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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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Friday, 17 August 18
MALAYSIA'S MANJUNG 4 - WORLD COAL ASSOCIATION
According to the IEA’s Energy Access Outlook 2017 report, nearly all of those who gained access to electricity worldwide in the last 16 years ...
Thursday, 16 August 18
COAL PRODUCTION AT 37.11 PERCENT OF FULL-YEAR TARGET - THE JAKARTA POST
Indonesian coal production was recorded at 180 million tons on Wednesday, or 37.11 percent of the government’s 485 million target this year.
...
Thursday, 16 August 18
OIL MARKET HIGHLIGHTS - OPEC
Crude Oil Price Movements
In July, the OPEC Reference Basket increased marginally by 5¢ m-o-m to settle at $73.27/b. Oil futures saw mixed ...
Tuesday, 14 August 18
THE CAPESIZE MARKET HAS SHOWN A TREMENDOUS COURSE DURING THE PAST 12 MONTHS - THOMAS CHASAPIS
The Capesize market has shown a tremendous course during the past 12 months, having quickly climbed out of the “hole that it had found itself ...
Monday, 13 August 18
A 50,200 DWT FIXED DELIVERY SINGAPORE TRIP VIA INDONESIA REDELIVERY CHINA IN THE LOW $10,000S - THE BALTIC BRIEFING
Capesize
Expectations of a further push in the market were largely unfulfilled last week as rates come under pressure in Asia as the North Atla ...
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Showing 1646 to 1650 news of total 6871 |
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- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Trasteel International SA, Italy
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- European Bulk Services B.V. - Netherlands
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- GVK Power & Infra Limited - India
- Oldendorff Carriers - Singapore
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Dalmia Cement Bharat India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- Central Java Power - Indonesia
- Planning Commission, India
- Neyveli Lignite Corporation Ltd, - India
- Bayan Resources Tbk. - Indonesia
- Central Electricity Authority - India
- Simpson Spence & Young - Indonesia
- Bhushan Steel Limited - India
- The State Trading Corporation of India Ltd
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Standard Chartered Bank - UAE
- Parliament of New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Merrill Lynch Commodities Europe
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indogreen Group - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- Toyota Tsusho Corporation, Japan
- Ministry of Mines - Canada
- India Bulls Power Limited - India
- Meenaskhi Energy Private Limited - India
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Directorate Of Revenue Intelligence - India
- Madhucon Powers Ltd - India
- Marubeni Corporation - India
- Renaissance Capital - South Africa
- Aboitiz Power Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Ambuja Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Indian Energy Exchange, India
- LBH Netherlands Bv - Netherlands
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- MS Steel International - UAE
- PTC India Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Indonesian Coal Mining Association
- Barasentosa Lestari - Indonesia
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- Bukit Baiduri Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Timah Investasi Mineral - Indoneisa
- Deloitte Consulting - India
- Ind-Barath Power Infra Limited - India
- Bhatia International Limited - India
- AsiaOL BioFuels Corp., Philippines
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- Siam City Cement - Thailand
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Pendopo Energi Batubara - Indonesia
- VISA Power Limited - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- SMC Global Power, Philippines
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- SMG Consultants - Indonesia
- Posco Energy - South Korea
- Wilmar Investment Holdings
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Thiess Contractors Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Samtan Co., Ltd - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Eastern Coal Council - USA
- South Luzon Thermal Energy Corporation
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bharathi Cement Corporation - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Heidelberg Cement - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Power Finance Corporation Ltd., India
- Parry Sugars Refinery, India
- Kepco SPC Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Star Paper Mills Limited - India
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- Chettinad Cement Corporation Ltd - India
- Price Waterhouse Coopers - Russia
- London Commodity Brokers - England
- Holcim Trading Pte Ltd - Singapore
- Eastern Energy - Thailand
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Therma Luzon, Inc, Philippines
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Thai Mozambique Logistica
- GMR Energy Limited - India
- The Treasury - Australian Government
- Sree Jayajothi Cements Limited - India
- Tata Chemicals Ltd - India
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- McConnell Dowell - Australia
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Australian Coal Association
- The University of Queensland
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