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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, 28 August 18
COURT CONCLUDES DELIVERY MADE IN ACCORDANCE WITH TERMS OF LOIS - INCE&CO
Glencore Agriculture BV v Navig8 Chemicals Pool Inc (Songa Winds) [2018] EWCA 1901 (Civ)
In this case, the Commercial Court fo ...
Tuesday, 28 August 18
SUPRAMAX: A COAL TRIP VIA INDONESIA PAID $13,500 ON A 56,000DWT TO WC INDIA - BALTIC BRIEFING
Capesize
The Singapore holiday mid-week disrupted trading and unsettled the market, with owners losing some resilience. The market took on a la ...
Tuesday, 28 August 18
SHIPPING MARKET UPDATE - GEORGE LAZARIDIS
As we edge close to the start of the Autumn Season, a period within the year that is usually characterized as the pivot point from the final quarte ...
Friday, 24 August 18
KOREAN RESTRICTIONS ON COAL SULPHUR IMPACTING HUNTER EXPORTS - THE HERALD
WARNINGS that Korean restrictions on sulphur levels in coal could hurt the Hunter industry appear to have been accurate, according to a report in t ...
Thursday, 23 August 18
RUSSIA'S MECHEL PRODUCED 9.69 MMT OF RUN-OF-MINE COAL IN 1H'2018
Mechel PAO, one of the leading Russian mining and metals companies, announces 1H2018 operational results.
Mechel PAO’s Chief E ...
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- Aditya Birla Group - India
- CNBM International Corporation - China
- Essar Steel Hazira Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Latin American Coal - Colombia
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Mines - Canada
- VISA Power Limited - India
- Vedanta Resources Plc - India
- White Energy Company Limited
- Madhucon Powers Ltd - India
- Australian Commodity Traders Exchange
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- PTC India Limited - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Bukit Makmur.PT - Indonesia
- Mintek Dendrill Indonesia
- Ind-Barath Power Infra Limited - India
- PNOC Exploration Corporation - Philippines
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Ministry of Finance - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- San Jose City I Power Corp, Philippines
- Star Paper Mills Limited - India
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Anglo American - United Kingdom
- Georgia Ports Authority, United States
- Bhoruka Overseas - Indonesia
- Electricity Authority, New Zealand
- The University of Queensland
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Bhushan Steel Limited - India
- Orica Australia Pty. Ltd.
- Riau Bara Harum - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Malabar Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indo Tambangraya Megah - Indonesia
- European Bulk Services B.V. - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Asmin Koalindo Tuhup - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- CIMB Investment Bank - Malaysia
- Therma Luzon, Inc, Philippines
- Larsen & Toubro Limited - India
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Semirara Mining Corp, Philippines
- McConnell Dowell - Australia
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Singapore Mercantile Exchange
- AsiaOL BioFuels Corp., Philippines
- Meenaskhi Energy Private Limited - India
- Kobexindo Tractors - Indoneisa
- IEA Clean Coal Centre - UK
- Central Electricity Authority - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Mercator Lines Limited - India
- Independent Power Producers Association of India
- Kalimantan Lumbung Energi - Indonesia
- International Coal Ventures Pvt Ltd - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Indika Energy - Indonesia
- Indonesian Coal Mining Association
- Orica Mining Services - Indonesia
- Meralco Power Generation, Philippines
- Marubeni Corporation - India
- Ambuja Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Kideco Jaya Agung - Indonesia
- TeaM Sual Corporation - Philippines
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Bharathi Cement Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Medco Energi Mining Internasional
- New Zealand Coal & Carbon
- Carbofer General Trading SA - India
- Billiton Holdings Pty Ltd - Australia
- Petron Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Indogreen Group - Indonesia
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Metalloyd Limited - United Kingdom
- Parry Sugars Refinery, India
- Cement Manufacturers Association - India
- Renaissance Capital - South Africa
- Africa Commodities Group - South Africa
- Leighton Contractors Pty Ltd - Australia
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Commonwealth Bank - Australia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Manunggal Multi Energi - Indonesia
- Coastal Gujarat Power Limited - India
- MS Steel International - UAE
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- ASAPP Information Group - India
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Attock Cement Pakistan Limited
- Standard Chartered Bank - UAE
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Videocon Industries ltd - India
- Heidelberg Cement - Germany
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Economic Council, Georgia
- Antam Resourcindo - Indonesia
- Uttam Galva Steels Limited - India
- Ministry of Transport, Egypt
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- Vizag Seaport Private Limited - India
- Energy Development Corp, Philippines
- Tata Chemicals Ltd - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Minerals Council of Australia
- Deloitte Consulting - India
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Toyota Tsusho Corporation, Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Samtan Co., Ltd - South Korea
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