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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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Tuesday, 25 September 18
THE INCONVENIENT TRUTH OF RISING COAL PRICES - FORBES
Coal prices are not supposed to be rising as governments tighten environmental controls but that’s precisely what is happening at the premium ...
Saturday, 22 September 18
SHIPOWNERS URGENTLY NEED A FUEL-MANAGEMENT PLAN - METTE KRONHOLM FRAENDE, BIMCO
With the majority of ship operators expected to choose low-sulphur fuel over scrubbers to comply with the new IMO sulphur cap regulation, all eyes ...
Saturday, 22 September 18
GERMANY'S MOVE TO SCRAP COAL WILL COST TAXPAYERS - BRIAN PARKIN | WILLIAM WILKES
Chancellor Angela Merkel’s plan to close Germany’s remaining coal-fired power stations will drive up subsidies for regions that mine th ...
Saturday, 22 September 18
FITCH RATINGS: WORLD GROWTH FORECAST CUT ON US-CHINA TRADE BATTLE
Protectionist US trade policies have now reached the point where they are materially affecting what remains a strong global growth outlook, with th ...
Tuesday, 18 September 18
COOLING OUTLOOK FOR COAL - KATE JONES
At a time of increasing focus on the renewables market as the world seeks to clean up its act to prevent climate change, what is the outlook like f ...
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Showing 1611 to 1615 news of total 6871 |
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- Renaissance Capital - South Africa
- ICICI Bank Limited - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Bhatia International Limited - India
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Tamil Nadu electricity Board
- Metalloyd Limited - United Kingdom
- Larsen & Toubro Limited - India
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Indian Energy Exchange, India
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Central Electricity Authority - India
- Mercator Lines Limited - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- SMC Global Power, Philippines
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- Power Finance Corporation Ltd., India
- Bangladesh Power Developement Board
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Aboitiz Power Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- OPG Power Generation Pvt Ltd - India
- Indika Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Siam City Cement PLC, Thailand
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Indogreen Group - Indonesia
- Mintek Dendrill Indonesia
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- SMG Consultants - Indonesia
- GMR Energy Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Latin American Coal - Colombia
- Simpson Spence & Young - Indonesia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Baramulti Group, Indonesia
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Asmin Koalindo Tuhup - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- Maharashtra Electricity Regulatory Commission - India
- Barasentosa Lestari - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Globalindo Alam Lestari - Indonesia
- PTC India Limited - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- LBH Netherlands Bv - Netherlands
- Central Java Power - Indonesia
- Marubeni Corporation - India
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Heidelberg Cement - Germany
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Australian Commodity Traders Exchange
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- MS Steel International - UAE
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Banpu Public Company Limited - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Africa Commodities Group - South Africa
- Directorate General of MIneral and Coal - Indonesia
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indonesian Coal Mining Association
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Aditya Birla Group - India
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Chamber of Mines of South Africa
- Ministry of Finance - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- Trasteel International SA, Italy
- Videocon Industries ltd - India
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Gujarat Sidhee Cement - India
- Semirara Mining and Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Semirara Mining Corp, Philippines
- Kaltim Prima Coal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Romanian Commodities Exchange
- Gujarat Mineral Development Corp Ltd - India
- Carbofer General Trading SA - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- Maheswari Brothers Coal Limited - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Karbindo Abesyapradhi - Indoneisa
- Vedanta Resources Plc - India
- Cigading International Bulk Terminal - Indonesia
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Energy Development Corp, Philippines
- Orica Australia Pty. Ltd.
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- McConnell Dowell - Australia
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Krishnapatnam Port Company Ltd. - India
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