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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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Friday, 02 November 18
COAL FETCHES 102% PREMIUM IN E-AUCTION, SURPASSING THE EARLIER HIGHEST OF 95% - FINANCIAL EXPRESS
Coal prices have received a premium of 102% in spot e-auction during September 2018, surpassing the earlier highest of 95% premium during the spot ...
Friday, 02 November 18
CHINA: COAL CONSUMPTION POSTS STRONG GROWTH ON BACK OF POWER GENERATION DEMAND - CHINA DAILY
China’s energy consumption experienced continuous rebound during the first three quarters in 2018, National Energy Administration announced o ...
Thursday, 01 November 18
IMO 2020 - EXPLORING THE OPTION OF SOX SCRUBBERS - SIDDHARTH MAHAJAN, GARD
KNOWLEDGE TO ELEVATE
There are four possible methods of compliance:
1.use VLSFO (very low Sulphur oil) or blends;
2,use dis ...
Wednesday, 31 October 18
INDIA: COAL IMPORTS SURGE ON DOMESTIC SHORT SUPPLY - HINDU
Shortage of thermal coal supply in India has pushed imports up to 85 million tonnes (mt) in the first half of the current fiscal compared to 75 mt ...
Wednesday, 31 October 18
SHIPPING MARKET INSIGHT - APOSTOLOS ROMPOPOULOS
Since the IMO’s 2020 global cap on sulphur in marine fuels is coming into force, ship-owners have to decide whether they will operate using e ...
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- Sakthi Sugars Limited - India
- Central Electricity Authority - India
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- LBH Netherlands Bv - Netherlands
- Mjunction Services Limited - India
- Intertek Mineral Services - Indonesia
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- South Luzon Thermal Energy Corporation
- Coastal Gujarat Power Limited - India
- GVK Power & Infra Limited - India
- Gujarat Sidhee Cement - India
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Standard Chartered Bank - UAE
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Bhatia International Limited - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Agrawal Coal Company - India
- Sical Logistics Limited - India
- Metalloyd Limited - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- Vedanta Resources Plc - India
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Australian Coal Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- Jorong Barutama Greston.PT - Indonesia
- Anglo American - United Kingdom
- Orica Mining Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- Mintek Dendrill Indonesia
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Planning Commission, India
- Marubeni Corporation - India
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- ASAPP Information Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Petron Corporation, Philippines
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Meenaskhi Energy Private Limited - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Romanian Commodities Exchange
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Bangladesh Power Developement Board
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Georgia Ports Authority, United States
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Indian Energy Exchange, India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Pendopo Energi Batubara - Indonesia
- PTC India Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Port Waratah Coal Services - Australia
- The University of Queensland
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Banpu Public Company Limited - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Larsen & Toubro Limited - India
- Kartika Selabumi Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Antam Resourcindo - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Madhucon Powers Ltd - India
- Central Java Power - Indonesia
- Siam City Cement PLC, Thailand
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Energy Link Ltd, New Zealand
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Malabar Cements Ltd - India
- Miang Besar Coal Terminal - Indonesia
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Lanco Infratech Ltd - India
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Coalindo Energy - Indonesia
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Meralco Power Generation, Philippines
- Karaikal Port Pvt Ltd - India
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- Timah Investasi Mineral - Indoneisa
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