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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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Thursday, 13 September 18
SUPRAMAX: INDO-INDIA COAL RUN WAS FIXED CLOSE TO $16000 ON ULTRA - FEARNLEYS
Capesize
Rates took a further drop in the beginning of the week, to later find a floor around mid-week reaching mid USD 7 level for c5 and just ...
Thursday, 13 September 18
SHIPPING IS INCREASINGLY CAUGHT IN THE TRADE WAR LINE OF CROSSFIRE - PETER SAND
Once again, the already long list of tariffed goods has been made even longer. Many more commodities were hit on 23 August, but September is likely ...
Wednesday, 12 September 18
THE INTERRELATIONSHIP BETWEEN LETTERS OF INDEMNITY AND CHARTERPARTY "TIME BAR" PROVISIONS - STANDARD CLUB
KNOWLEDGE TO ELEVATE
Introduction
A recent English Court of Appeal decision provides important guidance on the applicability of charterpar ...
Wednesday, 12 September 18
IS LNG POISED FOR A NEW GROWTH CYCLE? - WOOD MACKENZIE
Gas needs to work for its long-term sustainability. But the mood music is upbeat. Just 18 months ago the LNG market was depressed, anticipating an ...
Wednesday, 12 September 18
U.S. TOTAL COAL EXPORTS TO BE 107 MMST IN 2018 AND 101 MMST IN 2019 - EIA
EIA forecasts U.S. coal production will decline by 1% to 768 million short tons (MMst) in 2018, despite a 10% (10 MMst) increase in coal exports.
...
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Showing 1621 to 1625 news of total 6871 |
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- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- IHS Mccloskey Coal Group - USA
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- PTC India Limited - India
- Singapore Mercantile Exchange
- Maheswari Brothers Coal Limited - India
- Antam Resourcindo - Indonesia
- Petron Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- Indogreen Group - Indonesia
- Jaiprakash Power Ventures ltd
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Global Coal Blending Company Limited - Australia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Salva Resources Pvt Ltd - India
- Madhucon Powers Ltd - India
- Mjunction Services Limited - India
- Ministry of Mines - Canada
- ASAPP Information Group - India
- Meralco Power Generation, Philippines
- Indonesian Coal Mining Association
- Trasteel International SA, Italy
- Sakthi Sugars Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Merrill Lynch Commodities Europe
- MS Steel International - UAE
- Aboitiz Power Corporation - Philippines
- Renaissance Capital - South Africa
- Borneo Indobara - Indonesia
- Mintek Dendrill Indonesia
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Binh Thuan Hamico - Vietnam
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Metalloyd Limited - United Kingdom
- Gujarat Sidhee Cement - India
- Globalindo Alam Lestari - Indonesia
- Economic Council, Georgia
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- TeaM Sual Corporation - Philippines
- PNOC Exploration Corporation - Philippines
- Electricity Authority, New Zealand
- Central Java Power - Indonesia
- Agrawal Coal Company - India
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Transport, Egypt
- Central Electricity Authority - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- LBH Netherlands Bv - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Bhushan Steel Limited - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Kumho Petrochemical, South Korea
- Cigading International Bulk Terminal - Indonesia
- ICICI Bank Limited - India
- Eastern Energy - Thailand
- San Jose City I Power Corp, Philippines
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- Bayan Resources Tbk. - Indonesia
- Posco Energy - South Korea
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Billiton Holdings Pty Ltd - Australia
- Cement Manufacturers Association - India
- Africa Commodities Group - South Africa
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Interocean Group of Companies - India
- GMR Energy Limited - India
- Indian Oil Corporation Limited
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- The University of Queensland
- Planning Commission, India
- Australian Coal Association
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Bhoruka Overseas - Indonesia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Rio Tinto Coal - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Thai Mozambique Logistica
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Leighton Contractors Pty Ltd - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Manunggal Multi Energi - Indonesia
- Tata Chemicals Ltd - India
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Edison Trading Spa - Italy
- Larsen & Toubro Limited - India
- Ceylon Electricity Board - Sri Lanka
- Kapuas Tunggal Persada - Indonesia
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Altura Mining Limited, Indonesia
- McConnell Dowell - Australia
- Vedanta Resources Plc - India
- Mercator Lines Limited - India
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Aditya Birla Group - India
- Chettinad Cement Corporation Ltd - India
- Bukit Makmur.PT - Indonesia
- Global Green Power PLC Corporation, Philippines
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- Sojitz Corporation - Japan
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Bhatia International Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- CIMB Investment Bank - Malaysia
- Kohat Cement Company Ltd. - Pakistan
- Parliament of New Zealand
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Essar Steel Hazira Ltd - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Global Business Power Corporation, Philippines
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