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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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- Gujarat Electricity Regulatory Commission - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Edison Trading Spa - Italy
- Carbofer General Trading SA - India
- Malabar Cements Ltd - India
- Interocean Group of Companies - India
- Posco Energy - South Korea
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Indonesian Coal Mining Association
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Maheswari Brothers Coal Limited - India
- Semirara Mining and Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Ambuja Cements Ltd - India
- Planning Commission, India
- Sojitz Corporation - Japan
- Xindia Steels Limited - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Mjunction Services Limited - India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- Indika Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Barasentosa Lestari - Indonesia
- Dalmia Cement Bharat India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Heidelberg Cement - Germany
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Coalindo Energy - Indonesia
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- VISA Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Aboitiz Power Corporation - Philippines
- Standard Chartered Bank - UAE
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Bulk Trading Sa - Switzerland
- MS Steel International - UAE
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ministry of Transport, Egypt
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- Coastal Gujarat Power Limited - India
- International Coal Ventures Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Kobexindo Tractors - Indoneisa
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Global Business Power Corporation, Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Renaissance Capital - South Africa
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- McConnell Dowell - Australia
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Ministry of Mines - Canada
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- Intertek Mineral Services - Indonesia
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Siam City Cement PLC, Thailand
- Kartika Selabumi Mining - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bukit Makmur.PT - Indonesia
- The University of Queensland
- Toyota Tsusho Corporation, Japan
- LBH Netherlands Bv - Netherlands
- Metalloyd Limited - United Kingdom
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- Kaltim Prima Coal - Indonesia
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Bhushan Steel Limited - India
- Mercuria Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- PTC India Limited - India
- Kapuas Tunggal Persada - Indonesia
- Energy Development Corp, Philippines
- Karaikal Port Pvt Ltd - India
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- Riau Bara Harum - Indonesia
- Georgia Ports Authority, United States
- Port Waratah Coal Services - Australia
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- Borneo Indobara - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Parliament of New Zealand
- Sakthi Sugars Limited - India
- Tata Chemicals Ltd - India
- Australian Coal Association
- Kumho Petrochemical, South Korea
- GVK Power & Infra Limited - India
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Indogreen Group - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Chamber of Mines of South Africa
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Bhatia International Limited - India
- SMG Consultants - Indonesia
- Directorate Of Revenue Intelligence - India
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