Sembcorp Marine Results Drags Singapore Index Lower

Posted by George Backwell
Monday, May 05, 2014
Image courtesy of Sembcorp

Singapore shares edged lower on Monday, dragged down by losses in Sembcorp Marine Ltd which hit a six-week low after posting lower-than-expected first-quarter earnings.

The benchmark Straits Times Index was down 0.2 percent at 3,245.69 by 0506 GMT. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.3 percent.

Shares of Sembcorp Marine fell 2.5 percent to an intra-day low of S$3.96, their lowest since March 21, after the offshore drilling rig builder posted a 3.1 percent increase in first-quarter net profit, which nonetheless undershot market expectations.

CIMB downgraded its rating on Sembcorp Marine to "hold" and cut its target price to S$4.30 from S$5.10, citing a shortfall in ship repair and rig building revenue. "Though 1Q is a seasonally weaker quarter, we believe subsequent ramp-up may not be as strong as we had expected," the brokerage said in a research note. "The sluggish shipping market may cap volume growth in ship repair."

The index was also weighed down by losses in the real estate sector. Losses were led by Global Logistics Properties Ltd and City Development Ltd which fell 1.4 percent and 0.5 percent, respectively.
Among other stocks, Tiger Airways Holdings Ltd plunged as much as 9.2 percent to S$0.395, its lowest in nearly two months.

(By Andrew Toh; editing by Subhranshu Sahu)
 

 

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Philippine Port Project Draws Multi-National Attention

MANILA, July 29 (Reuters) - A 18.99 billion pesos ($417.91 million) project to modernise a port in the southern Philippines has attracted interest from five groups,

Nigeria LNG to Receive Four Ships in 2015

Nigeria Liquefied Natural Gas Company (NLNG) expects to take delivery of four LNG carrier ships before year-end and another two next year, its chief executive said,

Sembcorp Marine: No Sete Brasil Payments This Year

Singapore's Sembcorp Marine has not received payment from Sete Brasil on drillship projects this year and may slow down the projects if the situation persists, a company executive said on Wednesday.

Shipbuilding

Nigeria LNG to Receive Four Ships in 2015

Nigeria Liquefied Natural Gas Company (NLNG) expects to take delivery of four LNG carrier ships before year-end and another two next year, its chief executive said,

Sembcorp Marine: No Sete Brasil Payments This Year

Singapore's Sembcorp Marine has not received payment from Sete Brasil on drillship projects this year and may slow down the projects if the situation persists, a company executive said on Wednesday.

BAE Systems Awards Software Contract to SENER

The Spanish company SENER, Ingeniería y Sistemas S.A has closed a contract with U.K.-based BAE Systems PLC for the integration between FORAN CAD/CAM System and

Finance

Philippine Port Project Draws Multi-National Attention

MANILA, July 29 (Reuters) - A 18.99 billion pesos ($417.91 million) project to modernise a port in the southern Philippines has attracted interest from five groups,

Nigeria LNG to Receive Four Ships in 2015

Nigeria Liquefied Natural Gas Company (NLNG) expects to take delivery of four LNG carrier ships before year-end and another two next year, its chief executive said,

Sembcorp Marine: No Sete Brasil Payments This Year

Singapore's Sembcorp Marine has not received payment from Sete Brasil on drillship projects this year and may slow down the projects if the situation persists, a company executive said on Wednesday.

Offshore Energy

'Kayaktivists' to Launch Blockade of Shell Icebreaker

A small group of protesters and activists are gathering at the Cathedral Park boat ramp in Portland, preparing to stay for a 24-hour vigil as they wait for Royal Dutch Shell Oil's icebreaker ship,

BSEE Updates Hurricane Reporting Requirements

BSEE is providing updated guidance for the current and future hurricane seasons through a Notice to Lessees (NTL) released July 27, 2015. NTL 2015-G02 clarifies

Offshore Wind Shift to Drive Vessel Services Cooperation

Evolving procurement processes for U.K. Round 3 offshore wind farms will require a greater number of work streams, personnel with new and differing skills, and

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1931 sec (5 req/sec)