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