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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, 01 October 18
A NO-DEAL BREXIT WILL UNDOUBTEDLY HAVE CONSEQUENCES FOR IMPORTERS AND EXPORTERS - KATE JONES, THE BALTIC BRIEFING
If you live in the UK, you might be finding it difficult to get away from the Brexit debate. “Hard Brexit”, “soft Brexit”, ...
Friday, 28 September 18
INDONESIA 2018 COAL OUTPUT TARGET NOW AROUND 507 MLN T - ENERGY MINISTRY : REUTERS
Indonesia has increased its 2018 coal production target to around 507 million tonnes from a previous target of 485 million tonnes, the Energy Minis ...
Friday, 28 September 18
FITCH RATINGS: METALLURGICAL COAL MINERS MAY CURB COSTS AS PRICES SLIP
Strong cost inflation in the global metallurgical coal sector suggests that miners may focus on cost controls as prices decline from their current ...
Wednesday, 26 September 18
IS YOUR CHARTER PARTY READY FOR 2020? - METTE KRONHOLM FRAENDE, BIMCO
As the deadline for the IMO’s global low-sulphur fuel requirements fast approaches, it is necessary to carefully check the bunker clauses in ...
Wednesday, 26 September 18
SHIPPING MARKET INSIGHT - GEORGE ILIOPOULOS
Despite the fact that the dry bulk SnP market saw an admittedly busy summer season, there is a noticeable slowdown in activity during the past thre ...
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- Thiess Contractors Indonesia
- Deloitte Consulting - India
- Madhucon Powers Ltd - India
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
- Bhushan Steel Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Planning Commission, India
- Standard Chartered Bank - UAE
- Directorate Of Revenue Intelligence - India
- Ministry of Mines - Canada
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Thai Mozambique Logistica
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Anglo American - United Kingdom
- Straits Asia Resources Limited - Singapore
- Latin American Coal - Colombia
- ICICI Bank Limited - India
- Sree Jayajothi Cements Limited - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- VISA Power Limited - India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- PNOC Exploration Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- New Zealand Coal & Carbon
- Krishnapatnam Port Company Ltd. - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Marubeni Corporation - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bukit Makmur.PT - Indonesia
- Australian Coal Association
- Wood Mackenzie - Singapore
- Orica Mining Services - Indonesia
- Mercator Lines Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Chettinad Cement Corporation Ltd - India
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Ambuja Cements Ltd - India
- Xindia Steels Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- The Treasury - Australian Government
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- Indika Energy - Indonesia
- Independent Power Producers Association of India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Medco Energi Mining Internasional
- Kumho Petrochemical, South Korea
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- Georgia Ports Authority, United States
- Bahari Cakrawala Sebuku - Indonesia
- Mintek Dendrill Indonesia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Barasentosa Lestari - Indonesia
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Tata Chemicals Ltd - India
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- IHS Mccloskey Coal Group - USA
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Bhatia International Limited - India
- Borneo Indobara - Indonesia
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Sical Logistics Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Baramulti Group, Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Australian Commodity Traders Exchange
- Petron Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Pipit Mutiara Jaya. PT, Indonesia
- Globalindo Alam Lestari - Indonesia
- Sakthi Sugars Limited - India
- Kartika Selabumi Mining - Indonesia
- GVK Power & Infra Limited - India
- Tamil Nadu electricity Board
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Gujarat Sidhee Cement - India
- Kohat Cement Company Ltd. - Pakistan
- Kobexindo Tractors - Indoneisa
- The University of Queensland
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Trasteel International SA, Italy
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Kepco SPC Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Siam City Cement PLC, Thailand
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- SMG Consultants - Indonesia
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- Energy Development Corp, Philippines
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