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