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SembCorp Marine- The new Frontier.
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ckmpd1
Supreme |
15-Oct-2021 16:55
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I thought you were one of those shouting 30c soon for SMM last month.    It is good to see that you are more realistic now
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better
Elite |
15-Oct-2021 16:52
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Exactly. But I tend to lean towards Changtai' s view that nothing much would happen til 3rd Nov. Sembmarine is likely to hold their cards close to chest at least until Q3 biz update in mid Nov. For those shouting no contract is likely half blind. Last year, nobody including Keppel OM got any substantial contract. Sembarine won Sofia. SCM won a long term cruise ship repair contract in Q2 and sealed the 2 Transocean drillships completion arrangement (That' s why they need extra manpower to deliver the drillships in the next half a year). Restarted Cambo design work, pending FID by this dec. Secured FEED for Darodo FPSO, 95% chance of starting construction by mid 2022. In the pole position for the Wisting FPSO bid which is a mega USD2-3 billion contract if deal can be confirmed by dec. And just last week, secured a Antarctic support vessel deal (should get the contract if they don' t demand too high a profit margin). The only problem is that SCM do not have the manpower to start a new mega project at least until Feb next year.
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tbooncho888
Senior |
15-Oct-2021 16:38
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inflation and shortage hv caused coal price to rise very high, thus oil at 80 is still low compared to what coal has gone thru.....oil abv 100 to even 130 is a given in time to come....so hope the sustained oil price rising can restart SM biz somehow... | ||||
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ckmpd1
Supreme |
15-Oct-2021 16:36
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Yes, hopefully SMM can turn around.  But by end 2022?  That' s when it runs out of money
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Chagatai
Veteran |
15-Oct-2021 16:34
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Prolonged oil price down turn since 2014. Oil majors cut a lot of capex. There was a turnaround in 2019 early on but Covid was black swan event. So many many oil related companies suffered including my company also. WWS is not to be blamed yet things are turning around oil and LNG prices are recovering so expect momentum and upside | ||||
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ckmpd1
Supreme |
15-Oct-2021 16:22
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SMM had many years to try to win contracts.  It didnt.  Hoping that it can win new contracts is good.  But it remains a hope.  What happens if Wong Weng Sun fails to win new cotracts for the next nine months as what SMM did for the past few years?
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ICXGOLD
Master |
15-Oct-2021 16:12
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Its not that I am in love with this SCM management, in all fairness this news is purely just targetting SCM by putting it in the headline. Of the 3400 foreign workers only 1400 are SCM so other companies are also involved. This is like a season to throw bad news as SCM. With regards to plight of the Foreign workers its a disgrace that this is happening here but thankfully people are stepping in to help. I Guess that social media platform is kinda fooooked not now in 6 months 😀 Back to SCM, Something is brewing only 30 M trades, with 60 million waiting to sell and a whopping 140M in buy..the Dam can burst anytime, the anticipation is killing me. | ||||
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Chagatai
Veteran |
15-Oct-2021 16:12
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Important is also contract wins after merger with Kep Corp. Labour costs must also stabilise
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ckmpd1
Supreme |
15-Oct-2021 16:11
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Frankly, nothing changed at SMM for the last two months. It is just that SMM' s performance is now known.  So I wonder whether those shouting 30c for SMM last month continues to believe in their shouts
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better
Elite |
15-Oct-2021 16:02
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Agreed.
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ckmpd1
Supreme |
15-Oct-2021 16:00
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Agree
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ahbui8
Master |
15-Oct-2021 15:58
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This is a disgrace news, this clearly show again SMM management is so incompetent. If the management still able to hold to their job mean TH is doing charity!
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ckmpd1
Supreme |
15-Oct-2021 15:50
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China will not allow its workers to be bullied.  Singapore, MOH, MOM are now pressured because of SMM' s incompetence.  SMM has not denied that it served bad food to the Chinese migrant workers.  What does its silence on this issue speaks abt SMM' s mgmt?
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Starship
Supreme |
15-Oct-2021 15:47
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Xi Jinping warns against anyone ' bullying' and ' oppressing' China July 1, 2021 09:15 IST President Xi Jinping on Thursday called for building a strong military to defend the country and warned that Chinese people will never allow any foreign force to " bully, oppress, or subjugate them" https://www.business-standard.com/article/international/xi-jinping-warns-against-anyone-bullying-and-oppressing-china-121070100174_1.html
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ckmpd1
Supreme |
15-Oct-2021 15:47
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as I said before, TH is doing public service.  Offering MGO of 8c is to give retail investors an opportunity to escape with minimum loss.  For those who are ' brave' , continue to buy at 8.1c.  There are 65m shares for sale at 8,1c
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ckmpd1
Supreme |
15-Oct-2021 15:43
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selling at 8c is not too bad.  still can get back subscription money minus small commission. It can be worse after MGO lapses
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Thi654321ABCDEF
Master |
15-Oct-2021 15:42
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gone case ready. offer at 8
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ckmpd1
Supreme |
15-Oct-2021 15:41
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More bad news for SMM.  Having China' s embassy and other outside agencies stepping in to help its migrant workers has profound long term adverse effects on SMM' s repuataion.  SMM is obviously not an employer of choice
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better
Elite |
15-Oct-2021 15:37
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Quadruple confirmed. Undisputed winner of the Most Sneaky bear award!
Likely paid well by the Shortist is do his sneaky work here.
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Starship
Supreme |
15-Oct-2021 15:33
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Aid floods in for Chinese workers alleging neglect in Singapore dormitory hit by Covid-19 9:37pm, 14 Oct, 2021 The Chinese diaspora and embassy in Singapore are pitching in to help workers grappling with poor living conditions after being alerted to their plight by a viral post on WeChat At one point, riot police were called to the dorm. The Chinese embassy now says it is closely monitoring the situation and local authorities are &lsquo working hard to resolve the workers&rsquo demands&rsquo A viral WeChat post about Chinese foreign workers grappling with poor conditions and delayed access to medical aid in a  Singapore  dormitory affected by Covid-19 has prompted an outpouring of aid and support, including from Beijing&rsquo s embassy in the city state. Local media said disquiet in the dormitory in Singapore&rsquo s largely industrial Jurong district reached a tipping point on Wednesday, with armoured riot police called in at one point as a precautionary measure. The Singapore Police Force declined to comment. Singapore&rsquo s Ministry of Manpower meanwhile said its officers had been deployed to the site to investigate. &ldquo Preliminary investigations found that there were indeed some delays in conveyancing workers who tested positive for Covid-19 from their rooms to a care or recovery facility,&rdquo the ministry said. The WeChat post, by an account that frequently posts Singapore-centric news, on Tuesday said about a quarter of the Westlite Jalan Tukang dormitory&rsquo s 2,000 residents had tested positive for Covid-19. Among other things, the post claimed the process of isolating infected residents was inadequate, that there was a shortage of medical supplies and that only critically ill workers were taken from the dormitory to receive medical assistance. &ldquo People were down with fever and positive cases were everywhere. The virus lurks in every corner of the dormitory,&rdquo it added. The post included screenshots of what appeared to be conversations with workers living in the dormitory, who said that the rooms were not disinfected and that they often found worms, flies and strands of hair in their food. Other images show workers donning helmets and outfits that belonged to shipbuilding firm Sembcorp Marine. &ldquo Chinese workers face unfair treatment and their dignity is trampled on,&rdquo the post said. &ldquo They love Singapore and are willing to sacrifice to help the virus situation but they are now shoved aside.&rdquo Embassy weighs in A spokeswoman for the Chinese embassy told the  South China Morning Post  it viewed the episode with &ldquo great importance&rdquo . &ldquo The embassy has contacted and communicated with the relevant Singapore authorities and they are working hard to resolve the workers&rsquo demands.&rdquo The spokeswoman added that the workers&rsquo emotions were now &ldquo stable&rdquo , and that it had sent medical supplies such as masks and disinfectant wipes to the dormitory. &ldquo We will continue to track developments, maintain communication with the Singapore side, and protect the health and safety of our workers,&rdquo she said. After the post went viral, Philip Chan, president of the Hong Kong Singapore Business Association and the Kowloon Club, donated 20,000 masks to the workers, saying that he &ldquo just wanted to help&rdquo after hearing about their situation. On social media, Chinese nationals rallied others to donate items to the low-wage workers. &ldquo Even though I am physically in China, I can buy supplies online and help reduce the suffering of my compatriots,&rdquo one WeChat user wrote. https://www.scmp.com/week-asia/health-environment/article/3152384/aid-floods-chinese-workers-alleging-neglect-singapore One of the Chinese workers is taken for medical treatment after the WeChat post highlighted their plight. Photo: WeChat ![]() The post included screenshots of what appeared to be conversations with workers living in the dormitory, who said that the rooms were not disinfected and that they often found worms in their food. Photo: WeChat ![]() Workers are shown sleeping on the floor in the WeChat post. Photo: WeChat ![]()   |
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