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Reports Singapore

Singapore stock market and companies daily report (January NODX, Cosco Corp, Hiap Hoe) (February 18, 2014)

February 18, 2014, Tuesday, 05:27 GMT | 00:27 EST | 09:57 IST | 12:27 SGT
Contributed by Shares Investment


- Singapore’s non-oil domestic exports (NODX) declined 3.3 percent year-on-year in January, due to weak electronics shipments, arising from Chinese New Year seasonal factors. The pullback was a result of a 17 percent contraction in electronics NODX in January, which declined 3.1 percent in the previous month. Median forecast by a Bloomberg poll was for a 1.2 percent decline in NODX, while market consensus forecast for 4.3 percent fall in electronics NODX.

- Cosco Corporation (Singapore) via its subsidiary, COSCO (Guangdong) Shipyard, declared two option contracts worth US$60 million to be effective. The contracts involve the construction of two platform supply vessel for a Singapore company.

- Hiap Hoe extends presence with the acquisition of an A-grade commercial building in Perth for A$90 million. Located along the northern fringe of Perth’s central business district, with a net lettable area of 12,349 square metres and 239 parking lots, the building is currently leased to several anchor tenants, coupled with an occupancy rate of 97.7 percent and a weighted averaged lease expiry of 5.71 years.

- KS Energy secured a contract worth US$58 million for the provision of a new 300 feet drilling rig in Vietnam for Vietsovpetro. Due to commence in 2Q14, the contract is for a period of one year and comes with an option to extend for an additional one year.

- Linc Energy commenced operations in the 23H well at the Umiat oil field project which include the drilling, completion and production testing of the horizontal well. Located in the North Slope Foothills of Alaska, the Umiat oil field consists of 19,358 gross acres of land and over one billion barrels of oil, which can be extracted for over three leases.