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