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