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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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Wednesday, 24 October 18
MARKET INSIGHT - NASSOS SOULAKIS
Looking at 2018 SnP activity, it is evident that Greek, Chinese and North European (German and Norwegian) owners are the top buying nationalities, ...
Wednesday, 24 October 18
CHINESE POWER PLANT STOCKPILES AT HIGHEST LEVEL SINCE 2015 - JEFFREY LANDSBERG
Chinese power plant coal stockpiles have climbed to approximately 83.3 million tons as of the middle of this month, said Jeffrey Landsberg in his e ...
Tuesday, 23 October 18
WILL THE U.S. COAL DECLINE CONTINUE? - FORBES
What’s Trump’s new coal proposal?
Adding to its controversial plan to leverage federal authority to keep retiring baselo ...
Monday, 22 October 18
CONTINUED HIGH LNG PRICES; TRADE WAR IMPACT LIMITED - FITCH RATINGS
Fitch Ratings expects sustained high spot liquefied natural gas (LNG) and contract prices over the next two quarters on limited investment in LNG e ...
Monday, 22 October 18
WINTER OIL MARKET OUTLOOK - OPEC
The oil market in the winter season is generally characterized by demand for diesel, particularly in the northern hemisphere, leaving product marke ...
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- Electricity Authority, New Zealand
- Parliament of New Zealand
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- IHS Mccloskey Coal Group - USA
- Aditya Birla Group - India
- San Jose City I Power Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Independent Power Producers Association of India
- Binh Thuan Hamico - Vietnam
- SMC Global Power, Philippines
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Uttam Galva Steels Limited - India
- Kepco SPC Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- White Energy Company Limited
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- The Treasury - Australian Government
- Thai Mozambique Logistica
- Iligan Light & Power Inc, Philippines
- Latin American Coal - Colombia
- Indika Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sical Logistics Limited - India
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Baramulti Group, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Sree Jayajothi Cements Limited - India
- Antam Resourcindo - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Anglo American - United Kingdom
- Bharathi Cement Corporation - India
- Port Waratah Coal Services - Australia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Planning Commission, India
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Merrill Lynch Commodities Europe
- Billiton Holdings Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Trasteel International SA, Italy
- ICICI Bank Limited - India
- TeaM Sual Corporation - Philippines
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- Siam City Cement - Thailand
- VISA Power Limited - India
- Dalmia Cement Bharat India
- Jindal Steel & Power Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Videocon Industries ltd - India
- OPG Power Generation Pvt Ltd - India
- Posco Energy - South Korea
- Indogreen Group - Indonesia
- Toyota Tsusho Corporation, Japan
- Therma Luzon, Inc, Philippines
- Salva Resources Pvt Ltd - India
- Meralco Power Generation, Philippines
- McConnell Dowell - Australia
- Bhushan Steel Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Power Finance Corporation Ltd., India
- Meenaskhi Energy Private Limited - India
- Ministry of Finance - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Australian Coal Association
- The State Trading Corporation of India Ltd
- PetroVietnam Power Coal Import and Supply Company
- Simpson Spence & Young - Indonesia
- Central Java Power - Indonesia
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Kartika Selabumi Mining - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Coal Council - USA
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Heidelberg Cement - Germany
- The University of Queensland
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Global Coal Blending Company Limited - Australia
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Kumho Petrochemical, South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Africa Commodities Group - South Africa
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- Kohat Cement Company Ltd. - Pakistan
- Straits Asia Resources Limited - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Rashtriya Ispat Nigam Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Eastern Energy - Thailand
- Ind-Barath Power Infra Limited - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Interocean Group of Companies - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Price Waterhouse Coopers - Russia
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- Medco Energi Mining Internasional
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