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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, 17 October 18
SHIPPING MARKET INSIGHT - TIMOS PAPADIMITRIOU
In the last three months approximately 72 tankers changed hands involving ships larger than 33kdwt up to VLCC. 43 of those vessels had to do ...
Tuesday, 16 October 18
A PRACTICAL OVERVIEW OF THE IMO 2020 SULPHUR CAP - CLYDE&CO
KNOWLEDGE TO ELEVATE
With less than eighteen months before Regulation 14.1.3 of Annex VI of the MARPOL Convention comes into effect, there are ...
Saturday, 13 October 18
SUPRAMAX: SIGNIFICANT ACTIVITY IN THE INDIAN OCEAN WAS EVIDENT AND RATES JUMPED - BALTIC BRIEFING
Capesize
A sharp reversal of fortunes for the big ships as the week closed after a depressed beginning. To start with drops were sudden, with t ...
Wednesday, 10 October 18
SHIPPING MARKET INSIGHT - ILIAS M. LALAOUNIS
During the end of last month the BHSI was hovering around 630 points, while the last observed sale on a 10-yr old Japanese Handy was the M/V Van Im ...
Monday, 08 October 18
INDONESIAN THERMAL COAL PRICE REFERENCE FELL 3.74% IN OCTOBER 2018
COALspot.com: The Ministry of Energy and Mineral Resources of the Republic of Indonesia has revised down the benchmark price of Indonesian thermal ...
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- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Australian Coal Association
- Ministry of Finance - Indonesia
- Mjunction Services Limited - India
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- Directorate Of Revenue Intelligence - India
- Semirara Mining and Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Makarim & Taira - Indonesia
- Uttam Galva Steels Limited - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- Planning Commission, India
- Bhushan Steel Limited - India
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bhatia International Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- IEA Clean Coal Centre - UK
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- ASAPP Information Group - India
- Jindal Steel & Power Ltd - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Indika Energy - Indonesia
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- The State Trading Corporation of India Ltd
- The Treasury - Australian Government
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Videocon Industries ltd - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- VISA Power Limited - India
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- White Energy Company Limited
- Vedanta Resources Plc - India
- Tata Chemicals Ltd - India
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Mercator Lines Limited - India
- Economic Council, Georgia
- CNBM International Corporation - China
- Dalmia Cement Bharat India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Altura Mining Limited, Indonesia
- Central Electricity Authority - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Edison Trading Spa - Italy
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bayan Resources Tbk. - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- Heidelberg Cement - Germany
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Meralco Power Generation, Philippines
- Kobexindo Tractors - Indoneisa
- Medco Energi Mining Internasional
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- South Luzon Thermal Energy Corporation
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Vizag Seaport Private Limited - India
- Bangladesh Power Developement Board
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- GAC Shipping (India) Pvt Ltd
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- SMG Consultants - Indonesia
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Eastern Coal Council - USA
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Wilmar Investment Holdings
- Standard Chartered Bank - UAE
- Gujarat Electricity Regulatory Commission - India
- PNOC Exploration Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Formosa Plastics Group - Taiwan
- Kumho Petrochemical, South Korea
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Bharathi Cement Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Siam City Cement PLC, Thailand
- Intertek Mineral Services - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- LBH Netherlands Bv - Netherlands
- Mintek Dendrill Indonesia
- CIMB Investment Bank - Malaysia
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Commonwealth Bank - Australia
- Price Waterhouse Coopers - Russia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Coal Blending Company Limited - Australia
- Lanco Infratech Ltd - India
- Bukit Makmur.PT - Indonesia
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- PowerSource Philippines DevCo
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