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