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It's time to pick up the pieces and rebuild Singapore's O&M sector

A MULTI-YEAR downturn has taken a toll on job numbers in Singapore's offshore and marine (O&M) sector. With foreign workers and seafarers making up the bulk of headcounts on hire, tracking down the overall job losses in the sector is virtually impossible. As far as the headline numbers go, it is safe to assume that at least tens of thousands of jobs had been lost. The estimate is based partly on the figures disclosed by...


Provisions offer clue to oil & gas sector turning the corner

MARKETS were taken by surprise early last week when DBS Group Holdings unveiled a decisive move to clean up its exposure to troubled borrowers in the oil-and-gas sector. The bank nearly doubled its provisions for bad debts to S$815 million as it classified residual weak oil-and-gas support services exposures as non-performing assets, and booked, as a result, an unexpected 23 per cent drop in third-quarter earnings. Such a move will lower the...


Yangzijiang posts 208% surge in Q3 earnings

HIGHER turnover helped boost earnings at Yangzijiang Shipbuilding (Holdings) by more than three times in the third quarter. The Chinese shipbuilder on Thursday reported a net profit of 866 million yuan (S$177 million) for the three months ended Sept 30 - a whopping 208 per cent up on the 281.2 million yuan in the same period a year ago. Revenue rose 13 per cent to 4.38 billion yuan. Nine vessels were delivered during the quarter,...


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