Asia Shipping Media, the parent firm of this site, teamed up with Standard Chartered Bank to host an Offshore Business Breakfast on March 21 at the Fullerton Hotel in Singapore. Around 50% of the 44 people attending were vessel or rig owners leading to some frank and topical debate on the offshore markets. In the first of a two-part series SeaShip News highlights the key takeaways from the exclusive gathering.
In general, the mood from those attending was optimistic with long-term rates for rigs and OSVs looking solid despite a likely blip this year.
, global head of shipping finance at Standard Chartered, related how there was no sign of owners cutting back expansion plans and calls for cash were increasing.
A sign of a confident market was the clear decline in speculative orders with yards such as Nam Cheong in attendance noting owners were increasingly signing for build to order ships.
Shale gas formed a lively plank of the debate – with many in the room doubting various bullish forecasts on potential outputs in the US and China. Shesh Venkatraman, ceo of Jaya Holdings, was among the shale gas dissenters, questioning both the cost of shale production as well as its environmental impact.
Much time was spent on China, both its energy needs and its vessel building capabilities. Panellists said the People’s Republic as a good place to build so long as owners are diligient. Quality, timing and price are all attractive in China, argued Manav Kumar, director at Dynamic Offshore Drilling, although he recommended to add in an extra couple of months for any construction project to iron out certain ... More>>