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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, 03 October 18
SHIPPING MARKET INSIGHT - KATERINA RESTIS
The bunker fuel supply and availability landscape is close to its transformation with the enforcement of the IMO’s global 0.5% fuel Sulphur c ...
Tuesday, 02 October 18
PANAMAX: A FURTHER RISE ACROSS ALL MAIN ROUTES THIS WEEK - ALLIED
Capesize
Finally an upward recovery was in sight in the spot market the past few days, after the prolonged negative pressure noted the weeks pr ...
Tuesday, 02 October 18
THE PRICE OF OIL CONTINUES ITS CLIMB AMIDST A SERIES OF CONCERNS REGARDING SUPPLY CONSTRAINTS - GEORGE LAZARIDIS
It has been a busy week for oil traders as the price of oil continues its climb amidst a series of concerns regarding supply constraints.
...
Tuesday, 02 October 18
INDONESIA GETS READY TO MEET INCREASED COAL DEMAND FROM CHINA, FREIGHT TO RESPOND - MIKAL BOE
Indonesian coal suppliers have increased their domestic coal production target by 4.5 percent from a previous 485 million tonnes to a massive 507 m ...
Monday, 01 October 18
SUPRAMAX: A 56,000 DWT FIXED DELIVERY FOR A SURABAYA TRIP WITH REDELIVERY TO WEST COAST INDIA AT $13,500 - THE BALTIC BRIEFING
Capesize
A stop-start market for the big ships with many expectations and few fulfilled. Holidays curtailed trading early in the week, but the ...
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- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- Thai Mozambique Logistica
- Ambuja Cements Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Orica Mining Services - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- International Coal Ventures Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- White Energy Company Limited
- McConnell Dowell - Australia
- Parliament of New Zealand
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Kohat Cement Company Ltd. - Pakistan
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Semirara Mining Corp, Philippines
- Energy Link Ltd, New Zealand
- Jaiprakash Power Ventures ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Indian Energy Exchange, India
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Maheswari Brothers Coal Limited - India
- Central Java Power - Indonesia
- Essar Steel Hazira Ltd - India
- Thiess Contractors Indonesia
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Planning Commission, India
- San Jose City I Power Corp, Philippines
- Deloitte Consulting - India
- Heidelberg Cement - Germany
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kumho Petrochemical, South Korea
- Indogreen Group - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Vedanta Resources Plc - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Videocon Industries ltd - India
- Goldman Sachs - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Price Waterhouse Coopers - Russia
- Salva Resources Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- PTC India Limited - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- The University of Queensland
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Global Coal Blending Company Limited - Australia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- GVK Power & Infra Limited - India
- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Medco Energi Mining Internasional
- Intertek Mineral Services - Indonesia
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Marubeni Corporation - India
- ICICI Bank Limited - India
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Port Waratah Coal Services - Australia
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Wilmar Investment Holdings
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Jindal Steel & Power Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Tamil Nadu electricity Board
- Posco Energy - South Korea
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- India Bulls Power Limited - India
- Trasteel International SA, Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Indian Oil Corporation Limited
- Petron Corporation, Philippines
- The Treasury - Australian Government
- PowerSource Philippines DevCo
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Bangladesh Power Developement Board
- Kapuas Tunggal Persada - Indonesia
- Metalloyd Limited - United Kingdom
- MS Steel International - UAE
- Simpson Spence & Young - Indonesia
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Latin American Coal - Colombia
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Straits Asia Resources Limited - Singapore
- Formosa Plastics Group - Taiwan
- Leighton Contractors Pty Ltd - Australia
- Eastern Energy - Thailand
- Rashtriya Ispat Nigam Limited - India
- Indonesian Coal Mining Association
- SN Aboitiz Power Inc, Philippines
- VISA Power Limited - India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Development Corp, Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Gujarat Sidhee Cement - India
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