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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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Thursday, 02 August 18
INDO / CHINA COAL RV'S IS PAYING AROUND USD 11,000 TO SUPRAS BSS DELIVERY SINGAPORE - FEARNLEYS
Capesize
The counter seasonally strong market during the summer months bodes well for the remainder of the year.
According ...
Wednesday, 01 August 18
JOKOWI CANCELS PLAN TO REVOKE COAL DMO - JP
President Joko "Jokowi" Widodo on Tuesday has canceled the government’s plan to revoke the domestic market obligation (DMO) for coa ...
Wednesday, 01 August 18
SHIPPING MARKET INSIGHT - GIANNIS ANDRITSOPOULOS
The dry bulk market activity over the past four weeks has remained stable when compared to the previous months. There are concerns with regards to ...
Tuesday, 31 July 18
INDONESIA UNLIKELY TO CHANGE COAL SUPPLY, PRICING RULES UNTIL 2019 - REUTERS
Indonesia is unlikely to change its rules on domestic coal supply and pricing until 2019, Coordinating Maritime Minister Luhut Pandjaitan said on M ...
Tuesday, 31 July 18
ENERGY MINISTRY REMAINS FIRM ON DMO POLICY FOR COAL - JP
The Energy and Mineral Resources Ministry has stressed that it will not cancel its policy on the domestic market obligation (DMO) for coal, as the ...
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- Mercator Lines Limited - India
- Rio Tinto Coal - Australia
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Chamber of Mines of South Africa
- Madhucon Powers Ltd - India
- London Commodity Brokers - England
- Standard Chartered Bank - UAE
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Ministry of Transport, Egypt
- Bulk Trading Sa - Switzerland
- Vizag Seaport Private Limited - India
- Minerals Council of Australia
- Alfred C Toepfer International GmbH - Germany
- Sical Logistics Limited - India
- TeaM Sual Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Renaissance Capital - South Africa
- Latin American Coal - Colombia
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- CNBM International Corporation - China
- Global Green Power PLC Corporation, Philippines
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Economic Council, Georgia
- Barasentosa Lestari - Indonesia
- Indika Energy - Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- The State Trading Corporation of India Ltd
- Price Waterhouse Coopers - Russia
- Kumho Petrochemical, South Korea
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Star Paper Mills Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- Petrochimia International Co. Ltd.- Taiwan
- Salva Resources Pvt Ltd - India
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Straits Asia Resources Limited - Singapore
- South Luzon Thermal Energy Corporation
- Jindal Steel & Power Ltd - India
- Coal and Oil Company - UAE
- Kepco SPC Power Corporation, Philippines
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Gujarat Mineral Development Corp Ltd - India
- Commonwealth Bank - Australia
- Goldman Sachs - Singapore
- Gujarat Sidhee Cement - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Marubeni Corporation - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Baramulti Group, Indonesia
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Energy Link Ltd, New Zealand
- Toyota Tsusho Corporation, Japan
- Medco Energi Mining Internasional
- Australian Coal Association
- McConnell Dowell - Australia
- Posco Energy - South Korea
- Coalindo Energy - Indonesia
- Larsen & Toubro Limited - India
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Trasteel International SA, Italy
- GAC Shipping (India) Pvt Ltd
- Holcim Trading Pte Ltd - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Siam City Cement PLC, Thailand
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- PNOC Exploration Corporation - Philippines
- IEA Clean Coal Centre - UK
- Maharashtra Electricity Regulatory Commission - India
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Mintek Dendrill Indonesia
- Merrill Lynch Commodities Europe
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- VISA Power Limited - India
- PowerSource Philippines DevCo
- OPG Power Generation Pvt Ltd - India
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- India Bulls Power Limited - India
- Global Business Power Corporation, Philippines
- Indian Oil Corporation Limited
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Vijayanagar Sugar Pvt Ltd - India
- White Energy Company Limited
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Bukit Asam (Persero) Tbk - Indonesia
- Attock Cement Pakistan Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- ICICI Bank Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
- Tata Chemicals Ltd - India
- Africa Commodities Group - South Africa
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Indo Tambangraya Megah - Indonesia
- Australian Commodity Traders Exchange
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Dalmia Cement Bharat India
- Heidelberg Cement - Germany
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
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