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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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Saturday, 20 October 18
PANAMAX: THE PACIFIC SAW A LARGE VOLUME OF FIXING, WITH INDONESIA AGAIN THE DRIVING FORCE - THE BALTIC BRIEFING
Capesize
A positive end to last week after a shaky start, with a Coaltrans taking participants out of the market early on and with rates slippi ...
Thursday, 18 October 18
SUPRAMAX: INDO/WC INDIA SUPRAS ARE FIXING AROUND MID $14000S P/D BASIS SPORE DELIVERY
Capesize
The volatile Cape market continues this week, especially in the Pacific says Fearnleys in its latest weekly report.
...
Thursday, 18 October 18
COAL SHORTAGE HITS POWER SECTOR AGAIN; HOW INDIA CAN GET ITS PRODUCTION RIGHT - ANIL SWARUP
By convincing states of the value proposition of increased production, the record production of Fy15 & Fy16 can be emulated.
The ...
Thursday, 18 October 18
CHINA POWER REFORM NEUTRAL ON GRIDS, PRESSURES IPP MARGINS - FITCH RATINGS
China's power sector reform has a broadly neutral impact on transmission grids although it will pressure the power producers' margins, says ...
Wednesday, 17 October 18
ESCROW SERVICE FOR BALTIC MEMBERS NOW LIVE
The Baltic Exchange’s Escrow Service for its members to hold deposits for ship sale transactions goes live today (15 October). The service is ...
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- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Makarim & Taira - Indonesia
- Agrawal Coal Company - India
- Deloitte Consulting - India
- VISA Power Limited - India
- Samtan Co., Ltd - South Korea
- Central Java Power - Indonesia
- Orica Australia Pty. Ltd.
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Thiess Contractors Indonesia
- Kideco Jaya Agung - Indonesia
- India Bulls Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maheswari Brothers Coal Limited - India
- Minerals Council of Australia
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Cement Manufacturers Association - India
- Commonwealth Bank - Australia
- Economic Council, Georgia
- CNBM International Corporation - China
- Indika Energy - Indonesia
- Star Paper Mills Limited - India
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Vizag Seaport Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Manunggal Multi Energi - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Banpu Public Company Limited - Thailand
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The State Trading Corporation of India Ltd
- Siam City Cement - Thailand
- Asmin Koalindo Tuhup - Indonesia
- Wood Mackenzie - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Global Coal Blending Company Limited - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Ministry of Mines - Canada
- Lanco Infratech Ltd - India
- Australian Commodity Traders Exchange
- Meralco Power Generation, Philippines
- Larsen & Toubro Limited - India
- Latin American Coal - Colombia
- The University of Queensland
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Central Electricity Authority - India
- Iligan Light & Power Inc, Philippines
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Eastern Energy - Thailand
- Electricity Authority, New Zealand
- Mercator Lines Limited - India
- Indogreen Group - Indonesia
- Energy Link Ltd, New Zealand
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Indian Oil Corporation Limited
- Timah Investasi Mineral - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Kumho Petrochemical, South Korea
- Gujarat Sidhee Cement - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Toyota Tsusho Corporation, Japan
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Holcim Trading Pte Ltd - Singapore
- OPG Power Generation Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Billiton Holdings Pty Ltd - Australia
- The Treasury - Australian Government
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
- Power Finance Corporation Ltd., India
- Trasteel International SA, Italy
- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Xindia Steels Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- London Commodity Brokers - England
- Malabar Cements Ltd - India
- Jaiprakash Power Ventures ltd
- International Coal Ventures Pvt Ltd - India
- Sakthi Sugars Limited - India
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Aboitiz Power Corporation - Philippines
- Heidelberg Cement - Germany
- Carbofer General Trading SA - India
- Kohat Cement Company Ltd. - Pakistan
- Maharashtra Electricity Regulatory Commission - India
- European Bulk Services B.V. - Netherlands
- GAC Shipping (India) Pvt Ltd
- Sarangani Energy Corporation, Philippines
- ASAPP Information Group - India
- Chettinad Cement Corporation Ltd - India
- Riau Bara Harum - Indonesia
- Karaikal Port Pvt Ltd - India
- SMC Global Power, Philippines
- Tata Chemicals Ltd - India
- Port Waratah Coal Services - Australia
- ICICI Bank Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Semirara Mining Corp, Philippines
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Borneo Indobara - Indonesia
- Coastal Gujarat Power Limited - India
- Energy Development Corp, Philippines
- Merrill Lynch Commodities Europe
- Videocon Industries ltd - India
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Goldman Sachs - Singapore
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