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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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Saturday, 28 July 18
GOVERNMENT TO REVOKE COAL PRICE CAP POLICY - JP
The government plans to revise its domestic market obligation (DMO) on coal price next week during a high-level meeting with President Joko “ ...
Thursday, 26 July 18
A SUPRAMAX IS NOW PAID AROUND USD 21,500 FOR LOADING IN THE US GULF WITH DISCHARGE IN THE FAR EAST - FEARNLEYS
Cape
There has been a relatively strong summer period so far, and there is a strong week we have left behind us.
In the Pa ...
Thursday, 26 July 18
ASEAN COAL IMPORTS INCREASED IN 2Q' 18 COMPARED TO THE PRIOR YEAR; THIS TREND TO CONTINUE AS 56 GIGAWATTS OF NEW COAL PLANTS IN 24 COUNTRIES WORLDWIDE ARE EXPECTED TO COME ONLINE IN 2018 - PEABODY
Peabody announced its second quarter 2018 operating results, including revenues of $1.31 billion, income from continuing operations, net of income ...
Wednesday, 25 July 18
COAL MINER BUKIT ASAM'S PROFIT GROWS 50% IN FIRST HALF - JP
Coal miner Bukit Asam announced 50 percent profit growth to Rp 2.58 trillion (US$177.33 million) in the first half of 2018, on the back of a coal-p ...
Wednesday, 25 July 18
TANKER MARKET INSIGHT - DIMITRIS KOURTESIS
We are now into the second half of 2018, which so far has not been a fruitful year for tankers. With 2020 quickly approaching we need to consider t ...
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- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- SMC Global Power, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Romanian Commodities Exchange
- Standard Chartered Bank - UAE
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Agrawal Coal Company - India
- Heidelberg Cement - Germany
- The University of Queensland
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Sindya Power Generating Company Private Ltd
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Electricity Generating Authority of Thailand
- Tamil Nadu electricity Board
- Wilmar Investment Holdings
- Parry Sugars Refinery, India
- Sakthi Sugars Limited - India
- Port Waratah Coal Services - Australia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- Ministry of Mines - Canada
- White Energy Company Limited
- Edison Trading Spa - Italy
- Eastern Energy - Thailand
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Energy Development Corp, Philippines
- Bhatia International Limited - India
- Global Green Power PLC Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Indogreen Group - Indonesia
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Planning Commission, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- London Commodity Brokers - England
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Global Coal Blending Company Limited - Australia
- Madhucon Powers Ltd - India
- MS Steel International - UAE
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Jaiprakash Power Ventures ltd
- GMR Energy Limited - India
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- TeaM Sual Corporation - Philippines
- Africa Commodities Group - South Africa
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Marubeni Corporation - India
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Oldendorff Carriers - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Australian Commodity Traders Exchange
- Cement Manufacturers Association - India
- Essar Steel Hazira Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- Petrochimia International Co. Ltd.- Taiwan
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- AsiaOL BioFuels Corp., Philippines
- International Coal Ventures Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Eastern Coal Council - USA
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Tata Chemicals Ltd - India
- Australian Coal Association
- Bukit Asam (Persero) Tbk - Indonesia
- Therma Luzon, Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- ICICI Bank Limited - India
- Thai Mozambique Logistica
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Chettinad Cement Corporation Ltd - India
- Formosa Plastics Group - Taiwan
- PTC India Limited - India
- ASAPP Information Group - India
- PetroVietnam Power Coal Import and Supply Company
- Straits Asia Resources Limited - Singapore
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Semirara Mining Corp, Philippines
- Grasim Industreis Ltd - India
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Sarangani Energy Corporation, Philippines
- Central Java Power - Indonesia
- Aboitiz Power Corporation - Philippines
- Coalindo Energy - Indonesia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Bukit Makmur.PT - Indonesia
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- Deloitte Consulting - India
- Leighton Contractors Pty Ltd - Australia
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Georgia Ports Authority, United States
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- Simpson Spence & Young - Indonesia
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
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