Liquefied Natural Gas (LNG) has the advantage of being the cleanest fossil fuel that is very safe and efficient to transport. Singapore is now a global offshore and marine hub. This will keep prices low and increase LNG’s market share. SINGAPORE'S construction sector is poised to take a hard hit from the Covid-19 outbreak in the short-term, and is now expected to contract sharply by 10.3 per cent this year in real terms, according to Fitch Solutions. LNG can potentially be used as transportation fuel and become highly sought after by the global transportation sector. Growth forecast at 4.0% to 6.0% in 2021. The Maritime and Port Authority of Singapore (MPA) was established on 2 February 1996, with the mission to develop Singapore as a premier global hub port and international maritime centre (IMC), and to advance and safeguard Singapore's strategic maritime interests. T his is an informative compilation of Singapore companies in the marine and offshore industries and the relevant supporting industries, including ship repairers, shipbuilders, rig builders, marine equipment and supplies, offshore equipment and suppliers, etc. 09.03.1.64.96422, Irvin Seah, Philip Wee, Eugene Leow, Joanne Goh / November 18, 2019. Investment decisions for new offshore projects have gathered momentum with increased offshore rigs utilisation and stabilisation in day rates, although the offshore rig market continues to be plagued by oversupply in most drilling segments. Globally reowned for its reliable and convenient range of comprehensive marine services, Singapore is a one-stop marine centre for shipowners, managers and agents around the world. GDP growth is expected to register 1.4% in 2020 while inflation should remain manageable at 1.1% next year. In the nearer term, Taiwan is a compelling market for Singapore businesses. The volume of oil demand affected by this change is significant. In particular, we see opportunities for growth in the LNG sector in line with Singapore’s ambition to be the LNG hub for the marine sector. There are many growth opportunities for your M&OE business as global demand evolves. The Ministry of Trade and Industry (MTI) announced today that the Singapore economy grew by 0.7 per cent in 2019. Develop strategic partnerships or sub-contracting relationships with key project movers. Opinions expressed are subject to change without notice. A trough in the growth cycle is in the making, with outlook expected to improve gradually. Taiwan’s generally favourable business environment would also ease your entry into this market. Tel: 62-21-2988-4000. Singapore's economy contracted by 5.8% year over year in 2020, advance estimates by the Ministry of Trade and Industry showed. The information herein is not intended for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. Yet industry executives aren't betting on a return to the glory days anytime soon. DBS Bank Ltd., 12 Marina Blvd, Marina Bay Financial Center Tower 3, Singapore 018982. About The Directory. Demand for LNG in remote regions in Asia is growing as supply is reaching them due to the emergence of small-scale LNG facilities which uses smaller cargo vessels and trucks to collect and distribute LNG. This includes upstream stakeholders, such as energy trading companies, gas source owners and terminal project developers. Economic Performance in Fourth Quarter 20201 The Singapore economy contracted by 2.4 per cent on a year-on-year basis in the There is great potential for your company to grow in this vibrant industry as Taiwan’s supply chain is still relatively underdeveloped. For example, your business can acquire capabilities in LNG containment fabrication, LNG cryogenic equipment component manufacturing and distribution, and LNG process modules engineering and fabrication. For 2021, MTI has maintained the GDP growth forecast at “4.0 to 6.0 per cent”. Generating an annual turnover of close to $10 billion and employing some 100,000 workers, the marine industry plays a crucial part in Singapore's economic growth. Demand for LNG is increasing due to several reasons: Geographically, Singapore is well-placed to become Asia’s LNG hub, using our capacity and capabilities in M&OE, such as modules fabrication, offshore oilfield services, and systems integration. There is much potential for you to build on and expand Singapore’s capacity and capabilities in oil and gas related activities into these new areas. Speech by Minister S Iswaran at the launch of the Marine & Offshore Engineering ITM in conjunction with the Association of Singapore Marine Industries’ 50th anniversary: Press Release: Achieve Global Leadership in Smart Marine & Offshore Engineering: Infographic: Marine & Offshore Engineering ITM: Resources: Singapore Economic Development Board (EDB) You can capitalise on your strengths in M&OE to develop new business areas in the renewable energy industry. The information herein is not to be construed as an offer or a solicitation of an offer to buy or sell any securities, futures, options or other financial instruments or to provide any investment advice or services. The M&OE industry contributed S$3.6 billion or 1% of Singapore’s GDP, and employed more than 23,000 workers in 2016. 18th Floor, The Center, 99 Queen’s Road Central, Central, Hong Kong. Linked websites are not under the control of DBS and DBS is not responsible for the privacy or security on social media sites and other third-party sites that may be linked to social media sites. Read more at The Business Times. The global expenditure on LNG is projected to exceed US$280 million (S$378 million) by 2021. There are many growth opportunities for your M&OE business as global demand evolves. Enterprise Singapore supports Singapore M&OE companies to explore opportunities locally and abroad with a suite of tools and programmes.
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