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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, 23 August 18
SUPRAMAX: SOME FRESH COAL CARGOES APPEARED IN SE ASIA, GIVING A BIT PRESSURE ON RATES FOR END AUGUST SHIPMENTS - FEARNLEYS
Capesize
Slightly softer but generally very healthy for the big ships, with limited supply of early tonnage and positive Brazilian ore export v ...
Wednesday, 22 August 18
KOMIPO INVITES BIDS FOR 480K TONS OF BITUMINOUS COAL FOR BORYEONG POWER PLANT & SHIN BORYEONG POWER PLANTS
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a tender for 480,000 mt of min. 5700 NAR coal of Australian origi ...
Wednesday, 22 August 18
SHIPPING MARKET INSIGHT - GEORGE PANAGOPOULOS
During the most quite week of the summer period we witnessed a trade war between United States and Turkey. A battle, which started with the arrest ...
Monday, 20 August 18
SUPRAMAX: OVERALL IT WAS A POSITIVE WEEK FOR THE BSI INDEX WITH GAINS MADE - THE BALTIC BRIEFING
Capesize
A week of largely unfulfilled expectations with holidays again curbing activity. Rates remained essentially healthy, but despite bad wea ...
Friday, 17 August 18
DO ARBITRATION AGREEMENTS IN BILLS OF LADING BIND THEIR HOLDERS? - WFW
KNOWLEDGE TO ELEVATE
Bills of lading are a crucial part of the security package traditionally sought by trade finance providers.
...
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- Dalmia Cement Bharat India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- Latin American Coal - Colombia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Independent Power Producers Association of India
- Bukit Makmur.PT - Indonesia
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- CNBM International Corporation - China
- Pipit Mutiara Jaya. PT, Indonesia
- Altura Mining Limited, Indonesia
- Carbofer General Trading SA - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Deloitte Consulting - India
- Power Finance Corporation Ltd., India
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Bangladesh Power Developement Board
- Salva Resources Pvt Ltd - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rio Tinto Coal - Australia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Aboitiz Power Corporation - Philippines
- Indika Energy - Indonesia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- PTC India Limited - India
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Sical Logistics Limited - India
- Coal and Oil Company - UAE
- Borneo Indobara - Indonesia
- LBH Netherlands Bv - Netherlands
- Miang Besar Coal Terminal - Indonesia
- VISA Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Coalindo Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Sindya Power Generating Company Private Ltd
- IHS Mccloskey Coal Group - USA
- GVK Power & Infra Limited - India
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Uttam Galva Steels Limited - India
- Bhushan Steel Limited - India
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Parry Sugars Refinery, India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Siam City Cement PLC, Thailand
- Mjunction Services Limited - India
- Parliament of New Zealand
- Kartika Selabumi Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Mercuria Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Star Paper Mills Limited - India
- Indian Oil Corporation Limited
- Romanian Commodities Exchange
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- Malabar Cements Ltd - India
- MS Steel International - UAE
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Semirara Mining and Power Corporation, Philippines
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- Africa Commodities Group - South Africa
- Interocean Group of Companies - India
- TeaM Sual Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Mintek Dendrill Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Mercator Lines Limited - India
- The Treasury - Australian Government
- Heidelberg Cement - Germany
- Chettinad Cement Corporation Ltd - India
- Siam City Cement - Thailand
- Marubeni Corporation - India
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- Holcim Trading Pte Ltd - Singapore
- SN Aboitiz Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- AsiaOL BioFuels Corp., Philippines
- Eastern Coal Council - USA
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Makarim & Taira - Indonesia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- Economic Council, Georgia
- IEA Clean Coal Centre - UK
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Gujarat Sidhee Cement - India
- Manunggal Multi Energi - Indonesia
- Gujarat Electricity Regulatory Commission - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ambuja Cements Ltd - India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Indogreen Group - Indonesia
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Ministry of Mines - Canada
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- The University of Queensland
- Barasentosa Lestari - Indonesia
- Chamber of Mines of South Africa
- GMR Energy Limited - India
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