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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, 17 September 18
GLENCORE RETURNS TO JAPAN COAL TALKS SCUPPERED BY HIGH PRICES - BLOOMBERG
Mining giant Glencore Plc and Japanese utilities have resumed thermal coal supply negotiations, restarting talks that fell apart earlier this year ...
Monday, 17 September 18
SMALL PERCENTAGE OF THE WORLD FLEET WILL FIT SCRUBBERS - FORECASTS : METTE KRONHOLM FRAENDE
In recent months, there have been numerous reports of a strong pick-up in demand for scrubbers. On 1 January 2020, however, the number of ships fit ...
Saturday, 15 September 18
POWERING SUSTAINABLE DEVELOPMENT WITH LOW EMISSION COAL TECHNOLOGIES - WCA
In its 5th Strategic Energy Plan this year (2018), the Japanese Cabinet recognised coal as an important energy resource, necessary for the country& ...
Friday, 14 September 18
10 YEARS ON FROM LEHMAN, HOW IS SHIPPING'S "HANGOVER"? - CLARKSONS RESEARCH
On 15th September 2008, the collapse of Lehman Brothers crystallised the financial crisis and the onset the worst economic downturn for a century. ...
Thursday, 13 September 18
OPEC SEES SLOWER 2019 OIL DEMAND GROWTH, WARNS ON ECONOMY
Crude Oil Price Movements
In August, the OPEC Reference Basket declined by $1.01 m-o-m, settling at $72.26/b. Crude oil futures were also down ...
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Showing 1616 to 1620 news of total 6871 |
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- GMR Energy Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Ceylon Electricity Board - Sri Lanka
- OPG Power Generation Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Cement Manufacturers Association - India
- Aditya Birla Group - India
- Timah Investasi Mineral - Indoneisa
- Medco Energi Mining Internasional
- IEA Clean Coal Centre - UK
- Petron Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Romanian Commodities Exchange
- Parry Sugars Refinery, India
- Sree Jayajothi Cements Limited - India
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Deloitte Consulting - India
- Barasentosa Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Port Waratah Coal Services - Australia
- Wilmar Investment Holdings
- Anglo American - United Kingdom
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Price Waterhouse Coopers - Russia
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Kideco Jaya Agung - Indonesia
- Eastern Coal Council - USA
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Meralco Power Generation, Philippines
- Oldendorff Carriers - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Baramulti Group, Indonesia
- McConnell Dowell - Australia
- Planning Commission, India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Africa Commodities Group - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Mintek Dendrill Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Australian Coal Association
- Sakthi Sugars Limited - India
- Mjunction Services Limited - India
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Transport, Egypt
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- San Jose City I Power Corp, Philippines
- Global Business Power Corporation, Philippines
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Star Paper Mills Limited - India
- Meenaskhi Energy Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Maheswari Brothers Coal Limited - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Agrawal Coal Company - India
- Formosa Plastics Group - Taiwan
- Iligan Light & Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- Independent Power Producers Association of India
- Indian Energy Exchange, India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Riau Bara Harum - Indonesia
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Mines - Canada
- New Zealand Coal & Carbon
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Xindia Steels Limited - India
- Renaissance Capital - South Africa
- Ambuja Cements Ltd - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Merrill Lynch Commodities Europe
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Videocon Industries ltd - India
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- Samtan Co., Ltd - South Korea
- Kobexindo Tractors - Indoneisa
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Altura Mining Limited, Indonesia
- VISA Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Coal and Oil Company - UAE
- Malabar Cements Ltd - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- CIMB Investment Bank - Malaysia
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Kaltim Prima Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Vizag Seaport Private Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- The Treasury - Australian Government
- TeaM Sual Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Mercator Lines Limited - India
- The University of Queensland
- Salva Resources Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Electricity Authority, New Zealand
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- Indian Oil Corporation Limited
- Kapuas Tunggal Persada - Indonesia
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