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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, 10 August 18
U.S. COAL PRODUCTION TO DECLINE BY 1.8% IN 2019 BECAUSE COAL EXPORTS AND COAL CONSUMPTION ARE BOTH FORECAST TO DECREASE - EIA
EIA forecasts U.S. coal production will decline by 1.1% to 766 million short tons (MMst) in 2018 despite a 5.7% (6 MMst) increase in coal exports.
...
Thursday, 09 August 18
RIO TINTO COMPLETES SALE OF REMAINING COAL ASSETS
Rio Tinto has completed the sale of its remaining coal assets in Queensland, Australia, for $3.95 billion.
According to a noted post ...
Wednesday, 08 August 18
CHINA DEMANDS PREMIUM IRON ORE, COAL; MINERS MIXED IMPACT - FITCH RATINGS
China’s stricter environmental regulations and structural changes in its steelmaking industry boosts ongoing demand for high-quality iron ore ...
Friday, 03 August 18
PHEW! ASIA, EUROPE HEATWAVE PUSHES AUSTRALIA COAL PRICES TO 6-YEAR HIGH: REUTERS
Australian thermal coal prices have hit fresh six-year highs as a heatwave across the northern hemisphere has triggered a spike in demand for coal- ...
Friday, 03 August 18
HBA HAS RISEN 28.41 PER CENT IN A YEAR TO BE AT THEIR HIGHEST LEVELS SINCE JANUARY 2012
COALspot.com: The benchmark price of Indonesian thermal coal has risen 28.41 per cent in a year to be at their highest levels since January 2012.&n ...
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- Maharashtra Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Bukit Baiduri Energy - Indonesia
- Kideco Jaya Agung - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- Meralco Power Generation, Philippines
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- ASAPP Information Group - India
- IHS Mccloskey Coal Group - USA
- Bhatia International Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Rashtriya Ispat Nigam Limited - India
- Global Coal Blending Company Limited - Australia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- San Jose City I Power Corp, Philippines
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Therma Luzon, Inc, Philippines
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Savvy Resources Ltd - HongKong
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Bhoruka Overseas - Indonesia
- Deloitte Consulting - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Cigading International Bulk Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Dalmia Cement Bharat India
- Uttam Galva Steels Limited - India
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Bulk Trading Sa - Switzerland
- Indika Energy - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Renaissance Capital - South Africa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chamber of Mines of South Africa
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- India Bulls Power Limited - India
- Jindal Steel & Power Ltd - India
- PowerSource Philippines DevCo
- Mjunction Services Limited - India
- Directorate General of MIneral and Coal - Indonesia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Malabar Cements Ltd - India
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- ICICI Bank Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Mercuria Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Riau Bara Harum - Indonesia
- Tata Chemicals Ltd - India
- Parry Sugars Refinery, India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Global Green Power PLC Corporation, Philippines
- Vizag Seaport Private Limited - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Sindya Power Generating Company Private Ltd
- Star Paper Mills Limited - India
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- Alfred C Toepfer International GmbH - Germany
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mercator Lines Limited - India
- Coastal Gujarat Power Limited - India
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Romanian Commodities Exchange
- Xindia Steels Limited - India
- Aboitiz Power Corporation - Philippines
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Power Finance Corporation Ltd., India
- Sinarmas Energy and Mining - Indonesia
- SMC Global Power, Philippines
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- International Coal Ventures Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- White Energy Company Limited
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- Aditya Birla Group - India
- Karaikal Port Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- PNOC Exploration Corporation - Philippines
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Intertek Mineral Services - Indonesia
- Bhushan Steel Limited - India
- Cement Manufacturers Association - India
- IEA Clean Coal Centre - UK
- Ministry of Transport, Egypt
- Goldman Sachs - Singapore
- Planning Commission, India
- VISA Power Limited - India
- Kumho Petrochemical, South Korea
- Posco Energy - South Korea
- Indo Tambangraya Megah - Indonesia
- Anglo American - United Kingdom
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Salva Resources Pvt Ltd - India
- Wilmar Investment Holdings
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Standard Chartered Bank - UAE
- The State Trading Corporation of India Ltd
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Formosa Plastics Group - Taiwan
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Tamil Nadu electricity Board
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Orica Mining Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Heidelberg Cement - Germany
- Karbindo Abesyapradhi - Indoneisa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Binh Thuan Hamico - Vietnam
- Marubeni Corporation - India
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