Hints and tips:
Plunging crude price erodes what has long been a lucrative niche for the city-state
Singaporean group awaiting payments on six-rig deal worth S$6bn
Companies including Keppel Corp and Sembcorp Marine are delivering fewer offshore platforms
Dallagnol urges companies to come forward and co-operate with corruption investigation
...Sembcorp Marine denied that its unit, Jurong Aracruz Shipyard, had made “illegal” payments. Mr Vaccari and the Workers’ Party denied receiving illegal payments or political donations....
...As part of that programme, both Singaporean shipyards received major orders from two contractors to Pemex — Oro Negro and Grupo R. Among the biggest shareholders in Oro Negro is Temasek....
...Mr Fernando notes that Dalian Shipyard and Cosco Nantong are among those “not just building low-end vessels”....
...The companies themselves could not be reached for comment but here is the argument from UBS about why they might be interested: Keppel Corp (Keppel) and Sembcorp Marine (SembMarine) are two global shipyard...
...Analysts say that while the emergence of rivals poses a long-term threat, it will take time for Korean shipyards to catch up as they are not yet configured to build jack-ups....
...In November, he pledged to use “every possible means” to manage ship deliveries from the country’s shipyards – the world’s busiest – to alleviate problems caused by overcapacity....
...Companies’ debt burdens and their obligations to pay for new ships ordered at the height of ship earnings – and shipyard prices – in 2008 are also critical factors....
...About 70 per cent of its container fleet is chartered, and therefore inherently inflexible, but the capital injection will allow it to buy vessels from distressed peers and shipyards at rock-bottom prices...
...More supply is coming onstream, partly because increasingly efficient shipyards are building new vessels more quickly. Freight rates are moderating....
...There are also suggestions that Temasek should merge SembCorp Industries with Temasek affiliate Keppel to create economies of scale for the local shipyard industry....
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