You can believe Imtech CEO René van der Bruggen when he says: “The maritime economic climate is recovering there. This region is developing into an important centre for global shipping.” The gentleman has just come back from a visit to his company’s key business locations in China and Singapore. He has seen the uptrend with his own eyes. Imtech, a leading European engineering and ICT services provider, also happens to have 10 offices strewn across Asia – so it’s right in the midst of where the action is taking place.
Mr Bruggen notes that over 200 newbuilding contracts were put on the market in the first half of 2010 – considerably more than last year. For Imtech, which works closely with Asian shipyards and Western owners who order their vessels to be built there, this has resulted thus far in new orders worth a total of 36 euro. “This year,” says Mr Bruggen, “we expect to cross the line of 100 million euro in order intake in this region for the first time, thanks to, among other things, the fact that the various offices work together more intensively and are able to realise the synergies of cross-selling.”
Here’s the latest market picture in Asia as painted by Imtech:
Oil and gas market
In the last quarter of 2009, particularly in Singapore, there was a recovery in oil and gas markets thanks to the demand for energy picking up in the Asian region. For example, Imtech received orders to supply technical solutions on board a Boskalis rock dumping vessel, an Acergy heavy-lift crane vessel/pipelayer, an offshore support ship owned by Drydocks World Singapore and various high-tech navigation & communications, hardware/software and telecommunications projects on board ships and offshore platforms owned by Gazflot, Noble Drilling, Saipem and Modec/Petrobas. Options have also been signed for multiple ships and platforms in the near future.
Container and bulk market
The Chinese demand for steel and iron have picked up considerably at the start of this year. Thanks to this growing demand, and the increase in global trade, the maritime container and bulk market is showing a recovery. Shipping traffic is increasing. For Imtech, this entails an increase in the number of orders for upgrading and a higher volume of maintenance orders. In addition, Imtech is active as a technology partner in the market for new construction, which is picking up at Chinese shipyards such as the Ouhua Shipyard, Dao Da Shipyard, Guangzhou Wenchong Shipyard, PACC Yeuxin Ocean Engineering Shipyard and the Fujian South East Shipyard. Besides navigation & communications technology, Imtech is also involved in a number of energy distribution programmes and ‘green’ technology.
Luxury yachts and navy vessels
The market for luxury yachts and navy vessels stays at the desired level for Imtech in this region, as is evidenced by orders to supply technology on board two 45-m long high-tech ‘Porsche Design’ catamarans in Vietnam, integrated platform management systems for two minesweepers of the Singapore navy and an order to supply spare parts to the South Korean navy.
Way to go, Imtech. We never had any doubts that the Asian maritime markets would rebound quickly, if only because of the Chinese economic dragon. The signs of recovery as confirmed by Imtech should perk up European interest in the region significantly. ~Barista Uno
