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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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Monday, 29 October 18
IMPLEMENTATION OF SULPHUR 2020 LIMIT - CARRIAGE BAN ADOPTED - IMO
An amendment to support consistent implementation of the forthcoming 0.50% limit on sulphur in ships fuel oil was adopted by the International Mari ...
Monday, 29 October 18
SUPRAMAX: THE ASIAN AREA SAW FALLING RATES, WITH A 61,000DWT FIXING DELIVERY KOHSICHANG TRIP VIA INDONESIA, REDELIVERY INDIA, AT $10,500 - BALTIC BRIEFING
Capesize
A market of two halves for most of the week with rates in the Atlantic firming and easing in the East for most of the week, but then, ...
Friday, 26 October 18
SHIP OPERATING COSTS EXPECTED TO RISE IN 2018 AND 2019 - MOORE STEPHENS
Total vessel operating costs in the shipping industry are expected to rise by 2.7% in 2018 and by 3.1% in 2019, according to our latest survey.
...
Friday, 26 October 18
SEVERAL CONTRACTIONS IN GLOBAL STEEL PRODUCTION - JEFFREY LANDSBERG
World Steel Association data released today shows that global crude steel production totaled approximately 151.7 million tons in September. T ...
Thursday, 25 October 18
WHAT DOES THE "IMO 2020" REGULATION REALLY SAY? A QUICK GUIDE - BIMCO
KNOWLEDGE TO ELEVATE
The shipping industry has all eyes firmly fixed on the topic, but what exactly do the “IMO 2020” global sulph ...
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- Sarangani Energy Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Baramulti Group, Indonesia
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- CNBM International Corporation - China
- Wilmar Investment Holdings
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- Antam Resourcindo - Indonesia
- Madhucon Powers Ltd - India
- Indian Oil Corporation Limited
- Binh Thuan Hamico - Vietnam
- Larsen & Toubro Limited - India
- Parliament of New Zealand
- Commonwealth Bank - Australia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Billiton Holdings Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Thiess Contractors Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Intertek Mineral Services - Indonesia
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Coastal Gujarat Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- MS Steel International - UAE
- Energy Development Corp, Philippines
- Indika Energy - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Power Finance Corporation Ltd., India
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Ambuja Cements Ltd - India
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- SMC Global Power, Philippines
- London Commodity Brokers - England
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Interocean Group of Companies - India
- Global Coal Blending Company Limited - Australia
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Kumho Petrochemical, South Korea
- Krishnapatnam Port Company Ltd. - India
- ASAPP Information Group - India
- Simpson Spence & Young - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Sree Jayajothi Cements Limited - India
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Posco Energy - South Korea
- Gujarat Sidhee Cement - India
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Port Waratah Coal Services - Australia
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Ministry of Mines - Canada
- Indonesian Coal Mining Association
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- New Zealand Coal & Carbon
- ICICI Bank Limited - India
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Bhushan Steel Limited - India
- PTC India Limited - India
- Planning Commission, India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Bharathi Cement Corporation - India
- Miang Besar Coal Terminal - Indonesia
- Anglo American - United Kingdom
- Wood Mackenzie - Singapore
- Pendopo Energi Batubara - Indonesia
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
- Rio Tinto Coal - Australia
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- The University of Queensland
- TeaM Sual Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Edison Trading Spa - Italy
- McConnell Dowell - Australia
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Petron Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- Australian Coal Association
- Sical Logistics Limited - India
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Aboitiz Power Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Bangladesh Power Developement Board
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- GAC Shipping (India) Pvt Ltd
- Kartika Selabumi Mining - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Lanco Infratech Ltd - India
- Bayan Resources Tbk. - Indonesia
- Tamil Nadu electricity Board
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- Bukit Asam (Persero) Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- SMG Consultants - Indonesia
- White Energy Company Limited
- Sakthi Sugars Limited - India
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- South Luzon Thermal Energy Corporation
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Electricity Authority, New Zealand
- Carbofer General Trading SA - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Eastern Coal Council - USA
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
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