远集团原董事长魏家福因年龄问题正式退休， 1953年 1月出生的中远集团原总经理马泽华接任董事长兼党组书记，集团原副总经理、纪检组长李云鹏担任集团总经理。

大连远洋人士告诉财新记者，自 7月末媒体曝出孟庆林被带走调查一事（相关报道见财新网 7月 29日《中远二级公司前高管被调查》）之后，大连远洋内部才予以通报，但是并没有公布其他信息，仅仅强调任何人不得向外透露该事件。

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who know may be Cosco corp singapore inside also the same corruption . they are china gov company own.

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you can't stop the china ship to moving up

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CEO needs to clarify on thus Issues .

Five main company official corruption , they are all from Cosco ocean shipping , and not cosco corp singapore .but they are all under cosco group .

fund manger ppl all waitting .. to see how the china gov on this case.

Good thing is Cosco ocean shipping officer are all being investigated .

" five main branches, of which Qingdao, Guangzhou, Dalian, three have occurred in official corruption cases.
2011, Qingdao Ocean Shipping Co., Ltd. (hereinafter referred to as COSCO Qingdao)

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Two thing keep cosco behide running.

Fund manager , broker no Buying this ship

1.) A lots contract on hand but low profits

cosco CFO/CEO need to show Q3 Good results 30 %-50 % profits UP compare to Q3 2012.

2.) China COSCO Holdings China Ocean Shipping high rents boats Corruption Probe chain ( cosco corp singapore bro company )

Loss after years of internal corruption continue to be lifted, however, is tip of the iceberg, which is China Ocean Shipping (Group) Corporation (hereinafter referred to as COSCO Group) - 2007 was the world's largest fleet, but then pay the price painful price of Chinese state-owned enterprises.
China COSCO Holdings Company Limited (601919.SH/01919.HK, hereinafter referred to as Cosco) released the evening of 29 August 2013 first-half results, China COSCO Holdings first half net loss attributable to the parent about 9.9 billion loss narrowed 80% year on year the second quarter alone, share 10 billion, one hundred million yuan the first quarter -19.9 profitability.

Ship rentals day quotes, anytime fluctuations. With a load 170,000 tons of large Capesize dry bulk carrier, for example, daily rent from $ 10,000 to $ 100,000 fluctuations. In the shipping market is good, with a boat rental business is not sensitive to a few hundred dollars higher than the market price quoted or thousands of dollars a year, received a lot of money down.

One person to the new fiscal COSCO Group reporter, salesman ship needs based on finding the right vessel, and audit data of the vessel, after the inquiry, quotation, bargaining between the two sides to determine the price and terms of the proposed contract, the final results from the charter Director confirmed that large contract by the Transport Department Manager and even corporate leaders decisions.

A COSCO official said, not just charter, any cost control units have this problem, such as the ship's claims insurance, ship repairing, set spare parts, fuel and other areas, there are a lot of drainage, profit-sharing and other acts, in the end What is a reasonable commercial behavior, which is corrupt, if not a complete set of professional restraint mechanism is difficult to judge.

Control or competition
Cosco high rental contract the amount of days, not a simple misjudgment, " It was on the issue of COSCO in chartering a strong psychological speculation." With shipping company executives said.

" In 2007, COSCO hope in the market come in a large number of cheap hourly boats, and other markets higher, the COSCO sub-leased to other companies, in the middle to make the difference. This idea itself is a problem," he said, " This is small fleet approach. Cosco is so big, do not do the main business, but to fry boat, too risky. "
As the proportion of chartered vessels, industry sources should be based on the market share of the hands to grasp and contract at any time to adjust, if the rent come in a large scale, the market goes down, should be immediately drained away.

Lack of internal mechanisms of checks and balances
COSCO Group has " vast blue sky" five main branches, of which Qingdao, Guangzhou, Dalian, three have occurred in official corruption cases.
2011, Qingdao Ocean Shipping Co., Ltd. (hereinafter referred to as COSCO Qingdao) Song former deputy general manager accused of embezzlement, bribery and three counts of obstruction of evidence, involving 37 sets of real estate, and more than 700 million U.S. dollars in ill-gotten gains 2012, Guangzhou Ocean Shipping Company (hereinafter referred to as Guangzhou Ocean), former general manager Xuhui Xing accused of taking bribes of more than 240 million.

CEO needs to clarify on this. Issues

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危中有机，转型当避 ?人云亦云 ?

Crisis in the organic, the transition when to avoid the " parrot"

Source: Xinhua Daily 2013-09-19 07:14:39

In the first seven months, the national armed ship orders and new orders decreased by 3 percent and 5 percent, the shipbuilding market, " winter" is widening. 7, the China Shipbuilding Industry Association jointly organize seminars province, break through the road to explore the ship industry.

Average of 4 years in case of the trough, ie orders rebound in economic recovery

" Economic - Trade - Maritime - Shipbuilding, special chain determines the shipping industry is bound to fluctuate with the general trend of the world economy, are so for centuries. " hit a lifetime dealings with shipbuilding Shipbuilding Engineering Society of China Huang Pingtao shows a sets of data: Only since 1996, the shipbuilding industry has witnessed a five wave cycle, every valley after a strong rebound in orders for all, is now in the first five wave cycle. "

In addition to international trade caused by the shipping needs of the fast-growing offshore oil and gas exploration will be the ship industry, another major " impact factor." The industry believes that the current international oil price exceeds $ 90, the future oil and gas prices rise, offshore oil and gas mining equipment market is broad. " From China, at present we are mainly in the offshore oil and gas extraction, to the deep-sea equipment demand will increase after." Chinese Academy of Engineering Wu Yousheng analysis.

Experts believe that the future is still suitable for a longer period of time China Shipbuilding. " ship industry is capital, technology, labor 'three intensive', less developed countries lack capital and technology, high labor costs in developed countries, the most suitable medium levels of development. " Jiangsu Branch of China Classification Society Fan Qiang, general manager, said phase In contrast, the shipyard Jiangsu overall higher level of technology, with a number of outstanding boat prices, first-mover advantage, the challenge should be a firm confidence.

A boat is equivalent to an aircraft, built pressure is a big difference

A large-scale ship cost is almost the same with a Boeing aircraft, built pressure is a big difference. Shipbuilding " bull" , the shipowner total advance payments accounted for 50%, shipbuilding profits at 100%, even if the owners abandon the shipyards do not lose money. But the proportion dropped to 10% advance payment, ship prices plunged, orders will mean a loss. " The last 20 years, China's shipbuilding industry, mostly in the 80% debt ratio around 73% this year in July, but picked up at historic lows." China Shipbuilding Industry Association Secretary-General Wang Jin Lian explained that China's shipbuilding listed companies, the backbone of the enterprise debt ratio lower than South Korea, and Japan closer.

Data show that the first half of this year, the province contributed to the national shipping industry 59% of the profits, profit margins higher than the national average of 3.5 percentage points. " As a result, banks do not respond to all shipyards 'one size fits all,'" Provincial Commission by letter, deputy Ren Qinyan representation. Jiangsu Branch of China Development Bank Vice President also called on Zhuangwei steel, shipbuilding market " winter" roots in the debt crisis in Europe, the majority of business is good, you want to maintain the size of credit and help enterprises to adjust the financial structure of lower operating costs.

For more small shipyards, it should comply with " Ebb Tide," the objective law. Qin Yan said control South Korea, the 10 or so major shipyards, a group of professional shipyards, supporting enterprises and Design Institute of Jiangsu marine industry optimal pattern, therefore, should be encouraged to accelerate the integration of enterprises according to development needs, and in the high-tech enterprises finds support key enterprises and other issues.

Transformation has become a consensus, but the need to avoid similar industries

After the rise of ocean engineering equipment sector, various shipyards riveting enough fresh offshore oil and gas exploration equipment, research and development to get together, homogeneous development predicament yet broken.

Wu Yousheng academician recently went to inspect the South China Sea, he said, China has a lot of islands, reefs urgent need to build, need to develop new marine engineering equipment, and this one is still the domestic blank. " Each boat to put the long-term corporate vision, do not 'parrot' ship as soon as possible to form their own brand."

However, marine equipment subject to capital, technology and other barriers, not all shipping enterprises can " bite" under. Rongsheng president Chen Qiang said they ship through the optimization and upgrading of existing and enhance scientific and technological content, fuel consumption is greatly reduced by shipowners favor. For example, 17.6 tons of bulk carriers to upgrade to 20.5 million tons, an increase 30,000 tons load, fuel consumption reduced by 12%, the current has been six orders. Similarly, Zhenjiang Shipyard contrarian development, although the total shipbuilding output is not great, but the production of various types of tugs full swing, bucket wheel dredger, marine engineering ship multipurpose special domestic market share ranked first. " This revelation lot of shipping enterprises to implement dislocation competition, the difference operation, characteristics of the development strategy, to avoid excess capacity." Qin Yan expressed.