Singapore's Shipyards Increase Activities
 
Advertise Here
Trending Topics:
Sunday, June 14, 2015

Ship Equipment
Ship Maintenance
Unitor
Ship Systems
Bimco
Worldwide Metric
Portvision
Hydroscan
Freeman Marine
Neptune Group

MarineTalk
Home Page
About MarineTalk
Buyer's Guide
World InfoDesk
Discussion Forums
Advisory Board
FAQ
Advertising Information
Submit Company Listing
Edit Company Listing
Site Map
 
MarineTalk Site Search:
Featured Companies

Chamber of Shipping of Israel
The Israeli Chamber of Shipping represent most of the Israeli Shipping agencies and Israeli Shipping companies operating in the Israeli ports.
    Israel

Institute of Destination Architects and Designers
International Professional Body of Destination Design and Coastal/Hydroscape Architects
    USA Virginia

ISMA - International Ship Managers' Association
ISMA, founded in 1991, is an association of ship and crew managers bound by a strict code of management standards, the ISMA Code.
    United Kingdom

Society of International Gas Tanker and Terminal Operators'
The Society is a non-profit making organisation, formed to promote high operating standards and best practices in gas carriers and terminals world-wide. It provides technical advice and support for Members and represents their common interests.
    United Kingdom

Singapore's Shipyards Increase Activities

      1/25/2002

Singapore's shipyards are once again humming with activity. In fact 4,000 jobs were created on the docks last year--even as Singapore shed over 25,000 positions in such industries as chipmaking, computer manufacturing, and retailing. Orders at the nation's 30 shipyards are coming in at a rapid pace. In 2001, they grew 45% over the previous year. And Heng Chiang Gnee, president of the Association of Singapore Marine Industries, reckons that total revenues could reach $2.2 billion, up from $1.5 billion in 2000. That would be the best performance since 1998 for a sector that peaked in 1991 and was considered the very embodiment of a "sunset industry."

The oil industry is giving Singapore shipyards plenty of business, too. Recent discoveries of deep-sea wells have pushed up demand for offshore storage platforms. Rather than build these from scratch, which takes 18 months, oil majors are opting to convert tankers for the purpose, which takes just a year. Singapore's shipyards have a reputation for getting the job done on time. Moreover, Singapore routinely handles more complex assignments, such as building ships that lay telecom cable, that Chinese yards are not equipped to handle.

The question is whether the surge of orders is a blip or indicates a new lease on life for Singapore's shipyards. Some fear that when demand for Asian exports recovers, shipping lines will get back on course and the yards will empty out fast. Conversely, if global trade doesn't recover as soon as expected, shipping companies could cut their losses by scrapping older vessels--a measure that already has increased business at scrap yards in India, Bangladesh, and China. And, of course, the demand for tanker conversions will likely falter as petroleum companies take a hit from lower oil prices and cut their spending.

Much depends on Singapore's ability to make its shipyards more competitive. The trouble is that the 10 biggest operations are owned by the government through two conglomerates, Keppel Corp. and Sembcorp Industries. Since they both report to the same controlling shareholder, Temasek Holdings, they are not about to undercut one another on price. That's why Keppel and Sembcorp are keen to merge and consolidate some operations; talks are expected to resume soon.


BusinessWeek Online  


You may also like:
Trending Technology, World Shipping & Maritime News





Latest Marine News and Technology Articles | Maritime 2015 Buyer's Guide





MarineTalk

E-mail:  Contact Us

Copyright 1998 - 2015 MarineTalk
Division of Link Internet Business Solutions
All rights reserved.

The reproduction, retrieval, copying or transmission of this Web site content,
in whole or in part, is not permitted without the express permission of
MarineTalk .