| As China Cosco Holdings Co. prepares yet another earnings report awash in red, voices inside and outside are pushing China's champion of the world's shipping lanes to shore up its finances. |
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在中国远洋控股股份有限公司(China Cosco Holdings Co.，简称：中国远洋)准备发布另一份出现严重亏损的收益报告之际，来自公司内外的呼声开始敦促这家全球航运业中最大的中国公司改善其财务状况。 |
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| Cosco is in little danger of collapse. More than half its stock is controlled by the Chinese government, which sees the shipping company as a major part of a national effort to gain greater sway over vital global supply chains. Cosco also has a high public profile, thanks to its colorful chairman, Wei Jiafu, a former ship captain who likes to be called Captain Wei and once was held hostage by pirates. |
中国远洋远没有崩盘的危险。该公司一半以上的股权由中国政府控制。政府将该公司视为中国在全球重要供应链中获得更大影响力的举国之举的重要组成部分。中国远洋在公众当中的知名度也很高，因为该公司有一位个性鲜明的董事长魏家福。魏家福当过船长，曾一度被海盗劫为人质，他喜欢别人叫他“魏船长”。 |
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| But industrywide woes and Cosco's own ill-timed expansion have damaged its financial standing, limiting its ability to nurture new business and to order additional ships. Should Cosco report a second consecutive annual loss, after last year's loss of 10.5 billion yuan ($1.65 billion), it also would risk being put on the Shanghai Stock Exchange's 'special treatment' list. That could limit the daily trading movement of Cosco's shares to 5% from the standard 10%. If losses extend into a third year, the company automatically would be delisted. |
不过，全行业的问题以及中国远洋自身不合时宜的业务扩张令其财务状况遭到了破坏，制约了其发展新业务和订购更多船只的能力。继去年亏损人民币105亿元（合16.5亿美元）后，如果中国远洋连续第二年出现亏损，它还有被上海证券交易所(Shanghai Stock Exchange)列入ST股的危险。如果被列入ST股，中国远洋日交易价格跌幅将限制在5%，而通常状况下为10%。如果亏损延续到第三年，该公司股票将被自动摘牌。 |
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| A senior Cosco executive said the company hopes to avoid the second year of losses through a 'combination of efforts to improve capital quality, asset quality and production capability.' He said it was 'premature' to comment further because plans haven't been completed. |
中国远洋的一位高层管理人员说，该公司希望通过提高资本质量、资产质量和生产力等综合举措避免连续第二年亏损。他说，由于计划尚未制定完成，现在发表更多的评论还为时过早。 |
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| Avoiding a loss for the year could be a tall order. Cosco on Wednesday is expected to report a deeper first-half loss than the 2.76 billion yuan loss logged for last year's first half. The company last month cited the weak global economy and slowdown in trade. To avoid an overt state bailout, analysts said, the company needs to find additional capital from the markets or from asset sales. |
对中国远洋来说，避免全年亏损可能很困难。预计该公司周三公布的上半年亏损额将比去年同期的27.6亿元亏损更严重。该公司上个月说，出现亏损是因为全球经济低迷和贸易放缓。分析人士说，为避免政府公然出面救助，该公司需要从市场或通过出售资产的方式获得更多资金。 |
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| Cosco's problems are part of a broader industry shakeout, oddly enough exacerbated by China's rise as a global shipping power. The country recently knocked off Germany to having the world's third-largest by fleet capacity, after Japan and Greece. China now has about 10%, up from 6.3% in 2006. |
中国远洋的问题是更广泛的行业调整过程的一部分。奇怪的是，随着中国发展成为全球航运大国，航运业的调整幅度反而加剧了。中国最近超过德国，成为世界上船队运力排第三的国家，仅次于日本和希腊。中国目前在全球船舶总数中所占的比重约为10%，较2006年的6.3%有所上升。 |
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Though China's companies long have chartered ships from foreign ship owners, Beijing made an effort to build and own its own vessels. In 2010 China eclipsed South Korea to become the world's largest shipbuilding nation by capacity, according to ship brokers Clarksons, five years ahead of Beijing's schedule.
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尽管中国公司长期以来一直向外国船东租船，中国政府却努力建造并拥有自己的船只。据船舶经纪商Clarksons 的数据，2010年，中国超过韩国，成为世界上产能最大的船舶制造国，比北京的计划提前了五年。 |
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受此影响，全球航运运费有所下降。2008年航运市场如日中天的时候，从船东那里包租一艘海岬型船（大货轮）的费用大概在每天16万美元。但近来，海岬型船的日租费用仅为2,800美元左右。 |
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作为国企中国远洋运输（集团）总公司(China Ocean Shipping (Group) Co.，简称：中远集团)主要上市子公司，中国远洋大举押注中国经济持续增长，导致在船运市场崩溃的当口中国船运能力却大幅提升。中国远洋干散货船（运载煤炭等原材料的船只）数量从2007年的约400艘增至2010年的约450艘。不过，这些干散货船有差不多一半是从其它国家的船东那里租来的，因此中国远洋容易受到即期运费市场波动的影响。 |
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去年，中国远洋与海外船东展开了引人注目的口水战，前者希望暂停或减少支付它在船运高峰期协商的租船费用。中国远洋说，已就18条货轮重新协商了合同。 |
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2011年，中国远洋亏损租入船合同拨备余额高达14亿元。 |
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去年105亿元的亏损额让中国远洋成为上海证交所业绩最差的A股公司。该公司负债总额从2008年的562亿元增至去年的1,073亿元，增加了近一倍。 |
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市场观察人士目前关注中国远洋是否会寻求从市场上筹措资金（可能会得到中国政府的协助）。麦格理证券(Macquarie Securities)的分析师路易斯(Janet Lewis)说，由政府吸纳增发股份的资本重组或许是上上策，这样做虽然稀释了现有股东的权益，但中国远洋要走出目前的困境是不太可能的。 |
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路易斯和其他分析师说，更持久的解决方案可能是资产出售或重组。一种可行的办法是将中国远洋的集装箱业务转移给另一家国企中海集装箱运输股份有限公司(China Shipping Container Lines.，简称：中海集运)。中海集运没有回复置评请求。 |
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富瑞金融集团香港有限公司(Jefferies Hong Kong Ltd.)交通运输部门主管梁民说，将干散货业务转给母公司中远集团也是个办法。
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Post By：2012/8/29 10:16:00
