Singapore Market Report 2014 by Splash

t om ily s a s.c Da ate new d ip up eash s w. ww

Singapore Market Report 2014

www.SeaShipNews.com

Still rising? Challenges facing the Lion Republic, the worldâ&#x20AC;&#x2122;s leading maritime centre as voted by you

An Asia Shipping Media publication

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Contents

Jia you Singapore! 3 5 9 13 15 19 21 23 29 35 41 42 43 47

Demographic timebomb Setting the scene The state of the economy Future proofing the port Yards gear up LNG hub aspirations

52 55 57 58 59 60

Battling pirates Technology roundup More cruise infrastructure What events to attend Travel guide Singapoll

Finance discussed Owners battle back Offshore diversification New entrants Shipmanagers set up shop Women at sea HR issues Bunkering focus

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COMMERCIAL DIRECTOR Grant Rowles grant@asiashippingmedia.com

EDITORIAL DIRECTOR Sam Chambers sam@asiashippingmedia.com

SALES DIRECTOR Helen Ong helen@asiashippingmedia.com

CHIEF CORRESPONDENT Katherine Si katherine@asiashippingmedia.com

Advertising agents are also based in Tokyo, Seoul and Oslo â&#x20AC;&#x201C; to contact a local agent please email grant@asiashippingmedia.com for details.

CORRESPONDENT Jason Jiang jason@asiashippingmedia.com ONLINE EDITOR Holly Birkett holly@asiashippingmedia.com ECONOMIST Gary Bowerman All editorial material should be sent to sam@asiashippingmedia.com or mailed to Office 701, 9 Renmin Lu, Zhongshan District, Dalian, China 116001

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DESIGN Tigersoft Pte Ltd Printed in Singapore Copyright ÂŠ Asia Shipping Media Pte Ltd (ASM), 2014. Although every effort has been made to ensure that the information contained in this review is correct, the publishers accept no liability for any inaccuracies or omissions that may occur. All rights reserved. No part of the publication may be reproduced, stored in retrieval systems or transmitted in any form or by any means without prior written permission of the copyright owner. For reprints of specific articles contact grant@ asiashippingmedia.com.

Shaping Singaporeâ&#x20AC;&#x2122;s Maritime Future

The Maritime and Port Authority of Singapore (MPA) develops and promotes Singapore as a premier global hub port and an international maritime centre, and advances Singaporeâ&#x20AC;&#x2122;s maritime interests.

Editor’s Comment

Demographic danger has many on edge in Singapore but having to delay and delay as they wait to find the right people. Nevertheless, as befits the world’s most leading maritime centre (the view of 79% of our readers), companies continue to flock here. Take a look at our New Entrants section on page 35 for who’s set up shop here this year. These new firms on Singapore’s shores are lured by the remarkable growth in shipownership here. Compared to about 30 groups 10 years ago, Singapore now has more than 130 international shipping groups covering the container, tanker, bulk shipping and the offshore energy sectors.

uch of this magazine focuses

Our regular annual shipping report A look ahead suggests the ranks will

serves to highlight everything that is

on the excellent job Singapore

get more difficult to fill based simply on

happening in this 49-year-old country,

is doing in future proofing its

demographics.

and on the following pages you will be

transport infrastructure whether it be

Despite the best efforts of the

able to find every key moment in another

from developing a new maritime cluster in

Singaporean government to encourage

frenetic year here via our useful timeline

the west of the republic, investing heavily

larger families the fertility rate still stands

contained at the bottom of every page

in research and development or ensuring

at just 1.2 berths per woman.

starting overleaf.

the financial conditions are attractive to

Higher education standards, a

And frenetic it most certainly is.

the many shipowners that now call the

determination to forge a career in their

Keeping track of what’s going on, even

city-state home. All commendable, but

20s, and perhaps most pertinently

from an event and social networking point

what cannot be changed – and what may

sensationally expensive property

of view, can be bewildering for many so

well slow this maritime juggernaut – is

prices have all played their part in this

we have provided a useful guide to the

demographics and more specifically the

demographic timebomb.

must-attend events for next year, which

aspirations of the nation’s youth.

“Salaries have not kept pace with the

you can find on page 58.

Goldman Sachs syndrome is how one

increase in the cost of living,” comments

shipping executive described the problem

one of the close to 500 respondents who

contents on the following pages – any

to me rather memorably; the blind pursuit

filled in our online poll on Singapore.

comments, questions or quibbles

of getting a job in finance above all else.

As a result of this jobs-first mentality,

The fact is – as borne out via the

the population is ageing rapidly like a

results from our special poll carried on

silver tsunami, forecast to hit a median

page 60 – the republic is in danger of

age of 47 by 2030, up from the current

running out of enough qualified talent to

39. There’s also a noticeable decreasing

fill its ever expanding maritime scene.

growth in what still remains a sizeable

This was not lost on Patrick Phoon, president of the Singapore Shipping

As ever, we hope you enjoy the

don’t hesitate to drop me a line: sam@ asiashippingmedia.com.

foreign population. Filling senior positions in shipping

Association (SSA), who noted at SSA’s

has become fraught with difficulty. We

packed annual dinner, “Without the young

are regularly regaled with stories of

the industry cannot grow.”

frustration from firms looking to set up

Sam Chambers Editor

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Introduction

Next generation port city The authorities have mapped out the city’s maritime future

remarkable 79% of you reckon

by 2030, with shipping routes becoming

finance centre in Asia. Both projects are

that Singapore is now the leading

more crowded than ever.

still works in progress and all I can say

maritime centre in the world. The

for now is that there will be exciting times

“Spending on port infrastructure is

question was one of a series posed for

vital,” Lui said, something Singapore is

a poll, which drew 483 responses – full

doing to the tune of billions of dollars.

ahead.”

latest statistics show that compared to

Finance and insurance focus

Favourable business environment

about 30 groups 10 years ago, Singapore

Ensuring Singapore has every facet of

Those in shipping are fortunate to have

now has more than 130 international

maritime licked, Patrick Phoon, president

the Maritime and Port Authority (MPA)

shipping groups as well as 30 law firms

of the Singapore Shipping Association

as gatekeepers of the nation’s shipping

with maritime practices, 20 Lloyd’s

(SSA), has urged the country to further

development.

insurance syndicates, more than 25

develop and strengthen the pillars of

banks with shipping portfolios and more

marine insurance and shipping finance if

a measure of how business-friendly

than 30 key shipbroking companies. A

it is to be fully regarded as an influential

government agencies are, saw the

ringing endorsement of the government’s

international maritime centre.

MPA beat out 26 other government

results are carried on the back page. The

The latest Pro-Enterprise Index,

Addressing a gala dinner to celebrate

impressive transformation of the Lion

departments to be crowned most

City over the past 10 years into the

the SSA’s 29th anniversary, Phoon said

responsive to customers, and most

world’s shipping city sine qua non? Not

work was underway to achieve these

transparent in their rules.

necessarily. As is so often the case with

goals. He told the gathering of over 2,000

this fast moving country, the authorities

guests at the Sands Grand Ballroom:

and transport Josephine Teo commended

are not resting on their laurels. Indeed,

“Some of you may be aware that over

the MPA and said government regulations

to listen to leading names in the shipping

the past year, the SSA Council had

must adapt to changing business needs in

hierarchy, you’d believe Singapore was

commissioned consultants to assist in

the areas of costs and constraints.

still a maritime work in progress.

producing reports in these two areas.

She noted regulations must actually

“In the field of marine insurance, a

produce the outcomes that are helpful

thinking among the heads of the nation’s

working group, headed by SSA councillor

to the business community. Moreover,

maritime bodies. Witness the huge shift

Mr Tan Chin Hee, has been tasked to

she said, “Smart regulations should be

in port operations from the city centre

explore the creation of a Singapore War

efficient and forward-looking in their

to Tuas in the west of the republic as

Risk Mutual that would take advantage

design and enforcement.”

detailed on page 13 as well as the decision

of economies of scale to secure the best

to relocate some of the island’s shipyards

possible cover for crew and ships, thereby

third consecutive survey. Said MPA ceo

(see page 15).

achieving significant cost‐savings for

Andrew Tan: “We are open and receptive

Singapore shipowners.”

to new ideas, and we listen. We are also

Planning ahead is very much the

With global trade growing at a rate

Senior minister of state for finance

MPA was named the top agency for the

He added: “In the field of shipping

of knots there is a risk that spending

responsive and anticipatory of the needs

on ports will not keep up, Lui Tuck Yew,

finance, SSA Councillor Mr Lee Keng

of the industry and we act quickly. We also

Singapore’s minister of transport warned

Mun heads the working group to follow

collaborate very closely with the industry

at the inaugural Danish Maritime Forum

up on some of the key recommendations

and engage them in all the measures we

in October.

proposed by the report with the aim of

introduce.”

developing Singapore as the premier ship

Lui predicted global trade will double

January 1

Speaking at a dinner hosted by the

Maritime media veteran Helen Ong joins Asia Shipping Media Kreuz Holdings announces plan to delist from SGX

9 8

APL president announces major restructuring www.seashipnews.com 5

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Introduction Singapore Nautical Institute in October,

companies to Singapore.”

Tan said, “Singapore is investing in

MPA launched a S$25m productivity

Given Singapore’s limited land and

programme.

infrastructure and technology to ensure

manpower resources, the maritime

that our port remains highly efficient and

industry must make “a major push”, Tan

high up in the maritime fraternity, are

competitive.” He added: “We are developing

said, for productivity-driven growth.

clearly believers in the old adage: He who

our maritime cluster by attracting maritime

With this in mind, in June last year,

fails to plan, plans to fail.

Singapore’s place in world shipowning

Singapore fleet breakdown

Greece

Bulker

4,157

472

DWT

319.06m

DWT

41m

115.4bn

11.55bn

Japan

Container

3,844

DWT

228.86m

DWT

98.71bn

China

LNG

3,880

DWT

204.99m

DWT

78.01bn

Germany

LPG

2,644

DWT

70.01m

DWT

53.15bn

Singapore

Tanker

1,819

980

DWT

88.54m

DWT

44.55m

39.66bn

19.31bn

4 5

Key #

Tan, as with so many of his colleagues

38% DWT growth y-o-y

263

45% DWT growth y-o-y

0.88m 5.6bn

4 0.61m 0.64bn

100 1.49m 2.55bn

99% DWT growth y-o-y

17% DWT drop y-o-y

27% DWT growth y-o-y

Total number of ships including afloat and on order

DWT

DWT Total tonnage including afloat

and on order

Total value of the fleet including afloat and on order data taken on September 1, 2014

January 11

Dagfinn Lunde becomes chairman of Executive Ship Management

Bunker licences of Excel Petroleum Enterprise and Lian Hoe Leong & Brothers cancelled

Vopak leads consortium to operate SE Asia’s first subterranean hydrocarbon storage facility in Jurong

20 19

Bunker trader Alliance Oil Trading’s licence cancelled www.seashipnews.com 7

Economy

Economic sails still require more wind Singapore’s muted vibe has some on edge

he still uncertain global outlook continues to weigh heavily on the Singaporean economy, which

expanded by 3.5% year-on-year in the first half of 2014. Although growth of 2.4% in the second quarter was ahead of expectations, Singapore’s Ministry of

As is often the case, Singaporean economic planners are sitting on the cautious part of the fence

economists released by the Monetary Authority of Singapore in September proved that unexcitable economic sentiment pertains for the foreseeable future, with GDP growth of 3.7% predicted for 2015. Tangible signs of uncertainty have

Trade and Industry (MTI) cautioned that

4.1% in 2013. By comparison, the Asian

troubled Singapore’s economists

this was achieved amid a cross-sector

Development Bank has lowered its 2014

throughout the year. The Singapore dollar

slowdown. This reticent approach was

forecast from 3.9% to 3.5%, and its 2015

endured a difficult start to 2014, rallied

confirmed in September, with Singapore’s

projection is 3.9%. With growth slowing,

strongly in June and July but then dipped

exports in the first seven months of 2014

inflation is being closely monitored, and

again in August and September. And while

dropping 2.4% year on year.

2014 is expected to record a 1.8% price

manufacturing output in Q2 rose by 1.5%

growth, down from an earlier estimate of

compared with the same 2013 period,

2.2%.

it represented a stiff fall from the 9.9%

Looking ahead, more buoyant growth is hugely conditional. The World Bank expects the global economy to expand

A hoped-for trade boost from ASEAN

expansion in Q1.

by 2.8% this year, increasing to 3.4%

economic integration in 2015, plus an

in 2015. Hence, as is often the case,

upswing in export activity from China

attributed to a Q2 reduction in electronics

Singaporean economic planners are

and India and more robust consumer

output and slower growth in transport

sitting on the cautious part of the fence

purchasing in European and US markets

engineering. Meanwhile, wholesale

with GDP growth predicted to be between

would enliven Singapore’s muted

and retail trade saw sluggish growth of

2.5% and 3.5% in 2014, compared to

vibe. That said, a quarterly survey of

1.7% year-on-year, and growth in the

January

Singapore completes its fist ship-to-ship transfer involving a cargo of LNG

21 22

This stagnation was officially

Herbert-ABS Software Solutions opens local office Kim Heng Offshore & Marine Holdings lists

www.seashipnews.com 9

Economy Singapore is confronting a structural shift in emphasis, as services increasingly dominate

transportation and storage sector slumped to 2%, from 5.5% in Q1. Economists point out that Singapore is confronting a structural shift in emphasis, as services increasingly dominate. The contribution of the services sector to GDP

earned huge revenues, growth has slowed. Although a third resort could earn a concession after the current governmentmandated duopoly expires in 2017, the appetite for another casino palace seems muted. Meanwhile, countries ranging

increased from 64% in 2003 to 70% in

from Vietnam to Sri Lanka to South Korea

2013, while manufacturing declined from

2014, largely attributed to a 30% drop

– and pending a government decision,

26% of GDP in 2003 to 19% in 2013.

in tourist arrivals from China. Chinese

maybe Japan – are forging ahead with new

Certain manufacturing sectors, notably

travellers have tended to shun Southeast

Macau-style hotel, entertainment, dining

biomedical, transport engineering and

Asia this year following the disappearance

and gaming mixed-used developments.

precision engineering, have performed

of flight MH370, kidnappings of Chinese

strongly in recent years, however, and

nationals in Malaysia, anti-Chinese

Globally competitive

their continued strength is considered

protests in Vietnam and political unrest

While a haze of consternation hangs over

vital to economic growth.

in Thailand. This has hurt Singapore, as

the southern tip of the Malay Peninsula,

Chinese tourists often combine it with one

Singapore’s international economic

curve of inbound tourism heightened

or more of those three countries when

status remains buoyant. The city-state

fears about the short-term impact of this

visiting Southeast Asia – and their coveted

retained its second place ranking (behind

rebalancing. In 2013, goods and services

spending power is sorely missed.

Switzerland) for the fourth consecutive

A tapering of the previously upward

consumed by travellers accounted for 15%

year in the World Economic Forum (WEF)

Although tourism receipts increased by

of services exports, while 34% came from

5% in the first half of the year, concerns

Global Competitiveness Report 2014-

the transport of passengers, charter of

are growing that emerging competitor

2015. The report noted “outstanding

carriers with crew and related services.

destinations in Asia are eating into

and stable performance across all the

Singapore’s market. While its two casino-

dimensions of the Global Competitive

revenues of S$23.5bn in 2013, dipped

based ‘integrated resorts’ – Marina Bay

Index,” and remarked that the Singaporean

2.8% year-on-year in the first half of

Sands and Resorts World Genting – have

economy is supported by “a sound

Tourist arrivals, which generated

macroeconomic environment and fiscal

Singapore’s GDP by sector, Q2 2014 v Q1 2014

management” and a strong budget surplus. Future growth will require sustained

Q2 2014 (yoy US$m)

Q1 2014 (yoy US$m)

innovation, particularly as the small

GDP at Current Market Prices

93,931

95,508

Singapore counted 5.47m residents

Consumer Price Index

117.3

117.1

in 2014, an increase of 7.74% since

Exports

133,304

128,250

Re-exports

63,014

60,075

Imports

120,184

117,801

Manufacturing

18,542

18,081

Construction

4,322

4,378

Singapore’s future prosperity,” the MEF

Wholesale & Retail Trade

16,956

16,331

adds.

Transportation & Storage

7,437

7,222

Accommodation & Food Services

1,756

1,779

and seeking satisfactory rather than

Information & Communications

3,424

3,328

covetous growth. Unless the global winds

Finance & Insurance

10,912

10,617

of economic sentiment blow stronger than

Business Services

12,452

12,320

population continues to grow.

2010. “Singapore’s private sector is fairly sophisticated and becoming more innovative, although room for improvement exists in both areas, especially as these are the keys to

At present, Singapore is treading water

at present, this may represent the crest of its short-term economic ambitions.

Source: Singapore Ministry of Trade & Industry

February 10 1

Containership and chemical tanker collide in Singapore Strait, third accident in 12 days 10

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Port

Future proofed The authorities have mapped out the coming 20 years of port operations already

nyone who has been to Singapore

Westminster (Boskalis) has in consortium

recently cannot have been

been awarded work associated with the

automated guided vehicles (AGVs) that,

impressed with how the city-

expansion of the Singapore Tuas Mega

if fully implemented, will see the vehicles

Port development worth S$960m.

buzzing through busy terminals carrying

state is future proofing its transport infrastructure. As visitors peer out from

Meanwhile, trials are under way to test

It is expected that the majority of the

containers without the need for drivers.

their plane coming into land diggers are

24.5m cu m of sand required for the

carving out what will become a third

project will be supplied by bulk carriers.

distant future, we will see our terminal

runway and a fourth terminal. Glance west

In addition to the land reclamation work,

operations as automated as possible,”

from on high and the eagle-eyed might

the consortium will undertake dredging

reckons Andrew Tan, chief executive of

also be able to spot plumes of muddy

and construct 3.4 km of quay wall. Work

the Maritime and Port Authority (MPA).

water flying into the air as dredging for a

started in August and will last until late

brand new mega port gets underway.

2018.

Singapore is clearly good at planning

“It’s conceivable that in the not-too-

In November, the MPA signed a memorandum of understanding with the

Singapore is also spending big to

Singapore Management University (SMU)

ahead, unlike many others. Lui Tuck

upgrade its port management capabilities.

to promote research and innovation

Yew, Singapore’s minister of transport,

For instance, a new $54m initiative will

for a clean and green next generation

speaking at the inaugural Danish

research port management and urban

port. Topics include clean energy and

Maritime Forum in October, warned that

congestion to help boost the country’s

environment, energy management,

globally, “Infrastructure growth will lag

port efficiency.

simulation and data analytics for maritime

behind demand.”

The Urban Computing and Engineering

Not so in Singapore where a

applications.

Centre of Excellence, a joint venture

At the signing, Tan commented,

combination of real estate developers

by the country’s Agency for Science,

“Singapore is committed to promoting

eyeing prime central port areas as the

Technology and Research (A*STAR),

a maritime industry that is not only

next big shopping mall as well as a

Singapore University and Fujitsu,

competitive but also efficient, responsible

genuine need to expand terminals will see

will research sustainable options for

and sustainable.”

all of Singapore’s port areas shift to Tuas

improving port operations. The project

in the west of the republic by 2027. The

examines the flow of shipments to and

Singapore port moved a total throughput

new premises will be able to handle 65m

from the port in order to reduce wait

of 28.1m teu, up 3.6% compared to

teu a year.

times for ships, and will also help the port

27.12m teu in the same period of last

authority predict volumes due for arrival.

year.

Dutch dredging firm Royal Boskalis

Otto Marine takes over the 51% stake held by Hoe Loeng Corporation in joint venture, Aries Offshore Malaysia’s Yinson Holdings forms Singapore subsidiary, Yinson Production

February 11

In the first nine months of 2014,

www.seashipnews.com 13

Yards

Sunrise industry? There’s been a host of shipyard buyouts this year

he obituaries for Singapore’s shipyards have been written countless times, but once again this

often maligned ‘sunset’ industry has had another banner year defying the odds. Indeed, new investment across the board at Singapore’s myriad shipyards would suggest there’s a long future ahead for most of them. Among the most significant investments has been by Sembcorp Marine at its new giant yard in Tuas. Sembcorp Marine will invest in a multi-functional steel fabrication facility which will, it says, significantly enhance automation and productivity at its offshore rig building, conversion and production and ship repair businesses.

summer the signing of a contract with

Group and Titan Quanzhou Shipyard to

Total investment in the fabrication facility

Golar Hilli Corporation, a subsidiary of

manage the Chinese shipyard.

is approximately S$222m.

Golar LNG, to perform the conversion of an existing Moss LNG carrier, the Hilli,

Shipbuilding shifts

will have seven dry docks in operation

into a floating liquefaction vessel. The

This October, Triyards Holdings

including the four VLCC docks in phase

contract is worth around $735m and

purchased Strategic Marine’s shipyards in

one. This will give the yard greater

includes options for two further LNG

Singapore and Vietnam for a total sum of

flexibility and enable us to keep work

carriers to be converted.

A$23.3m.

“When phase two is completed, we

flowing continuously,” said Sembcorp

Meanwhile, in August Aztech Group

This July Keppel’s joint venture yard

Marine president and ceo, Wong Weng

in Azerbaijan won its first newbuild

bought out the Glenn Marine Logistics

Sun.

contract, a subsea construction vessel

Base in Singapore for S$11m.

Sembcorp Marine’s main rival, Keppel,

Glenn Marine, which is involved in

for BP, something Chia described as a

has had a busy year at its yards all over

“significant milestone” for Keppel in its

the repair of ships, vessels, and tugs as

the world. Among banner projects is the

‘Near Market, Near Customer’ strategy.

well as marine logistic services provision,

world’s first FLNG conversion as well as a raft of FPSO conversions. Michael Chia, managing director of marine and technology at Keppel Offshore & Marine, commented, “We are seeing an increasing demand for more sophisticated FPSOs which can operate in harsher environments, more challenging and deeper oil and gas fields.” Keppel Shipyard confirmed in the

has been renamed Az Marine Offshore Services. The yard has an area of approximately

Offshore, signed a management services agreement with Titan Petrochemicals

We are seeing an increasing demand for more sophisticated FPSOs

251,500 sq ft and water frontage of about 2,475 ft in length, including a part fourstorey/part six-storey detached factory with an open yard space of over 200,000 sq ft. Michael Mun, the founder, chairman and ceo of Aztech Group, said: “The

BW Group buys out Heidmar’s stake in product tanker pool, Womar Chemoil Energy announces it will delist Singapore PM opens nation’s first LNG terminal

February 21

In April, Keppel Offshore & Marine, through its wholly owned subsidiary, FELS

27 26

Marco Polo Marine expands into the jack-up market with $214.3m rig order at PPL Shipyard Jurong Shipyard lands huge contract from Transocean for up to five drillships worth $540m each www.seashipnews.com 15

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Yards

acquisition of our shipyard will expand

Also buying into a yard on Batam has

veterans with decades of experience in the

our capability to add and undertake a

been offshore support vessel operator

vessel renewal plan more quickly when

Vallianz Holdings who snapped up this

project demand grows and make us

September Singapore-incorporated

China looms large

less dependent on third party shipyard

Jetlee Shipbuilding & Engineering and

Despite all this clear bullishness on local

spaces.”

its Indonesian entity PT United Sindo

shipyard prospects the unavoidable fact

Perkasa, who owns a fabrication and

is that Singapore is losing its grip on its

engineering shipyard located at Kabil,

formerly very solid jack-up orderbook.

Nongsa. The purchase price was S$19.8m.

Singapore has been replaced by China

The yard will also help Az Marine get more into the offshore space, Mun said. In January, shipbuilder ASL Marine Holdings paid $20m to buy Miclyn

marine sector.”

as the world’s biggest builder of jack-up

Vallianz ceo, Darren Yeo, said of the

Express Offshore’s yard in Batam, a

deal, “With direct ownership in a shipyard

rigs, with 33% of the global orderbook

facility that lies adjacent to ASL’s existing

facility, Vallianz will have its own marine

compared to China’s 47% according to

shipyard on the Indonesian island.

base to dock and carry out maintenance

research by Douglas-Westwood.

The yard is situated in the free

“Given this regional industry landscape,

operations for our vessels and third-party

trade zone designated for shipyards

vessels that are managed by the group.

Singapore is in a fairly good position at

and comprises a site of 12.2 ha with

As we continue with our fleet expansion

the moment,” commented Rajiv Ghatikar

berthing quays of 220 m, two shiprepair

program, we expect to reap greater cost

from Siemens PLM Software, “but in

launchways and shipyard facilities which

savings and operating efficiencies from

the face of such strong competition, the

cater for shipbuilding, vessels repair,

having our own marine base as compared

shipbuilding industry here will need

modification and mobilisation, as well as

to leasing third-party shipyards. The

to take measures like improving visual

modular fabrication services.

shareholders of Jetlee are industry

planning, optimising yard resources and

In the face of such strong competition, the shipbuilding industry here will need to take measures March 1

improving cross-discipline engineering and manufacturing collaboration to get and stay on top of the game.”

A*Star launches maritime and offshore research lab

www.seashipnews.com 17

NAPHTHA

ATHENS

GUANGZHOU

HOUSTON

HIGH Q UA L I T Y SERVICE RESEARCH

TANKERS

CAPITAL

SERVICES

CONSULTING

ASPHALT

LPG

EXPERTISE

LONDON

NEW YORK

PERTH

SINGAPORE

LNG

Asia’s top gas trading destination? Singapore loves to be the hub of everything. Top dog in natural gas is now in its sights

ingapore’s first liquefied natural

standards, our connectivity to the region

hub would benefit many countries, even

gas terminal (pictured) was only

and also the supporting infrastructure

suppliers of LNG. The United States,

officially inaugurated this February,

that we have here because we already are

a major supplier of LNG, has taken an

but already there’s plenty of talk of making

a major trading hub for oil, for example.

interest in this initiative.”

the Lion Republic into Asia’s natural gas

And some of these services, ancillary

trading hub. A second receiving terminal is

support services can easily also support

terminals in Singapore, Seah noted the

now under consideration. Asia is leading

the activities for gas.”

nearby Pengerang project in Malaysia, an

As well as soon-to-be two LNG

the growth in LNG demand and Singapore

It might take the addition of its

wants to be at the heart of it. Globally, LNG

neighbour, Malaysia, for Singapore to

consumption is expected to double in the

realise its LNG trading ambitions, the head

coming two decades.

of the republic’s top LNG trader, Pavilion

develop an integrated gas market as part

Energy, said recently. Seah Moon Ming,

of the wider Asian LNG hub initiative.

Authorities are now looking at where

oil storage terminal with plans for an LNG terminal and storage facilities. Seah called for both countries to

best to place a second terminal, which is

the ceo of the firm set up by sovereign

likely to be completed in the early part of

wealth fund, Temasek Holdings, said the

Singapore Stock Exchange, International

the next decade.

Pavilion Energy is working with the

two countries could set up an Asian LNG

Enterprise Singapore - a unit of the trade

A panel advising the government on

price marker as well as the development of

ministry - and regional governments to

how to develop the republic as a gas hub

financial instruments such as LNG future

develop a Singapore LNG price marker,

came out with its list of suggestions at the

contracts.

another key plank of the republic’s gas

end of October. These included developing

“It is timely for the two countries to

trading hub bid.

trading mechanisms and standards to

work together towards an Asian LNG hub,”

facilitate the growing LNG market as well

he said at a recent conference, “as their

and petroleum products trading hub in

as adding more gas infrastructure.

locations in the Straits of Malacca and

Asia. In recent years it has also become a

S Iswaran, second minister for trade

Singapore is already the largest oil

South China Sea are host to some of the

hotspot for LNG trading with companies

and industry and chairman of the panel,

world’s vital sea lanes with about 50%

like Chevron, Royal Dutch Shell, BG Group

commented: “We have certain advantages

of global LNG supplies passing through

and Yamal moving their LNG trading

by virtue of our reputation for regulatory

each year. I am confident the Asian LNG

operations here.

March

FSL Trust quits bulk trades with sale of last bulker pair

12 11

UN report says North Korea smuggling arms via Singapore www.seashipnews.com 19

Finance

Singapore not on the IPO radar Ultimately valuation drives the location of shipping listings

he capital markets of Norway and New York have been aggressively

providing equity and debt for shipping investments. Who can succeed in raising such finance? Can Asian bourses compete and play a leading role? These were the questions posed at Marine Money’s annual Singapore gathering in late September. Andy Yeo from Pareto noted that a total of $13bn had been raised in the US in the six months through to September while ABN Amro’s Perry van Echtelt said that in all

with both investors and customers.

come to market next year and that private

Harold Malone from Jefferies pointed

equity had not invested much in Asia to

investment classes there are still lots of

out that while the US had indeed seen a

date with the notable exception of Korea’s

equity available.

tremendous amount of capital raised it

financially troubled Hanjin Shipping.

“Last year private equity was driven

had centred around a “narrow” amount of

Ultimately valuation will drive the

by the eco story,” van Echtelt said, adding

sectors, principally LNG and LPG which

location of IPOs, maintained Thomas

that newbuild ordering has subsided this

are in a different cyclical place to other

Preben Hansen, the ceo of Rickmers Trust

year and private equity will be looking

shipping sectors.

Management.

for an exit via the capital markets or

Name recognition is very key to raising capital

consolidation. Jon Connor from HSBC observed that Asia has contributed to 7% of equity raised through to July this year.

On the markets in general, ABN

“Debt capacity markets are very open in Asia,” he insisted, adding: “Name recognition is very key to raising capital.” While the US and the UK are much

“It needs the Singapore Exchange and the Singapore local banks to be more aggressive to ensure there are some IPOs from private equity in Singapore,” he urged.

Amro’s van Echtelt said they were moving

The Singapore dollar bond markets

sideways with a great deal of volatility.

have been “very active” in the last two

“It will be more difficult to IPO a

years, according to OCBC’s Teo with

smaller shipping company,” he suggested.

S$5bn raised just in the first nine months

larger in terms of deal sizes, OCBC’s

IPOs will be driven by private equity who

of 2014.

Andy Teo said Hong Kong and Singapore

will look to consolidate to gain size prior

are very active maritime-wise. $1.5bn

to listing. New York will continue to be

would like to see a lot more activity in

has been raised in the equity markets in

the number one destination for shipping

Singapore. It is all about valuation.”

Singapore in the last five years, he pointed

share launches, he said, something all

Quite so, concurred Rickmers’ Hansen

out and $5bn in Hong Kong. “Sentiment

the panel agreed with, HSBC’s Connor

before adding the spoiler: “Singapore has

is getting rosier,” he said . Offshore, LNG,

stressing, “Size is absolutely paramount.”

simply not been on the radar. It has been

LPG and containers are the most popular

OCBC’s Teo said IPOs would start to

March

Concluding, HSBC’s Connor said, “We

all the US and Oslo.”

Gunvor starts iron ore trading in Singapore

31 20

Swissco buys land for repair yard in Tuas www.seashipnews.com 21

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Owners

Different tacks Shipping firms in the republic are battling their way back to profits

hile most of its container

commercial, operations, procurement and

(PIL) raised $241m this July. However, in

peers are now edging back

planning and strategy.

the run up to issuing the bonds, privately

into the black, Singapore’s

Meanwhile, it has emerged NOL is

held PIL had to release its financial

most famous name in shipping continues

looking to raise as much as $1bn from

statements publically for the first time.

to suffer from a reversal in fortunes

the sale of its supply chain subsidiary,

The containerline has been in the red

and is now actively looking to hive off

APL Logistics. NOL has sent out sale

twice since 2010, notching losses of

businesses to get back on track. Neptune

documents to a number of possible

$98.6m and $66.1m for 2011 and 2013

Orient Lines’ (NOL) losses continued in

buyers asking for first-round bids by

respectively.

the third quarter with the company $23m

the end of November. APL Logistics

in the red compared to a net profit of

accounted for 18% of NOL’s revenues

Express Lines (OEL) is looking at entering

$20m a year earlier.

last year. Among the companies that have

the Indonesian and Philippine trades.

made plain their keenness to acquire APL

The ceo of the firm, Biju Oommen, tells

container shipping subsidiary, announced

Logistics is CJ Korea Express, the largest

SeaShip News, “The Indonesia and

a raft of changes to its leadership

Korean courier firm.

Philippine trades are being studied

At the start of the year APL, NOL’s

structure under president, Kenneth Glenn.

Elsewhere, containerline Orient

Other local containerlines have also

carefully, as there are opportunities

The new setup moves APL from a

struggled in the downturn. In its first

considering the growing container

geographically-organised structure to

ever Singapore bonds issuance local

volumes.” Any entrance into these trades

a functional one, in the areas of trade,

containerline Pacific International Lines

would be done as a joint service, he

April

Peter Tan, former ceo and founder of Sembawang Kimtrans, comes out of retirement to chair Investment Global 9th Singapore Maritime Week gets underway with record 29 events

BG Group moves its HQ for and oil marketing to Singapore Singapore mandates the use of mass flow metering systems for bunkering

www.seashipnews.com 23

Owners

says, much like it did this April when it

Australia – Pacific Islands trades. China

has been developing a new bulker entity.

launched a new service to Vietnam with

Navigation also bought three ships from

Swire Bulk was formed in 2011. “It was

Taiwan’s Yang Ming.

Rickmers last year.

the opportunity to diversify into bulk at

Its liner trades, operating as Swire

the right time in the cycle,” Blackburn

Bulk growth

Shipping, now runs on 12 tradelanes.

explains. The company quickly identified

Such is the scale of fleet expansion

Bolstering its position on the Pacific,

the handysize sector as the one to focus

ongoing at China Navigation that for

China Navigation bought out long time

on. It has since ordered twenty-four

the first time in its 131-year history it is

partner Polynesia Line last year, and

39,000 dwt ships in China in the past 24

looking at farming out some vessels to

followed this up this January with the

months, plus four 38,000 dwt ships at

third party managers. The controlled fleet

acquisition of Pacifica Shipping, a New

Imabari.

is set to hit around 80 ships following a

Zealand-based container feeder operator.

dramatic series of orders over the past four years, which has also spawned a

Tim Blackburn, managing director of

whole new bulker division.

China Navigation since 2011, tells

In 2010 China Navigation embarked on

In terms of percentage fleet growth few

Further acquisitions are possible.

Asian dry bulk owners are growing faster than Thoresen Shipping this year. Thoresen Shipping is the dry bulk

SeaShip News: “There is scope for more

shipping arm of Thai-listed investment

a big fleet renewal programme with orders

acquisitions as we look to build our liner

group Thoresen Thai Agencies (TTA). The

for eight 31,000 dwt multipurpose (MMP)

network in the Pacific.” The company

business operates under three wholly

vessels at China’s Ouhua Shipbuilding.

will target regional operators who have

owned subsidiaries of TTA, Thoresen

These ships replace eight 25,000 dwt

long-term relationships with customers or

Shipping Singapore (TSS) and Thoresen

ships. It then ordered four 22,000 dwt

markets, but have felt the pressure from

& Co (Bangkok) (TCB). Singapore now is

vessels at the same yard for delivery next

the increasingly consolidated liner trades.

where the commercial team is based and

year. These ships will go on the company’s

April 11

The other big focus under Blackburn

all ships are flagged.

Malaysian tycoon Quek Leng Chan buys 3.8% stake in Ezion

www.seashipnews.com 25

Owners Managing director Ian Claxton says

having served the company for 44 years.

canniest shipping players, former Pacific

Sohmen’s son, Andreas, takes his

Basin boss, Chris Buttery along with his

the fleet will hit 30 ships by year-end, a 50% increase from the start of the year.

place. He will retain his current role as

The fleet is made of supramaxes and

BW Group ceo until 1 April 2015, when

handymaxes and is a balance of geared

Carsten Mortensen, the former Norden

joined the shipowner as ceo. Epic has

and grabbed fitted bulk carriers and open

boss, will take on the role of ceo.

quickly built up a 40-strong fleet, part

hatch box shaped hold vessels. “We are very active in the acquisition

long term business partner, Paul Over. In May last year Lars Vang Christensen

Sohmen commented: “It has been a

of a dramatic global LPG fleet build-up

privilege to oversee BW’s growth from

seen in the past 18 months, not that it has

of suitable additional tonnage,” says

a tanker and dry bulk business to a

Christensen too worried.

Claxton.

significant maritime oil and gas player

On top of the owned vessels, Thoresen Shipping is a significant charterer having

respects because owners like us are

chemicals and FPSOs.”

seeking replacement tonnage and there

around an additional 25 vessels at any one time.

“The growth,” he says, “is in many

involved in LNG, LPG, crude, products, A year and a half ago saw the creation

is all this talk about shale gas and

of a new gas carrier operator following

predicted need for LPG carriers – it is

the merger of Epic Shipping Holdings and

a combination of fleet renewal, a slow

launched a new commercial pooling

Pantheon. Since then, Epic Gas has been

recovery of the world’s economy and

service, Thoresen Grabulk Pool, in

one of the most active owners in the Lion

hence the positive implications for

Singapore for shipowners and operators

Republic, setting about a rapid expansion

pressurised LPG carriers”.

of supramax and ultramax vessels.

to make a big impact in the pressurised

This November Thoresen Shipping

Lim Teck Cheng, the ceo of Singapore’s

LPG markets.

Top tanker owners

largest bunker vessel operator, Hong

The company has significant backers

Lam Marine, sees something different

One of the blue chip names in Singapore

including Jefferies Capital Partners and

shipping announced succession

DVB Shipping Intermodal Investment

plans towards the end of the year. Fast

Management (SIIM) and a group of

bunkering hub and is taking the lead with

approaching his 75th birthday, Dr Helmut

private shareholders. The company also

the introduction of mass flow meters to

Sohmen retired as chairman of BW Group

has investment from one of the region’s

try to ease owners’ qualms about the right

happening in his niche. Singapore is the world’s largest

amounts of fuel being delivered. Lim argues that one consequence of this quest by Singapore Inc for innovation is a natural further culling of the number of companies within his sector. “When mass flow meters come in a lot of smaller players will find it difficult,” says Lim, who anticipates the playing field being cut by another 10% making the sector more sustainable in the long run. Hong Lam Marine has 25 harbour tankers plus 12 ocean going ships, a mix of chemical and product tankers. For the latter sector, Lim admits trading conditions have turned sour of late. “There are too many tankers for not enough cargo so things are a bit tight now,” he says, noting how rates are coming down for product tankers.

April

Zhu Ning, president of Nanjing Tanker, accused of money laundering in Singapore

25 21

PACC Offshore Services Holdings lists on SGX www.seashipnews.com 27

VESSEL OWNING & CHARTERING MODERN SOPHISTICATED FLEET

MDPL

www.marinedelivery.com.sg

Offshore

Global spread Singapore’s many offshore support vessel operators are eyeing new markets

ew port cities on Earth can boast

specifically Nigeria, Congo and Angola

bring its owned fleet up to 50 ships by

such a large and widespread set of

have good potential. Pacific Radiance

2016. With Darren Yeo as ceo Vallianz

offshore support vessel owners.

has been operating in East Africa for the

today owns around 30 OSVs and

past three years.

manages more than 50 client vessels.

In terms of size not many have grown quicker than Pacific Radiance. Tracing

It has also been a very busy year for

Besides the Middle East, Latin

its roots back to 2002 when it started off

Singapore offshore operator Swissco

America and Asia Pacific, Yeo says

as Strato Maritime Services, involved in

Holdings with the acquisition of rig

Vallianz is also setting its sights on

chartering and technical management,

operator Scott and English Energy for

penetrating the offshore marine market

the group bought its first ship in 2004,

S$285m. The deal means Swissco now

in West Africa.

and rebranded as Pacific Radiance

has nine jack-up rigs to go with its 34

in 2006. Nowadays, including joint

OSVs. There are another three more

Return of a familiar face

ventures, Pacific Radiance owns and

OSVs set to deliver soon too.

John Giddens, who built Hallin Marine

operates a total of around 150 vessels, a mixture of tugs, barges, AHTSs, PSVs and

Alex Yeo, the company’s ceo, explains the rationale for the rig company buy.

saturation dive support vessels.

into a global subsea services player after starting it from a container in his back garden, has reentered the industry

“There are synergies that could be

Besides its internationally trading

achieved with the acquisition,” he says.

with the announcement this August of

vessels, the company controls around 60

The group has since captured various

the build of a 105 m subsea operations,

Indonesian flagged vessels through joint

opportunities in the offshore oil and gas

diving and ROV support vessel.

ventures and associate companies.

industry as it penetrates the upstream

In terms of spreading its geographical reach, managing director James Pang

market across different geographical

of the vessel, tentatively named Tasik

regions.

Toba, has been signed with Fujian Mawei

tells SeaShip News he is “very excited” by prospects in Mexico and West Africa,

Meanwhile, offshore support vessel

PSA finally wins concession to build and manage a terminal in Mumbai Chemoil Energy delists

Shipyard in China. The vessel’s design and specification has been carried

operator Vallianz is making moves to

May 1

The contract for the construction

8 5

New exploration and production company, AziPac, sets up in Singapore

9 10 ASL Marine pays Miclyn Express Offshore $20m for Batam shipyard www.seashipnews.com 29

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Offshore

out by Tasik Subsea, a company set

traditionally been very heavily weighted

believe that continued demand will

up by Giddens and long-time vessel

towards AHTS vessels. However, with

provide opportunities for growth for

collaborator Mike Meade from broker

the recent developments in the oil and

the stronger service providers in the

M3 Marine.

gas industry, such as the trend towards

market.”

The Tasik Toba will be DP3 and

deeper water exploration and the

Recently, MEO took over Uniwise

have a 300 m rated saturation diving

increase in dynamically positioned rigs

Towage, something Clayton describes as

system, hangar facilities for two deep

and drillships, SPO has seen an increase

a “natural extension” of the position the

water ROVs, a 150 tonne safe working

in demand for PSV vessels from its

company has built up in Thailand.

load active heave compensated crane

clients.

with 3,000 metre working depth, and accommodation for 120 men. Giddens sold Hallin to US-based

In terms of new areas for growth

“To ensure we are aligned with

MEO recently won eight long-term vessel

industry developments and are able to

charters from an oil major in Brunei.

meet the needs of our existing clients,”

Singapore remains a good place in

Superior Energy in 2010 for more

Glenn says, “we have rebalanced our

which to raise capital. Robert Kuok-

than £100m. Hallin has since just been

fleet mix to include a greater number of

controlled PACC Offshore Services

liquidated.

PSVs.” The orderbook reflects this shift

Holdings (POSH), the OSV giant with

with 14 PSVs and just three AHTSs to

around 120 vessels in operation,

deliver.

launched its IPO on the Main Board

“I think commodity boats - PSVs and AHTSs - are basically in oversupply,” Giddens says, “but nevertheless people

Another of the leading names in the

of the Singapore Exchange Securities

that know what they are doing seem to

offshore support vessel sector sees

Trading Limited (SGX-ST) this April.

be making money in the right sub-

some overcapacity hitting certain parts

The company has plans to expand into

sectors.”

of the segment but is still bullish that oil

the deepwater offshore accommodation

and gas developments will push rates up

sector.

Fast developing Swire Pacific Offshore (SPO) will celebrate having 100

in general.

ships by the end of next year.

Benefits of a downturn

Adam Clayton is the corporate

Managing director Neil Glenn tells

finance and group commercial head for

OSV veteran Amandeep Singh is

SeaShip News how the fleet has changed

Miclyn Express Offshore (MEO) whose

convinced the downturn has been

in recent years to reflect the new

current fleet stands at around 150 ships.

beneficial for quality owners, as it has by

demands of energy companies around the world.

default initiated the process of forcing

“We are seeing some oversupply

lots of old tonnage out of the market.

in certain segments such as mid-size

SPO’s offshore supply vessel fleet has

May

The managing director and ceo of

PSVs,” says Clayton, “but we also

BW forms jv with investment manager PAG to buy 10 product tankers

20 11

Progressive Power pleads guilty over supplying bunkers without a valid bunker supplier licence www.seashipnews.com 31

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Offshore Marine Delivery (MDPL), a seven-year-

third party management seismic vessels,

jack-ups and a drillship on charter to

old Singapore offshore firm, notes that

survey/chase support vessels, a DP2

India’s Oil and Natural Gas Corporation

many oil companies across the world

multipurpose supply vessel and two

(ONGC). On top of that, there’s a rig plus

have now started to demand for quality

new DP2 400-men accommodation/

three options on order at Cosco Dalian

specifications and newer vessels as they

construction vessels.

Shipyard in northern China. The options

have the upper hand.

This October Nordic Maritime and its

are likely to be declared soon, says

“This is helping in phasing out the

partner PT Alamjaya Makmur Sejahtera

Manav Kumar, a director at Dynamic,

older tonnage,” Singh says, “and we can

won a contract worth more than $2m to

and all the orders may well go on charter

already see a lot of owners who have

provide 2D seismic marine acquisition

to parties beyond India.

been holding on to them for long are

services with ocean bottom node (OBN)

now gradually moving to scrap them.”

technology to Mitra Energy Indonesia.

because it was clear that oil companies

Indonesia is providing more and

needed quality rigs and drilling services

He reckons this will have a gradual positive impact on the OSV markets. Given this changed paradigm Singh

Dynamic was founded, says Kumar,

more business to the company following

with oil prices remaining comfortably

a recent opening of a Jakarta office.

high. Its joint venture partners include

warns: “All owners will have to be

Nordic now has three Indonesian

Singapore’s Keppel and Seacor from

cautious on the specification and age of

flagged ships and a fourth due in

the US. Management takes place out of

their fleet for survival.”

February next year.

Singapore, where rigs are also flagged.

Elsewhere, Nordic Maritime

Kjell Gauksheim, Nordic Maritime’s

Dynamic is not alone in clocking

continues to carve out a niche for

ceo, says the plan going forward is to

that perceived rig shortage and a vast

itself in Southeast Asia, eschewing

add to its subsea fleet with one to three

amount of orders have flooded the

overtonnaged offshore sectors in favour

vessels per year.

sector, something Kumar acknowledges,

of more specialised areas.

Drilling priorities

but without too much concern.

Scandinavian shipping companies that

Dynamic Drilling Holdco is all set to

likely next year,” he says, “as a lot of

call Singapore home.

move beyond Indian waters as it expands

newbuilds come onstream, but the long

its fleet of jack-ups. Founded three

term forecast remains good for serious

years ago, Dynamic Group has three

drilling contractors.”

Nordic Maritime is one of myriad

Founded in 1999, Nordic Maritime now operates a mix of owned and under

May 21

“A short term drop in rates is

BW and Pavilion Energy form LNG ship jv

www.seashipnews.com 33

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26/2/14 11:44 pm

New Entrants

Shipping central The republic has welcomed many more maritime firms to its shores this year as SeaShip News details

nyone who attended this September’s record turnout at the Singapore Shipping Association’s

annual dinner can attest to the fact that the republic continues to draw more and more maritime firms to its shores. A record attendance of more than 2,000 included many new faces. Our online poll, results of which can be found on the back page,

Our online poll lends credence to the growing feeling that the citystate is now the leading, most vibrant place for shipping on Earth

the majority of its cargoes. By moving the centre of our global LNG and oil marketing business to Singapore, the heart of the fastest growing LNG region, we are closer to many more of our existing customers and are better positioned to develop new and deeper relationships in the region,” said Steve Hill, president for global LNG and oil marketing. BG already supplies

lends credence to the growing feeling that

Singapore as part of a significant Asian

Singapore’s new gas terminal with some

the city-state is now the leading, most

restructuring.

3m tonnes a year.

vibrant place for shipping on Earth. No

Meanwhile, Gunvor, one of the world’s

wonder, then, that so many companies are

largest independent commodity trading

Owners proliferate

rushing to set up shop here.

companies, started iron ore trading

Jaccar Holdings of Luxemburg and

in Singapore as part of its strategy to

Hartmann Group of Germany formed a

maritime hub has been in attracting

diversify in both what it deals and where it

joint venture in the city this September

the big name shippers to relocate here.

operates.

for the commercial management of ethane

Part of Singapore’s success as a

Snagging the likes of Cargill and BHP

carriers.

Also of note, BG Group shifted its

The new company, United Ethane

Billiton from other hubs really kickstarted

centre of global liquefied natural gas

the migration of owners and service

(LNG) and oil marketing business to

Carriers (UEC), will focus on the

providers to the Lion Republic around

Singapore from its head office in the UK,

marketing, branding and commercial

a decade ago. This shipper relocation

reflecting the long term importance of

management of ethane carriers

continued this year. US grain giant

Asian energy markets.

internationally.

Archer Daniels Midland relocated its

“Asia is the world’s largest market for

Asia headquarters from Shanghai to

LNG and where BG Group already sends

June

The first vessels under the new joint venture will be five VLEC carriers with a

Pavilion Energy inks LNG supply deal with Total

13 1

Archer Daniels Midland relocates Asia HQ to Singapore www.seashipnews.com 35

PRIMEair HVAC Pte Ltd 15, Tuas Crescent, Singapore 638709 Tel: +65 - 68611993 Fax: +65 - 68618377 Email: info@primeairhvac.com Website: www.primeairhvac.com

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New Entrants conglomerate China State Shipbuilding

Lion Republic, the company’s chairman,

Part of Singapore’s success as a maritime hub has been in attracting the big name shippers to relocate here

Spyros Capralos, told SeaShip News in an

communication with our current and

subsidiary, with the remaining 30% owned

exclusive interview this September.

potential customer base.”

by Titan Oil in Singapore.

capacity of 85,000 cu m each. They are going to be employed under a long-term period charter with an undisclosed party. Fast growing New York-listed Star Bulk Carriers, the leading name in shipping’s ongoing phase of consolidation, is opening up a chartering office in the

Crowley Maritime Corp from the US

In addition to the newly opened

Corporation (CSSC), set up an offshore engineering subsidiary in Singapore to tap into the international offshore market. The new company, which is called Rui Ling Offshore Engineering, has a registered capital of S$10m. CSSC (Hong Kong) Shipping holds 70% equity in the

The company will focus on the building,

has made a significant investment in

solutions office in Singapore, Crowley

chartering, management, and operation

Singapore this year, opening a new project

subsidiary Titan Salvage also maintains a

of offshore platforms and vessels. In

management office in Singapore. The

local presence with a 45,000 sq ft site west

addition, Rui Ling will provide design,

office is located at 77 Robinson Road on

of the city.

technology and management support

the 34th floor of the Robinson Building. William Hill has relocated from

One man returning to the world of

for CSSC’s drive into the international

shipowning made quite a stir this August

Crowley’s Anchorage office to Singapore

offshore market.

with a debut order.

where he has assumed the position of

Offshore expertise

John Giddens, who built Hallin Marine

director, business development, and will

into a global subsea services player after

AziPac, a new exploration and production

manage the project support office.

starting it from a container in his back

company focused on exploring for oil

garden, reentered the industry with the

and gas in the maritime basins offshore

requiring service in the region and as

announcement of the build of a 105

in the Asia Pacific region and the Bay of

part of our commitment to consistently

m subsea operations, diving and ROV

Bengal, was established in May this year

evaluate and expand service offerings to

support vessel.

in Singapore.

“We’ve seen an increase in customers

meet such needs, we have decided that a

“The offshore Asia Pacific and Bay

The irony of Giddens’ return was that

physical location with local personnel in

it coincided with news that Hallin Marine,

of Bengal regions are experiencing a

Singapore was necessary,” said Hill. “It

which he had sold for more than £100m

resurgence in exploration for new oil and

will allow us to not only have in-person

four years ago, was to close down.

gas reserves. This is driven by exciting

management of our assets in the area, but will also provide better, more timely

Elsewhere, CSSC (Hong Kong) Shipping,

recent discoveries, new licencing rounds, new company entrants and, importantly,

a shipowning unit of China’s shipbuilding

the potential for new technologies to be brought to bear in new and mature exploration areas,” commented David Sturt, director of AziPac. Singapore’s preeminence in offshore has brought many specialist service providers from around the world. Some have cleverly chosen to club together. Three companies this November released a brand new concept to exploration and production service providers. The three companies are electrical system integrater Alewijnse (which set up offices in Singapore and Malaysia this year),

June 15

BW appoints Norden ceo Carsten Mortensen as its new group ceo PSA Marine pulls out of buying Pacific Basin’s towage division

23 24

A DOT Marine accredited by MPA, first new bunker supplier for last 16 months www.seashipnews.com 37

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The FPSO market is growing fast, with $99bn forecast to be spent on floating production systems between 2014 and 2018

Meanwhile, Deep Sea Mooring (DSM), a supplier of mooring solutions

who opened an office here in November. Former soldier Alexander Leslie is leading operations as managing director, Southeast Asia. “The narrow choke point upon entering the Singapore Strait has become a playground for a new breed of pirate,” Guardian said in a release, noting how criminal elements in the area have ramped

Elsewhere, Chromalox, a manufacturer

work from one entity rather than chasing many different firms for prices.

many was Guardian Global Resources

up their hijacking efforts, with assailants

of electric heat and control products,

targeting tankers laden with oil-related

opened a new sales and operations office

products, which are then seized and sold

in Singapore this July.

on the black market.

Herbert-ABS Software Solutions, a

and services for the offshore industry,

“Regional criminal networks are

launched a new, specialist business

company involved in marine regulatory,

growing more sophisticated, and are

dedicated to subsea installation solutions.

load management, salvage and ship design

led by extremely powerful leaders. As a

Deep Sea Installation (DSI), which will

software, opened a Singapore offshoot in

consequence it has become imperative

initially focus on the FPSO segment,

January.

for the commercial shipping sector to

“Close proximity to shipowners and

opened in Singapore this May with 12

rely on established and adaptable security

staff and an ambition to quickly establish

operators, opportunities for salvage and

itself in the key regional markets of Asia,

offshore projects and software sales

West Africa and Europe.

to other engineering companies, make

Bunkering musical chairs

providers,” Guardian maintained.

Singapore the natural choice for the

The year 2014 will be best remembered

$99bn forecast to be spent on floating

next phase of our expansion”, stated

in bunkering terms for the very sudden

production systems between 2014 and

Hendrik Bruhns, president of Herbert-ABS

demise of OW Bunker, Denmark’s third

2018,” said Åge Straume, ceo of Deep Sea

Software Solutions.

largest company by revenues. The $125m

“The FPSO market is growing fast, with

hole in its bottomline from fraudulent

Mooring. “This is creating real demand for

Micaline, a subsidiary of Malaysia-

installation expertise and DSM recognises

listed Shin Yang Shipping Corporation

activity by Singapore subsidiary, Dynamic

the potential for a business focused on

(Syscorp), incorporated Bayshore

Oil Trading triggered chaos. There were

this niche.”

Shipping Services in Singapore this

a number of other bunker suppliers that

November. Bayshore is engaged in

fell by the wayside in the republic too.

shipbroking services and as an agent for

However, despite the tough times there

providing commercial management and

were new names that entered the fray to

marketing services.

the world’s largest bunkering hub.

Wave of new service providers In a very fast turnaround time a new shipping agency, Wave Shipping, was

In June, A DOT Marine was accredited

At the end of October more than 100

launched at the beginning of September

executives from Singapore’s maritime and

by the Maritime & Port Authority of

in Singapore with founder and ceo Lars

offshore industry attended the launch

Singapore (MPA), becoming the first new

Rosenkrands noting what a fragmented

of Asia’s newest recruitment firm, Direct

bunker supplier at the port in 16 months.

sector the agency business was and the

Search Asia, set up by former Faststream

A month later, another new bunkering

need for consolidation. Practicing what he

employee, Jason Tay.

firm, Unicore Fuel, started operations.

preached within a couple of weeks Wave

In related news, Canadian marine

With piracy in the region rising a

had been bought out by Norway’s EMS

number of private security firms have

surveying organisation Bunker

Seven Seas with Rosenkrands taking over

been looking to find the right people to

Detectives formed a subsidiary in

as ceo of the whole group.

set up in Singapore. Jumping ahead of

Singapore this year.

July 1

Pacific International Lines raises $241m from first ever bond issuance New bunkering firm, Unicore Fuel, starts operations

Singapore Shipping Association unveils Michael Phoon as new executive director to replace Daniel Tan

www.seashipnews.com 39

Shipmanagement

Lure of owners ropes managers in While managers increasingly are shifting much back office work elsewhere they’re still polishing their local shop windows

t is a fact that shipmanagers are now

company in Singapore. The company will

finding Singapore too expensive

handle the technical management of all

to base all their operations there.

Höegh Autoliners’ owned vessels.

Back office operations are shifting

There are 28 owned vessels operated

elsewhere, more often than not to

by Höegh Autoliners which are today

Manila, while sourcing the right talent,

technically managed by Höegh Fleet

such as superintendents, is getting ever

Services. In the future these will be

more difficult. However, the world’s top

managed by the joint venture company,

managers continue to invest in the Lion

with all vessels transferred by the end of

City, getting close to the country’s vast

June 2015.

shipowning base.

(inspection, repairs and maintenance)

SeaShip News understands another

A relatively new Singapore-based

services provider.

well-known name in Hong Kong’s

Moreover, a well known name in

shipmanager is well on the way to

shipmanagement circles is readying

the local shipmanagement arena made

looking after more than 50 vessels as well

a big expansion in Singapore. Univan

a comeback this year. Manish Singh,

as carving itself a considerable niche in

Ship Management is expected to make

chairman of consultants Ideocean as well

managing VLCCs.

an announcement soon on a new office

as the Cambridge Academy of Transport

Capt AR Sabnis is the managing

set up in the republic. The company’s

announced this September his return to

director of Goodwood Ship Management,

ceo, Bjorn Hojgaard, is well known in

V.Group as group director for strategy

a company whose current fleet under full

Singapore having headed up Thome Ship

and M&A, leading many to speculate that

technical management stands at 32, but

Management for a number of years.

there will be a raft of Asian acquisitions

should be passing the 50 mark by mid-

Hojgaard’s successor at Thome

2016, he says, by which time it will have

since 2010, Carsten Brix Ostenfeldt,

more than 10m dwt on its books.

has recently been poached by Nordic

looks for businesses with experienced

Tankers, one of the world’s largest

and committed management teams that

in the local sector is one-year-old

operators of small- and medium-sized

add expertise and a track record in

Masterbulk Ship Management (MBSM),

chemical tankers.

technical, operational and commercial

Another comparatively new name

part of shipowner Masterbulk.

by V.Group soon. “In seeking potential partners, V.Group

Earlier this year, Thome opened a

Based in Singapore, MBSM has

performance assurance,” Singh tells

crew recruitment and placement services

SeaShip News.

focused on the dry bulk sector to begin

agency in Myanmar with the company’s

with and is now managing a fleet of more

chairman, Olav Eek Thorstensen,

he reveals, range from broad based

than 20 ships. Opportunities with both

noting: “Establishing a strong manning

international service providers to niche

shipowners and financial institutions

operation in Myanmar underlines the

service companies with specific skill sets.

who have taken possession of distressed

Thome Group’s commitment to this fast-

assets are also being explored.

moving and highly important seafarer

ceo, Clive Richardson, confirms that

recruitment market.”

expansion in Asia is a top priority in the

Meanwhile, Höegh Autoliners and Hong Kong’s Wallem Ship Management,

The opportunities being considered,

V.Group’s president and group

The world’s largest shipmanager,

coming years.

which already manages nine Höegh

V.Group, continues to make its presence

vessels, intend to expand their

felt in Singapore. This September it

growth in a particular geography, our

cooperation and the parties are in

concluded the acquisition of Core-

biggest opportunity would be through

dialogue to establish a joint venture

IRM, a Singapore-based offshore IRM

our Asian office network,” he reveals.

July 11

“From the point of view of revenue

DNV Petroleum Services rebrands as Veritas Petroleum Services

19 16

Standard Chartered sues India’s Varun Shipping’s Yudhishthir Khatau for $5.2m over a loan default in Singapore www.seashipnews.com 41

Crewing

The female factor Singaporean authorities are worried about where the next generation of seafarers will come from. Have they forgotten about 50% of the population?

espite numerous initiatives from local authorities to foster the next generation of seafarers, it’s a fact

Singapore is struggling to find enough people interested in a career at sea. Speaking at the inaugural Danish Maritime Forum in October, Lui Tuck Yew, Singapore’s minister of transport, warned that getting the next generation of seafarers was a “global challenge”, something he thinks will be very difficult, leading to the possibility of more automated vessels. “Will robots work alongside the crew to relieve some of the work and stress?” he mused, adding: “I think it is important we must discuss this.” 59% of respondents to our poll on Singapore (full results carried on page 60) feel the government’s efforts to get people interested in maritime careers have been ineffective thus far. However, perhaps the government has missed a trick. Why not get more women involved in shipping? According to UK maritime HR firm

on passenger ships.

Spinnaker Consulting, women are 52

prospects in the maritime industry,”

times less likely to join the maritime

acceptable to have the current male-

says Sahira, who also calls for the

industry than men.

female ratio,” says Nicholas Fisher, ceo of

establishment of a local female seafaring

Singapore’s Masterbulk.

organisation to make it easier for future

The outcome of a number of surveys by the Women’s International

Excuses about officer shortages

female cadets.

Shipping & Trading Association (WISTA),

should not wash when this industry has

International Transport Federation and

consistently failed to employ half the

Singapore,” Fisher argues, insisting:

the International Labour Organisation

available workforce.

“There are youngsters out there who

prior to the World Maritime University

In late 2014, Masterbulk hired its first

“All is not lost for shipping in

don’t want to be bankers. They don’t

Female Global Leadership Conference

two Singaporean female cadets, Nurul

want to just sit in an office. They want to

found that women make up just 1 to 2%

Sahira Binte Sha’ri and Era Yuhanis Binte

get their hands dirty and to be involved

of the world’s 1.25m seafarers. Moreover,

Abdul Ghani.

in one of Singapore’s most important

94% of women working at sea are working

“More talks should be given in schools

industries.”

Four-year dredging project starts for new Tuas megaport Sinwa creates barge JV Ezion sells two subsidiaries to AusGroup for S$55m

July 22 23

to create awareness about the good

“In no other profession would it be

Swissco buys rig operator Scott and English Energy Maritime Heritage Fund launched www.seashipnews.com

31 30

Crowley Maritime opens local office

Recruitment

Different career paths Attracting young people to a career in maritime is proving difficult Experienced staff in high demand Supply of experienced dry cargo operations staff in Singapore is drying up fast. Competition for operators in Singapore with more than five years’ experience is intense. With numerous owner operators all fishing in the same pool, each is finding it tough to fill vacancies. Maritime recruitment firm Spinnaker’s Matt Cornelius, who specialises in commercial shipping recruitment in Singapore, says, “There are enough

vacancies for each candidate five times

eaShip News contends that the

Sachs syndrome’, meaning they all want

single greatest impediment to

to work for investment banks and earn

Singapore’s future as a world

vast salaries.

leading international maritime centre

over at the moment. “There are now so many employers on the island that poaching is rife and competition for staff is never ending,”

In the past year nearly 10

(IMC) is not in its hardware, but more on

shipmanagement companies have left

says Cornelius. “Combined with the

the soft side of things. The government

Singapore, either moving back to their

industry-wide lack of investment in

has already made plans for the next

shipowning home countries entirely

new talent during the first half of

generation operations of the port and

or leaving a mere one-man ‘listening

the recession, there are not enough

the republic’s shipyards, with a big

post’. “It’s just way too expensive for

operations, chartering or freight trading

shift out west to Tuas. However, what’s

shipmanagement,” one executive with

staff with five years’ experience to go

proving more tricky is ensuring there

access to many top local managers

round.”

are enough competitively priced people

moans to SeaShip News.

engaged in the industry. And it is not

New immigration rules

The government is aware of this

just us who think that this is the crucial

coming human resources crunch, the

Further complicating matters, this

speed bump in the Lion Republic’s

chief executive of the Maritime and

August saw the introduction of the

IMC intentions, you, the reader, seem

Port Authority of Singapore (MPA),

Fair Consideration Framework in

to concur judging by the results of our

Andrew Tan, commenting at this year’s

Singapore. This is intended to ensure

online poll on Singapore maritime,

Singapore Maritime Week, “Singapore

that employers give local people the

results of which are carried on page 60.

has to remain relevant, by making sure

opportunity to apply for vacancies; and

Increasingly, most people under

that we have sufficient capabilities and

it means that all Singapore vacancies

the age of 30 are not interested in a

people joining the sector, which is why

must be advertised on approved

maritime career, the nation’s youth

we are very keen to attracting younger

websites for at least 14 days before

suffering from a collective ‘Goldman

people to join the industry.”

visa/employment pass applications for

August 1

Hallin Marine founder John Giddens returns to OSVs with new firm, Tasik Subsea, created with M3 Marine’s Mike Meade

www.seashipnews.com 43

Ship Owner, Singapore

CEO

Ship Manager, Hong Kong

FLEET MANAGER

MANAGING DIRECTOR Ship Owner, Singapore

GENERAL MANAGER

CHARTERING MANAGER

OPERATIONS MANAGER Ship Owner, Singapore

Salvage, Singapore

HEAD OF SHIPPING

Ship Owner, Singapore

Commodities, Singapore

Ship Manager, Indonesia

OWNERS REP

DRY DOCKING MANAGER Ship Owner, Singapore

CHARTERER

Ship Owner, Korea

BD DIRECTOR

Ship Manager, Singapore

CFO Ship Manager, Hong Kong

TECH SUPERINTENDENT

HR DIRECTOR

GENERAL MANAGER Dry Bulk, China

Bulk Ship Owner, Singapore

Ship Owner, Hong Kong

Actions speak louder than words.

Faststream Recruitment Group

Tel: (+65) 653 - 27 - 201 www.faststream.com

Recruitment usually includes schooling, housing and transport. Salaries aside, more expensive office space and increasing wages mean higher operating costs for employers, resulting in constrained hiring budgets. The issue of employment is made more challenging with the tightening of the local immigration policy. “So,” says Tay, “it really depends on the individual’s reason for working in Singapore, and how much skillset is required for the potential employer to stretch their hiring budget.” Usually, he says, it is a situation where both employer and employee each tend to foreign workers can be considered. Singapore has possibly become a victim of its own success, Cornelius

in Singapore and the UK. He has some

come to an agreement.

astonishing statistics on the difficulties facing maritime employers in Singapore.

reckons. “Its size and dependence upon

Offshore off elsewhere While employment for shipping remains

Based on today’s industry standard,

foreign labour, high housing costs, cost

employees staying in the shipping

predominantly localised - except for

of living and the incredible growth of the

and the maritime sector have slipped

senior positions, movements are more

shipping community means that it’s hard

from 2.5 years average to less than

active among the marine and offshore

enough for employers to fill some of

two years, which means people stay

community. This has a lot to do with the

their roles, let alone fill them with local

in their jobs for a shorter period and

region’s newbuilding scene for offshore

staff,” maintains Cornelius.

move around more. Approximately 80%

support, drilling and production

of the movement comes from the local

facilities rather than merchant vessels.

“2014 has seen a rising concern from

In Singapore, the orderbook for

employers in Singapore with regards to

workforce highlighting, Tay says, the

the increasing cost of employing people

demand for employees but at the same

jack-up rigs and OSVs seemed endless

and increasing scrutiny and restrictions

time the shortage of talents in the sector

as they fell on the lap of local yards

on hiring foreign talent, contributing to

“With Singapore moving into a

for many years, elevating the city’s

a further constriction of an already tight

more service-oriented industry, and

dominance by capturing more than

maritime talent pool,” says Matt Conway,

the media’s consistent promotion of

70% of the world’s new construction

managing director of Faststream

more glamorous jobs where money

for offshore drilling rigs. In recent

Recruitment in Singapore.

comes easily and living is good,

years, Chinese builders have scaled

certain skillsets and experience within

up their engineering capabilities and

Mark Charman, tells SeaShip News

the shipping industry become less

taken over Singapore as the world’s

that Singapore has been “super busy”

common among the local workforce,”

largest builder of jack-up rigs, causing

in hiring mode this year. However, the

he admits. For instance, many shore

the Lion City builders to be sandwiched

Faststream boss hears more and more

jobs require prior sea experience such

between the cost competitive Chinese

that companies are finding employment

as technical superintendents, marine

and Vietnamese yards, and higher end

costs in Singapore prohibitive but he is

superintendents and surveyors, which

Korean yards. Such market sentiment

not seeing a decrease in hiring.

necessitates hiring foreign talents.

is believed to have triggered the

The setback to hiring an expatriate

movement of many engineers and

employee, set up on his own this year,

is always about the additional costs

project management teams to move out

creating Direct Search Asia with offices

incurred on overseas allowances, which

of Singapore.

Nevertheless, the ceo of Faststream,

Jason Tay, a former Faststream

August 11

Marco Polo Marine and Malaysian shipbuilder Nam Cheong form OSV owning jv

FSL Trust celebrates first quarterly profit in three years

20 15

Ezra shareholders approve merger of subsidiaries EMAS Marine and EOC NOL admits to Singapore Exchange it is looking at selling APL Logistics www.seashipnews.com 45

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Bunkering

Innovate to stay ahead The Lion Republic is not resting on its laurels

Minister vows to boost bunker systems The republic’s minister for transport promised to up the nation’s bunkering credentials at this year’s Sibcon bunkering gathering. Lui Tuck Yew announced that two of the country’s bunkering codes - SS600 and SS524 - have been revised effective this November. As of January 2017, all surveyor companies need to be licensed. Previously just the actual surveyor had to be, and companies

only needed to be accredited.

ingapore may well be the world’s

shipowners – are falling prices. As

leading bunkering hub, but that

we went to print the outright price of

Singapore introduces at the end of

does not mean operating there is

On mass flow meters, which

Singapore 380 CST ex-wharf bunker

this year, the minister said that the

easy. Far from it. In fact, there is nowhere

fuel fell to its lowest in more than 44

meters were currently in use on 5%

more ferociously competitive than

months hitting $553 per ton.

of the city-state’s bunkering fleet,

the Lion Republic hence the ongoing

Competition is also felt increasingly

the aim was to get that figure up to

contraction in the number of bunker

by the republic’s mandarins with

suppliers. In the past two years some

neighbouring ports in Malaysia and

22% of the bunkering field have either

Indonesia making much noise of late

way in the introduction of LNG

folded or had their licences cancelled

about establishing credible bunkering

bunkering. A pilot program is being

by the Maritime & Port Authority of

rivals to Singapore. Competition,

established to develop operational

Singapore (MPA). As we went to print

however, breeds innovation – and it is

protocols for LNG bunkering,

there were 62 suppliers left.

50% by the end of next year. Singapore is also leading the

here that the Southeast Asian nation

the minister revealed with grants

This year’s bunker sales have been

leads the pack, whether it be via its mass

available for testing at $2m per

rather flat. In the first eight months sales

flow meter introduction or preparing for

vessel up to a maximum of six

for all products stood at 28.18m tons,

an LNG fuel future.

vessels per company.

just 60,200 tons more than in the same period in 2013. More worrying for the bunker sellers – though not for hard-pressed

Singapore is also looking closely

“What stands out in the Singapore bunker scene in 2014 is the positive

at the use of electronic bunker

effort put in by the port authority team

delivery notes, conference delegates

to improve bunkering standards,” says

were told.

August

Aztech buys Glenn Marine Logistics Base for S$11m

21 22

Jurong Port appoints Ooi Boon Hoe as ceo www.seashipnews.com 47

Singapore A Major Bunkering Hub

Searights Maritime Services Pte Ltd Certificate of Accreditation: MPA/AS 04 001 80 Marine Parade Road #16-05/06/07/08 Parkway Parade Singapore 449269

Tel: +65 6344 1108 Fax: +65 6344 1128 email: bunkers@searights.com.sg www.searights.com.sg

Bunkering 50000

Singapore Bunker Sales

Rahul Choudhuri, coo, Asia, Middle East and Africa for Veritas Petroleum

40000

Services. “Improving the Singapore Standard Code of Practice for Bunkering by bunker barges/tankers or SS600,

30000

Metric Tons

20000

implementing mass flow meters, making it clear to all bunker industry players,

10000

whether surveyor, supplier or ship, that corrupt practice will not be tolerated,

0 2005

these are all signals that Singapore takes

2006

2007

2008

2009

2010

2011

2012

2013

its bunker business seriously and will continue to exercise leadership in this

here, and understands that it doesn’t

playing field being cut by another 10%

respect,” Choudhuri reckons.

have a divine right being the biggest

making the sector more sustainable in

bunker port in the world.”

the long run.

Says another local bunker trader, “One of the key challenges for

Lim Teck Cheng, the ceo of

There are too many bunker tankers

Singapore, as for all bunker markets,

Singapore’s largest bunker vessel

in Singapore now, admits Lim. Mass

is to remain competitive in the face

operator, Hong Lam Marine, argues

flow meters can supply 15 to 20% more

of competition from other bunker

that one consequence of this quest for

than before, he points out, which in turn

ports and to continue to supply the

innovation is a natural further culling

means there will be no need for 15 to

high quality products that shipping

of the number of companies within his

20% of today’s bunker tankers. However,

companies need. Singapore is not

sector.

there are a still a number of single hull

immune to this challenge, despite the

“When mass flow meters come in

tankers plying Singapore waters so

benefits of its location and the strength

a lot of smaller players will find it

eventually everything should balance

of the bunkering infrastructure in place

difficult,” says Lim, who anticipates the

out, Lim maintains.

OW Bunker’s demise

Singapore subsidiary turns up at

The real people to gain from

the Copenhagen headquarters of

OW Bunker’s demise have been

the world’s largest bunker supplier

lawyers with claims against it and its

fearing arrest in the Lion Republic

subsidiary running into the millions

for fraudulent actions carried out

and once again Singapore being at the

by a couple of employees that, it

centre of many legal wranglings.

emerges, resulted in a dramatic

subsidiary that spurred its downfall

Within a couple of days OW Bunker,

were unknown to the board of OW

Denmark’s third largest company

Bunker, its chairman has said.

by revenue, declares bankruptcy

Chairman Niels Henrik Jensen said the

sending shockwaves around the

board had been “extremely surprised”

The speed and nature of the demise

world, especially in Singapore, where

by the $150m trading loss at its

of OW Bunker had overtones of Nick

despite the authorities best efforts to

subsidiary Dynamic Oil Trading and

Leeson and Barings Bank’s dramatic

try and maintain calm, disruptions in

that the board had never approved

bankruptcy nearly 20 years prior also

the bunker supply chain were evident,

a credit line in the region of $125m

in Singapore.

leading to a spike in bunkering sales

from Dynamic to Tankoil Marine

in other Asian ports.

Services.

So the story goes, the head of a

New York-listed DHT Holdings buys out local firm Samco Shipholding for $317m Keppel takes 10% stake in Golar Hilli, the world’s first FLNG vessel conversion project

September 1

The actions of its Singapore

$125m hole in the firm’s accounts.

Ezra subsidiary EOC launches Singapore IPO

V.Group acquires Singapore’s Core-IRM, an offshore inspection, repairs and maintenance services provider New shipping agency, Wave Shipping, launches in Singapore www.seashipnews.com 49 MPA cancels Northwest Resources’s bunker licence

Need daily news from Southeast Asia?

The only maritime and offshore news site dedicated to Southeast Asia www.seashipnews.com @SeaShipNews

Bunkering Coast Guard clamp down

“These tugboats are a fire hazard and pose a danger to other vessels in

Singapore’s Police Coast Guard

checks, as well as engage relevant

(PCG) says it will continue to actively

stakeholders to clamp down on the

tackle illegal bunker trading.

illegal sales of MGO [marine gas oil],”

seven months of 2014 compared to all

said the spokesman.

of last year there had been a tenfold

A spokesman for the Singapore Police Force says it had arrested 58

the area,” added the police spokesman. The PCG has said that in the first

Tugboats continue to be modified

increase in illegal fuel trade volume so

people, six vessels, and taken 17,363 in

in order to carry greater quantities of

far in 2014. Those found guilty of theft

cash since 2013.

fuel oil than they would ordinarily and

of bunker oil face seven years in jail

then used as transporters for the illegal

and a fine. Those who buy the stolen oil

bunkers.

could be jailed for five years and fined.

“The Coast Guard will continue to conduct enforcement operations and

Investment in local research

NMC and Mogas are currently

The National Metrology Centre

medium. When completed, the facility

in discussion and assessing sites

and Mogas Flow Lab (MFL) signed a

will give the local maritime industry

appropriate for the facility. Expected

research collaboration agreement in

a head start in allowing locally-

to occupy 5,000 sq m, the facility is

April this year to provide scientific

calibrated bunker mass flow meters

targeted to commence construction in

metrology expertise and consultancy

(MFM) to have a direct traceability to

early 2015.

for the establishment of a primary

the standard mass.

liquid flow standard, construction

Other initiatives by NMC for the

On the collaboration, Dr Thomas

bunker industry include providing

of a heavy hydrocarbon calibration

Liew, NMC’s executive director, says:

metrology expertise to verify the data

rig (HHCR), and a R&D lab in flow

“This assures business partners -

of MPA’s acceptance tests as well as

measurements for bunkers. MFL is

owners and buyers - of quantity

the establishment of a new liquid flow

investing approximately S$20m for

standards, promotes fair trade, and

lab with the capability to measure

the building of the R&D lab, HHCR and

also enables local suppliers to attain

the mass flow rates of water-based

associated facilities.

industry standards and related

synthetic fluids, using the gravimetric

accreditation/certification, enabling

method, down to a measurement

them to access the global market.”

uncertainty of 0.05%.

The lab will be the first of its kind to use actual bunker fuel as the flow

September

Ship chandler EMS Seven Seas buys out ship agent Wave Shipping Jaccar and Hartmann form ethane carrier jv in Singapore

11 12

Sembcorp Marine acquires Houston’s SSP Offshore

19 18

Bunker supplier Centra Oil folds www.seashipnews.com 51

Piracy

How to beat the pirates Piracy off Singaporean waters has intensified dramatically this year. Solutions are at hand

iracy around the Malacca Straits is very much back in the news, with the United Nations saying the region

has now surpassed West and East Africa to become the global hotspot for piracy. In particular, small product tankers have been targeted by robbers throughout the year. In the final week of June alone there were five reported incidents. Piracy in Southeast Asia is nothing new. What is new, however, is the jump in numbers and the very specific targeting of certain types of ships. This spike in hijacking and cargo theft has been brought about by the black market demand for marine fuel oil in Southeast Asia, says Steve McKenzie,

the coo of security firm, GoAGT.

a senior analyst at the UK firm, Dryad

Recent successful hijacks of tankers

on economic nationalism and delivering

Maritime. There have been crimes similar

whilst underway, coupled with a rise

energy self-sufficiency. A concentration

to these for many years, the majority of

in the average number of pirates

of piracy in the Makassar Straits may

which were from bunker barges and small

involved in a single attack may suggest

threaten investor confidence in upstream

tankers with only small amounts of fuel

a partial evolution in the typical trends

developments across Kalimantan where

being stolen. A large number of these

of the industry, notes Harry Pearce, an

reserves are falling and the unrealised

incidents went unreported, however, over

intelligence analyst at Ambrey Risk

deepwater potential of local concessions is

the last three or four years reporting

“We assess that these crimes will

increasingly important.

of these incidents has increased as the

continue unabated until the black market

criminals have targeted larger vessels.

in marine fuel oil is curtailed and the crime

energy initiatives, the new Indonesian

The common denominator for all of these

syndicates who are controlling the gangs

government may be required to curb long-

hijackings and cargo theft incidents this

who carry out the crimes are dealt with,”

standing subsidies on fuel products, which

year has been Singapore. All the vessels

the Dryad analyst reckons.

is likely to put pressure on more remote

that have been targeted had prior to being

To build domestic savings and finance

While the greatest concentration

boarded called at Singapore, McKenzie

of incidents undoubtedly lies adjacent

notes.

to Indonesia’s often marginalised

“The stealing of oil products in the

regions, already dissatisfied by a decade of widening income inequality. “Without a viable alternative provided

communities in the Riau Archipelago, they

to those seeking redress for an expanding

region is targeted product theft, which

are shaped by their proximity to Malaysia

social divide and continued inflation

results in the stolen cargo being sold on

and Singapore and aided by long-standing

in Indonesia, many agitators will be

the black market,” says Gerry Northwood,

boundary disputes.

compelled to target commercial assets with

September Vallianz acquires shipyard in Batam

21 52

Indonesia’s new government is focused

Pavilion signs 20-year deal for BP gas

www.seashipnews.com

CSSC (Hong Kong) Shipping, part of China State Shipbuilding Corporation, sets up offshore engineering subsidiary in Singapore Vallianz to buy crew specialist OER for $27.7m

Singapore Shipping Association annual dinner attracts record crowd of 2,400

Piracy relative ease,” says Pearce from Ambrey

cargo from a ship is a very complicated

Risk.

operation. It requires both deck and engine

has been product carriers so we have

officers to be involved in the ship-to-ship

advised all Wallem product carriers in

(STS) operation.

the region to take defensive measures in

The piracy model currently used in Southeast Asia is very similar to that used by Nigerian gangs, who in recent years

“The focus of attacks in Southeast Asia

line with BMP4 standards, which includes

“The focus area for the recent Asia

have been hijacking large product tankers

piracy acts should be on those who have

rigging razor wire, additional look outs

across West Africa and then stealing fuel

the skills and training for STS and those

and regular testing of communications

oil. These crimes are intelligence led and

who have the connections to move the

equipment,” he says. Vessels which are

well-coordinated. In Southeast Asia the

diverted cargo on the black market,” he

asked to anchor at OPL anchorages may

vessels targeted have tended to be local

suggests.

also be vulnerable, Soman warns, and

small product tankers and not the large

may be asked to take such precautions on

It’s also important to note that this

ocean going vessels hijacked in the Gulf of

model seems to be very cyclic. Some 10 to

a case by case basis, including avoiding

Guinea. In recent months, however, as the

15 years ago the region was awash with the

remaining at anchor and instead drifting

number of attacks has increased, so too

same pirate model.

well away from land.

has the breadth of ship types – car carriers,

Every part of the maritime supply chain

“This lends to the possibility a recently

containerships and LPG vessels have all

released criminal may be involved as well,”

can do its bit to help defeat piracy in the

been victims in the past few months.

Doherty muses.

region – now is the time to act.

Solving the scourge

security expert, says affected countries

Scott Bernat, an American maritime

View from on high

must work together. Especially important is

So then, what’s the way to deal with this scourge? GoAGT’s Northwood admits that finding

the reporting and sharing of information, such as that which is being accomplished

a way to solve to the maritime criminality

through the International Maritime

and piracy problem in Southeast Asia is

Bureau’s Piracy Reporting Centre and the

not going to be straightforward.

Singapore-based ReCAAP Information

“Most of the incidents are occurring

Sharing Centre. Response to reported

inside territorial waters, which makes

incidents must be planned, trained for

the legal use of weapons as a means of

and coordinated among all responsible

In a bid to counter rising regional

deterrent very difficult to achieve without

parties. Criminals must also be prosecuted

maritime piracy as well as try to keep

the enlistment of government military or

to the fullest extent of the applicable legal

track of air traffic in the wake of the

navy,” he explains.

jurisdiction and law, utilising a process

MH370 disaster, Singapore’s Ministry

protectant of human rights and transparent

of Defence has announced plans to

to all.

launch a radar-equipped blimp above

The primary solution is to end the black market for the stolen cargo, says Dryad’s McKenzie. The syndicate that is controlling

the city.

“This teamwork and deference to the

A giant unmanned helium-filled

the gangs must have good connections

rule of law will highlight the region’s

within the fuel business in Singapore, he

commitment to countering piracy and send

balloon will be held down by fortified

reckons. If these links were broken it would

a clear message to those involved that it

ropes to float 600 m above ground.

be more difficult to target specific vessels.

will not be tolerated in any form,” Bernat

Shipowners and Masters need to

The so-called aerostat will be similar to the ones seen at golf tournaments,

says.

introduce stricter policies on shipping

which help viewers track balls in the

movements and cargo details. It is possible

The shipmanager’s viewpoint

that some crewmembers are in collusion

Finally, Vijay Soman, director of safety and

in a statement. The radar, operating

with crime syndicates, McKenzie thinks.

insurance at Wallem Ship Management, has

24 hours a day, will be capable of

this piece of advice for product tankers

monitoring as far as 200 km.

Kevin Doherty, who heads up Nexus

air, Defence Minister Ng Eng Hen said

transiting the region.

Consuting, observes that stealing oil

October

EMAS Offshore lists on Singapore Exchange GAC Marine Logistics relocates HQ to Singapore

10 7

9 Hallin Marine shut down www.seashipnews.com 53

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Technology

The global maritime knowledge hub Local firms are pioneering solutions

local tech firm, Ascenz, founded by Chia Yoong Hui ,who has been pioneering fuel monitoring devices for the past six years. A controller, accessibly remotely, created by Ascenz that tracks bunker usage and sales, is now on more than

180 ships

contribute to the growing efficiency

mass flow meters for the past six

of the city’s maritime infrastructure,

years and our controller provides

some of which are detailed on our

transparency and efficiency for users,”

ports coverage on page 13. Singapore’s

says Chia.

ingapore is blessed with many

“The new regulations in Singapore

technical tertiary education

present an opportunity for Ascenz, as

establishments who continue to

we have been installing and supporting

Maritime and Port Authority signs

Meanwhile, Singapore’s National

up with many overseas organisations

ECDIS now on the market as well as a

Metrology Centre and Mogas Flow Lab

to tap knowledge, such as US class

mobile app whereby seafarers can now

(MFL) signed a research collaboration

society, ABS, who this July signed

receive incoming calls on their pre-paid

agreement in April this year to provide

a memorandum of understanding

mobile SIM card, which was not possible

scientific metrology expertise and

to promote maritime research and

previously as they could only make

consultancy for the establishment

development and innovation. Speaking

outgoing calls on their pre-paid mobile

of a primary liquid flow standard,

at the signing MPA chief executive

SIM card.

construction of a heavy hydrocarbon

Andrew Tan talked about developing

“These solutions,” Lim says, “were

calibration rig (HHCR), and a R&D lab

Singapore into a “global maritime

designed to suit shipping companies’

in flow measurements for bunkers. MFL

knowledge hub”.

needs to maximise operational

is investing approximately S$20m for

efficiency, control and improve crew

the building of the R&D lab, HHCR and

welfare.”

associated facilities.

The nation’s tech firms are helping develop this cutting edge too. Lim Kian Soon, who heads up the

The lab will be the first of its kind

satellite business group at Singapore

Bunkering changes

to use actual bunker fuel as the flow

Telecommunications (SingTel) tells

The clock is counting down the hours

medium. When completed, the facility

SeaShip News, “Shipowners are now

to another very significant change in

will give the local maritime industry a

looking at ways to improve in the areas

the bunkering sector. Come the end

head start in allowing locally-calibrated

of operational efficiency, monitoring

of this year, Singapore, the world’s

bunker mass flow meters (MFM) to have

and controlling and crew welfare, so that

largest bunkering hub, will kick off a

a direct traceability to the standard

they can stay afloat during these rough

mandatory introduction of mass flow

mass.

times for the maritime industry.”

meters in a bid to make bunkering more

New products introduced by SingTel

transparent.

Liew, NMC’s executive director, says:

Enforcement dates for the new system

to the maritime industry include mobile

On the collaboration, Dr Thomas “This assures business partners -

video surveillance, an integrated

to be fitted will apply to all new bunker

owners and buyers - of quantity

platform for data, mail, voice calls, web

tankers applying for a bunker tanker

standards, promotes fair trade, and also

chats and surfing, and CrewXchange@

licence by the end of this year and for

enables local suppliers to attain industry

SingTel - a lightweight portal for crew

all existing bunker tankers by the end of

standards and related accreditation/

to connect with their loved ones while

2016.

certification, enabling them to access the

The ruling is very good news for one

at sea. On top of that there’s a secure

October 11

CJ Korea Express tells Seoul stock exchange it’s looking at buying APL Logistics

global market.”

A $54m research centre launches aimed at tackling urban crowds and port management

MOL forms shipmanagement jv in Singapore with Chennai-based Synergy www.seashipnews.com 55

Cruise

Scaling up The republic is set to welcome many more tourists by sea

outheast Asia needs to improve

software side, the centre has engaged

initiative aimed at growing Asia’s fly-

in terms of cruise infrastructure

trainers at Singapore Airlines to train

cruise segment and promoting demand

and to have more adequate ports

its frontline staff.

for cruise holidays from Singapore.

that can accommodate larger cruise

A string of improvements have also

This is the second Carnival brand CAG

ships. “These are crucial as cruising is a

been made to improve passenger flow

and STB have teamed up with following

regional business,” says Christina Siaw,

at Marina Bay Cruise Centre Singapore

a similar initiative with Costa Cruises

ceo of the Singapore Cruise Centre.

(MBCCS).

last year.

The Singapore Cruise Centre is

The number of check-in counters and

Singapore’s efforts to have the right

continually upgrading its own facilities,

x-ray machines have been increased to

cruise infrastructure in place should

with more than 600,000 passengers

allow more passengers to be processed

pay dividends with Asia now widely seen

using its terminal every year.

at the same time. The layout of the taxi

as the fastest growing cruise market in

stand has also been enlarged.

the world.

The biggest investment came two years ago when the centre spent S$14m

The improvements have been made

The Cruise Lines International

revamping its HarbourFront Cruise &

in response to a traffic jam on Marina

Association (CLIA) has just released a

Ferry Terminal.

Coastal Drive on April 10 this year,

study on Asia cruise trends in which it

when two cruiseships were in port at

noted next year will see 26 cruise brands

– it expanded its passenger space,

the same time. This caused a bottleneck

operate 52 ships in Asia, nine of which

doubled the number of check-in and

of vehicles arriving at and leaving the

are year-round. In 2013 there were 802

immigration counters, increased

cruise centre.

Asia-Asia cruises, in 2015, there will

Among the works undertaken

security lines and improved its baggage

Fortunately, the Marina South Pier

be 981. The growth in capacity is even

handling system. More recently, the

MRT station has just opened after nearly

more impressive, driven by increasingly

queue system at immigration was

five years of construction.

large and modern ships being deployed.

enhanced to make it faster and more

The newest station on the North-

Last year, there was capacity for 1.4m

efficient and free wifi access was

South Line will serve Marina Bay Cruise

guests to take Asia-Asia cruises, next

provided throughout the terminal. “We

Centre as well as Marina South Pier, and

year there will be room for 2.05m, an

are very pleased that cruise passengers

future developments in the Marina Bay

annual growth of 19.5%. On top of that,

can now breeze through our terminal

downtown area.

CLIA reports another 115,360 guests

in a very efficient and expeditious

Changi Airport Group (CAG),

manner,” Siaw says. Among many clever ideas on the

may transit through Asia on longer

Singapore Tourism Board (STB) and

voyages, up 25% per annum from the

Princess Cruises have created an

73,616 capacity in 2013.

Kwok Han Ying, a former crewing executive for Vermont UM Shipping, found guilty of multiple offences New maritime recruitment firm, Direct Search Asia, opens in Singapore

October

Bunker supplier Vanguard Energy folds Sembcorp Marine’s former group finance director sentenced to 39 months in prison for falsifying accounts of Jurong Shipyard

www.seashipnews.com 57

Networking

The race is on

Singapore has a bewildering volume of maritime events lined up for next year. SeaShip News picks out the must-attends

nyone who has

of looking at propellers

visited Singapore will

and studying powerpoint

notice the abundance

presentations can seek

of maritime business and

refuge at the Singapore Yacht

networking events. In fact

Show 2015.

you could probably host an

If one week full of events

event without even telling

isn’t enough, after the

anybody and at least a dozen

famous Singapore Grand

maritime bods would show

Prix each September follows

up. At SeaShip News we

another week of events.

attend events all through

Highlights of this autumnal

the year and have done the

gathering include the Marine

legwork for readers on what to attend during 2015.

POLE POSITION A week of shipping events handily takes place just after the Grand Prix in September

When it comes to meeting

which attracts around 500 delegates, including plenty

shipowners and managers, look no further

coming year includes events such as the

of shipowner bosses looking for new and

than the Singapore Shipping Association

7th Offshore Support Vessels Conference,

innovative ways to access funds. There is

(SSA). With 474 member companies, a

International Chemical and Oil Pollution

a host of other conferences organised for

visit to the regular cocktails held by SSA

Conference, and TOC Container Supply

those who can’t get enough, and the week

should put you in a room networking with

Chain: Asia. The main highlight of the

signs off in style on the Friday with the

around 500 members of the Singapore

week is usually the MPA’s Singapore

SSA dinner referred to earlier, making this

shipping community. Drinks are usually

Maritime Lecture and also the Singapore

another great week to be in town.

held early in the year for Chinese New

Maritime Foundation supported

Year, mid-year for the Annual General

conference and exhibition, Sea Asia,

for something a bit more intimate,

Meeting, and December to wrap up

which attracts over 10,000 visitors.

Singapore Marine Network organises a

Throughout the year if you’re looking

the year. We recommend the mid-year

During Singapore Maritime Week,

drinks if you want to meet the heads of

plenty of drinks receptions are held with

crowds of around 100 executives on

Singaporean shipowners. The association

at least two or three to choose from each

a quarterly basis. SeaShip News also

also holds a dinner in September, which

night for those needing to slake their

hosts an annual lunch via our flagship

attracts more than 2,000 attendees,

thirst. SeaShip News is not one to let

title, Maritime CEO, where we invite the

enough to challenge even the best power

everyone else have all the fun, and each

republic’s key owners for discussion on

networkers in the maritime industry.

year we organise drinks at Marina Bay

pressing issues, and we also organise

A key week in the Singapore shipping

series of evening receptions, targeting

Sands to celebrate with our friends and

occasional invitation only breakfasts to

calendar is Singapore Maritime Week.

customers. Supported by our clients such

discuss topics such as offshore and the

Held every April, and organised by the

as M3 Marine and Transas, around 200

environment.

Maritime and Port Authority of Singapore

gather at Marine Bay Sands to drink and

(MPA), Maritime Week provides a platform

network al fresco late into the night. A

functions and conferences all through the

for every event company to put their

definite highlight of the week!

year so if visiting Singapore it is always a

best event in the mix as the industry

Come the end of Singapore Maritime

celebrates everything maritime. The

Week, those that have had enough

November

OW Bunker files for bankruptcy after $125m fraud at its Singapore subsidiary

1 58

Money Asia conference

www.seashipnews.com

There are plenty of corporate parties,

good idea to combine some business with pleasure.

AusGroup buys Ezion Holdings’ marine supply base business

Höegh Autoliners and Wallem Ship Management form jv Thoresen launches bulker pool in Singapore

13 14

Travel

Spin the wheel

Berthed in Singapore with some time to kill? Here’s the inside low down on what to do

ead to the Robertson Quay area

Remember most stores don’t open until

the flyer. Plunge your feet and lower-

and start your day with breakfast

11am. If you are up for it, stroll along

legs into tubs of water and watch small

at one of Singapore’s hippest

Orchard Road and check out some of

fish nibble the dead skin away. It might

cafes: Kith Cafe - hands down best

the other malls – the section from Ion to

sound gross, but is a completely unique

coffee in town, or Epicurious - green

Paragon Mall is best.

sensory sensation (a cross between

eggs and ham, oddly delicious (both

By now you should be hungry

massage, static-shock and tickling), and

on Robertson Quay); or Baker & Cook

again, so make like a local and head

your feet will be smoother than a baby’s

(nearby on Martin Road) who make

to a hawker stall, which is where

bottom when you are done. You can

pastries to die for. Then stroll along

Singaporeans get most of their daily

also get an excellent reflexology foot-

the Singapore river, from Robertson

sustenance. The Opera Food Court at

massage or shoulder rub as well.

Quay to the city (about 3 km). Along

Ion is a bustling yet gentle introduction

the way you’ll pass Clarke Quay, the

to eating, Singapore style. Try local

attraction – the Gardens by the Bay

Singapore parliament and civic district,

favourites like Hainan chicken rice,

- is a short cab ride from the Flyer,

and Boat Quay, with spectacular views

laksa (spicy curry noodles and seafood

and is absolutely worth the hype.

of Singapore’s skyline. Criss-cross the

soup) or Singapore chilli crab. For

Here you will see flowers and plants

river at various bridges and make sure

real local flavour try coffee si – strong

galore, spectacularly displayed in giant

to see the bronze sculptures that dot the

brewed coffee with condensed milk,

greenhouses, complete with indoor

riverfront along the way.

Singapore’s latest gob-stopping

and a serving of kaya toast (a green jam,

mountains and waterfalls. Don’t miss

For a touch of culture, pop into the

made of pandan leaf, egg yolk and sugar

the Supertrees, a grove of massive

Asian Civilisation Museum at Empress

– sinfully delicious). Finish with a deep-

treelike structures covered in flora of

Place, where you’ll find a stunning

fried dough-ball ‘butterfly’, and your

the world. Once you’re all flowered out,

museum in an equally stunning setting.

local dining credentials are assured.

cross the bridge and head to the Marina

The museum often has excellent

A short cab ride from Orchard Road

temporary exhibitions.

Bay Sands Hotel. Its tri-towers are an

is the Singapore Flyer (pictured), one of

architectural marvel. Buy a ticket and

Next up: time to shop. Singapore is a

the world’s largest observation wheels.

ride the elevator up to the Skypark.

land of shopping malls, so why wouldn’t

A full cycle takes thirty minutes. Yes, it

Views are sublime, and the world’s most

you have a quick wander through the

is cheesy and touristy, but it’s world-

spectacular infinity swimming pool,

best one? Cab to the Ion on Orchard

class, and the views along the way give

58 floors up, is something to behold. A

Mall. The top floors are wall-to-wall

a real sense of the modern miracle that

cocktail up in the sky, or a meal at the

designer brand names; you’ll find cooler,

is Singapore. For the truly adventurous,

ultra trendy Ku De Ta restaurant, will be

funkier stores in the basement levels.

visit Kenko Fish Spa in the mall beneath

the perfect way to end your day.

November

Andreas Sohmen-Pao takes over as chairman of BW Group

25 16

Viking Asset Management establishes new subsidiary, Viking LR2 MPA signs R&D MoU with Singapore Management University

www.seashipnews.com 59

Singapoll

Your opinion Just shy of 500 people voted in our online poll about Singapore’s place in the maritime world. Results plus juicy comments are carried below Is Singapore the world’s leading maritime centre?

Is the talent pool among local workers both large enough and of high enough quality for the city’s fast growing maritime sector?

“

Without a doubt and the trend is only to consolidate this position Yes 79% No 21%

All companies in Singapore need to increase productivity and that will balance Yes 23% No 77% any temporary out under supply

”

Yes 79%

Yes 23%

No 21%

No 77%

Are current restrictions on foreign talent and workers affecting your business in Singapore?

Does Singapore’s high cost of living – recently crowned the most expensive place to live by The Economist – mean much shipping operations will relocate elsewhere?

“

Singaporeans won’t take up work that requires manual Yes 53% No 47% labour

”

Yes 53% No 47%

”

Salaries have not kept pace with the increase in the cost of Yes 62% No 38% living

”

Yes 62% No 38%

How effective has the government’s policy of getting more Singaporeans to work in the maritime sector been to date?

Could Singapore be doing more to help crack down on maritime piracy in the region?

“

Very effective 8% Quite effective 33% Not effective 59%

Retention is not effective. Whether inVeryoffice or effective positions 8% Quite effective 33% seagoing positions, Not effective 59% the sector is still a springboard to move on to something else

”

The Singapore efforts are restricted by Yes the 85% other nations No 15% involved

Yes 85% No 15%

”

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