SCI posted a horrible set of 1Q results, and my greatest disappointment was in their Utilities business which earnings fell by 19%! The Singapore segment just crashed and burned as its profits fell by 42%! I had always thought that the Utilities business would be stable and predictable, maybe that only applies to countries in which power prices are regulated. For the Singapore market the increasingly competitive environment pulled everyone down. I'm feeling relieve now as I have fully exited all my marine related positions, I made a 12% gain on Keppel Corp but a 7% loss on Semb Corp. Overall I think I would had done better by avoiding this industry as a whole and just sticking to my bets on banks and dividend stocks. A painful lesson learned indeed. Currently my portfolio looks pretty screwed up as the PE ratio has increased to 16 times since the ......