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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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Tuesday, 10 July 18
SHIPPING MARKET ANALYSIS - GEORGE LAZARIDIS
The trade dispute saga continued over the past week, as new tariffs were put into force on Friday in both the U.S. and China and have already taken ...
Tuesday, 10 July 18
SUPPORTING SULPHUR 2020 CONSISTENT IMPLEMENTATION - IMO
An IMO working group is meeting (9-13 July) to develop guidelines to support the consistent implementation of the 0.50% limit for the sulphur conte ...
Monday, 09 July 18
RISING COAL PRICES LIFTING AUSTRALIA'S EXPORT REVENUES BUT INVESTORS STAYING AWAY - NEWCASTLE HERALD
Newcastle coal prices have risen more than 40 per cent in a year to be at their highest levels for seven years but the industry is becoming increas ...
Saturday, 07 July 18
SUPRAMAX: THE ASIAN MARKET STRUGGLED; A 57K-DWT WAS REPORTED FIXED BASIS DELIVERY SINGAPORE FOR A TRIP VIA INDONESIA REDELIVERY INDIA AT $12K
Capesize
A punchy week for the big ships that saw Atlantic rates soar, with the tonnage list tight prompting charterers to split cargoes, thoug ...
Friday, 06 July 18
COAL PRICES HAVE REMAINED STRONG BUT ARE SET TO DECLINE - NAB
Coal spot prices have been highly volatile in recent years, with an upward trend since recent lows in April 2018, National Australia Bank says in i ...
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- The University of Queensland
- Kideco Jaya Agung - Indonesia
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Australian Commodity Traders Exchange
- Electricity Authority, New Zealand
- South Luzon Thermal Energy Corporation
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Semirara Mining Corp, Philippines
- Indika Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Cigading International Bulk Terminal - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Altura Mining Limited, Indonesia
- Merrill Lynch Commodities Europe
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Barasentosa Lestari - Indonesia
- Sinarmas Energy and Mining - Indonesia
- India Bulls Power Limited - India
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- GVK Power & Infra Limited - India
- Mintek Dendrill Indonesia
- Independent Power Producers Association of India
- Goldman Sachs - Singapore
- Australian Coal Association
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Pipit Mutiara Jaya. PT, Indonesia
- Xindia Steels Limited - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Marubeni Corporation - India
- Eastern Coal Council - USA
- Indogreen Group - Indonesia
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Thiess Contractors Indonesia
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Coastal Gujarat Power Limited - India
- Toyota Tsusho Corporation, Japan
- Jaiprakash Power Ventures ltd
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Vizag Seaport Private Limited - India
- Orica Mining Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Renaissance Capital - South Africa
- IHS Mccloskey Coal Group - USA
- Grasim Industreis Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Romanian Commodities Exchange
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Central Electricity Authority - India
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Kartika Selabumi Mining - Indonesia
- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Global Business Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TeaM Sual Corporation - Philippines
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Makarim & Taira - Indonesia
- PowerSource Philippines DevCo
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Wilmar Investment Holdings
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Antam Resourcindo - Indonesia
- Mjunction Services Limited - India
- CIMB Investment Bank - Malaysia
- Banpu Public Company Limited - Thailand
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- AsiaOL BioFuels Corp., Philippines
- PTC India Limited - India
- Carbofer General Trading SA - India
- Parry Sugars Refinery, India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Baramulti Group, Indonesia
- CNBM International Corporation - China
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- SMG Consultants - Indonesia
- Deloitte Consulting - India
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement PLC, Thailand
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- ICICI Bank Limited - India
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Mercator Lines Limited - India
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Cement Manufacturers Association - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sical Logistics Limited - India
- Bulk Trading Sa - Switzerland
- Simpson Spence & Young - Indonesia
- Sojitz Corporation - Japan
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Sree Jayajothi Cements Limited - India
- MS Steel International - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petron Corporation, Philippines
- Posco Energy - South Korea
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Mercuria Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- SMC Global Power, Philippines
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- Formosa Plastics Group - Taiwan
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Interocean Group of Companies - India
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Commonwealth Bank - Australia
- Trasteel International SA, Italy
- Siam City Cement - Thailand
- White Energy Company Limited
- Vedanta Resources Plc - India
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