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Wednesday, 08 August 18
SHIPPING MARKET INSIGHT - CHRISTOPHER WHITTY
 Singapore's shipyard business has evolved over the decades, from shipbuilding and repairs to rig building. It's now evolving again, to cater to the liquefied natural gas trade and floating platforms. The oil price crash in 2014 has had a catastrophic effect on the offshore and marine sector - one of the jewels of the Singapore economy. Some light has appeared at the end of the tunnel, however no one in the industry is talking about a major rebound yet. The rig-building industry in particular, has been on the mend in recent months as market activity continues to pick up. This could hopefully mark the beginning of an overdue recovery for the world's two biggest firms in the sector - Keppel Offshore & Marine (Keppel O&M) and Sembcorp Marine.
The offshore industry as a whole, along with a first class finance sector, has been a key pillar of Singapore’s economic transformation into a first world economy since it’s independence and a source of national pride. The collapse in oil prices over the last years has resulted in thousands of jobs lost, several defaults by big organizations and billions of dollars in debt restructurings.
Now, as oil prices pick up, the offshore industry in Singapore is slowly recovering and we hope coming back to life. The offshore and marine engineering industry’s direct output contribution has almost been halved since 2014 to about 1 percent of the city-state’s economy, but its significance extends beyond manufacturing itself and has an impact across various segments.
On a positive note last month we saw two major listed groups linked to Malaysia's richest tycoon Robert Kuok joining forces to penetrate Taiwan's budding offshore wind sector. POSH (PACC Offshore Services Holdings) and Kerry TJ Logistics in mid July formalised a joint venture for Taiwan's offshore wind market. Mr Kuok is a controlling shareholder of POSH, a Singapore-listed offshore support, tugowner and vessel operator.
About one-third - 40 - of the vessels in POSH's current fleet are suited for deployment in offshore wind projects. Of course with the group’s joint venture POSH Terasea, they also have access as a specialist to offshore marine markets primarily focusing on niche specialty services like long haul ocean towage, mooring installation of FPSOs, Floating Production Systems, towage of semi-submersibles and other offshore installations.
Looking at the overall picture, the bigger question is whether the Singapore firms should consider to move out of the rig-building business altogether or diversify activities and reduce exposure. The offshore and marine engineering industry of Singapore remains an important one for the country, contributing 1.3 per cent to the economy in year 2015, with a value-add of $4.95 billion.
The numbers may be less impressive than the 1.9 per cent gross domestic product contribution seen in 2014 (just before the prolonged collapse of oil prices), with a $7.15 billion value-add, but the fact remains that Singapore continues to hold around 70 per cent of the global market for jack-up rig manufacturing as well as FPSO vessel conversion. Obviously this is a very strong position that has an impact across several industries of the Singaporean economy.
By Christopher Whitty
Towage and Port Agency Division
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Tuesday, 13 November 18
INDIA: POWER DEMAND UP; COAL STOCKS AT MINES AT A 5-YEAR LOW - FINANCIAL EXPRESS
Stocks at Coal India mines plunged to a five-year low of 21 million tonne (mt) in October, as a sudden surge in demand for the fuel from the power ...
Monday, 12 November 18
COAL BUSINESS REMAINS PROSPECTIVE - ANTARA
Coal business happened to be sluggish in the 2012-2015 period because coal prices in the world market fell sharply, but it has begun to crawl up si ...
Monday, 12 November 18
INDONESIA'S HBA ENDS DECLINE IN NOVEMBER
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
Wednesday, 07 November 18
SHIPPING MARKET INSIGHT - VASILIS MOIRIS
This has been another active week in the second-hand market for both the dry bulk and tanker sectors. Buying interest has recently increased, which ...
Monday, 05 November 18
TIGHTER FUEL RULES COULD RAISE SHIPOWNERS' COSTS AND CAPEX - FITCH RATINGS
More stringent fuel regulations regarding sulphur content could significantly increase global shipping companies’ operating costs and capex n ...
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- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Ministry of Transport, Egypt
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Anglo American - United Kingdom
- Videocon Industries ltd - India
- San Jose City I Power Corp, Philippines
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Aditya Birla Group - India
- SN Aboitiz Power Inc, Philippines
- Agrawal Coal Company - India
- Bhoruka Overseas - Indonesia
- GMR Energy Limited - India
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- PNOC Exploration Corporation - Philippines
- Power Finance Corporation Ltd., India
- Petrochimia International Co. Ltd.- Taiwan
- Global Green Power PLC Corporation, Philippines
- White Energy Company Limited
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Indogreen Group - Indonesia
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Chamber of Mines of South Africa
- Maharashtra Electricity Regulatory Commission - India
- London Commodity Brokers - England
- Riau Bara Harum - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Tamil Nadu electricity Board
- Semirara Mining Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Business Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Cement Manufacturers Association - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Holcim Trading Pte Ltd - Singapore
- Pendopo Energi Batubara - Indonesia
- Meralco Power Generation, Philippines
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Leighton Contractors Pty Ltd - Australia
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Africa Commodities Group - South Africa
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- Port Waratah Coal Services - Australia
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Price Waterhouse Coopers - Russia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Kartika Selabumi Mining - Indonesia
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Uttam Galva Steels Limited - India
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- Oldendorff Carriers - Singapore
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- SMC Global Power, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- ASAPP Information Group - India
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- IEA Clean Coal Centre - UK
- Kalimantan Lumbung Energi - Indonesia
- Borneo Indobara - Indonesia
- Orica Australia Pty. Ltd.
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Indian Oil Corporation Limited
- MS Steel International - UAE
- Vedanta Resources Plc - India
- PetroVietnam Power Coal Import and Supply Company
- Intertek Mineral Services - Indonesia
- Commonwealth Bank - Australia
- Indo Tambangraya Megah - Indonesia
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Heidelberg Cement - Germany
- European Bulk Services B.V. - Netherlands
- Ministry of Mines - Canada
- Ind-Barath Power Infra Limited - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Jindal Steel & Power Ltd - India
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Australian Coal Association
- Iligan Light & Power Inc, Philippines
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Energy Link Ltd, New Zealand
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Mercator Lines Limited - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- Deloitte Consulting - India
- Merrill Lynch Commodities Europe
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Bhushan Steel Limited - India
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Posco Energy - South Korea
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Attock Cement Pakistan Limited
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
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