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Monday, 17 May 10
GREEK CRISIS TO SEE FREIGHT RATES FALL BANGKOK POST
 The Greek debt crisis will likely cause shipping rates to fall this quarter enabling SET-listed Precious Shipping Plc to buy second-hand vessels at lower prices, company executives say. The Greek financial crisis has been "bad news" for the shipping industry, putting increased pressure on the demand side, said PSL managing director Khalid Hashim.
The crisis has seen shipping demand fall from the European Union - an economy as large as $13 trillion - as well as spurring a substantial depreciation of the euro, he said.
The public debt catastrophe could also slow economic stimulus measures throughout Europe.
"What will happen to demand once these stimulus packages are turned down or turned off?" he said.
PSL, the country's second largest dry bulk carrier, expects the Baltic Dry Index (BDI) to fall in the second quarter from an average of 3,026 in the first three months.
The BDI - the most closely watched dry bulk shipping rate for commodities - rose by about 20% since the beginning of the year mainly on strong demand from China.
The index rose by 4% on the weekend to 3,608.
"We expect the BDI to decline from the current level. This is the good news for us as ship prices will go down," said Mr Hashim.
The carrier is in the market for 23 second-hand ships after selling 25 aging vessels since the start of last year and having only acquired two replacements to date.
"We expect ship prices may come down by 20% this year," he said.
Fewer vessels in service and a 14% year-on-year drop in freight rates to $12,425 per ship per day caused PSL's net profit to plunge by 53.9% to 389 million baht in the first quarter, a 6.6% quarter-on-quarter slide.
Revenue was 803 million baht, down 59.3% from a year earlier and 10.9% quarter-on-quarter.
PSL finance director Khushroo Wadia said the company would probably focus on consolidating its position this year before expanding over the next two years.
The carrier has placed orders for 18 new ships, two of which will be delivered in the second half and the rest by the end of 2013.
The BDI is expected to remain weak this year and next, only starting to pick up from 2012 onwards, he said.
While the outlook for the shipping industry remains bullish in the long-term it is quite bearish in the short-term, said Mr Hashim.
Shares of PSL closed yesterday on the Stock Exchange of Thailand at 19 baht, up 30 satang, in trade worth 18.6 million baht.
Source: Bangkok Post / Hellenic Shipping
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Friday, 02 July 10
PROPOSED MINERAL RESOURCE RENT TAX - PRESS RELEASE (2)
Press Release: BHP Billiton, Rio Tinto and Xstrata said today that they are encouraged by the Federal Government’s announcement that it propos ...
Friday, 02 July 10
MINERALS RESOURCE TAXATION IN AUSTRALIA - PRESS RELEASE
Press Release : Rio Tinto acknowledges the Australian Government’s announcement that the Resource Super Profits Tax (RSPT) proposal will be re ...
Thursday, 01 July 10
TATA POWER TO RAISE US$300 MILLION THROUGH ITS COAL SPVS TO FUND ADDITIONAL ACQUISITIONS AND / OR REDUCE OUTSTANDING DEBT
Stock Markets Review reported that, Tata Power, India’s largest private power player has signed an agreement to raise US$300 million in Bhira ...
Thursday, 01 July 10
HELLENIC SHIPPING NEWS POLL: THE BDI WILL STAY ABOVE 3,000 POINTS IN THE SECOND HALF OF 2010
When Hellenic Shipping News Worldwide prepared June’s poll asking readers about where do they think that the Baltic Dry Index (BDI) will range ...
Thursday, 01 July 10
PANAMAX MARKETS CONTINUE TO DROP IN ALL BASINS - FEARNLEYS
Handy
Atlantic rates continue to slide with little activity. Supras open in USG get low 30´s to Med and mid 40´s to FEast. Hmax/Supra ...
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- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ministry of Finance - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Borneo Indobara - Indonesia
- Thiess Contractors Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
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- Essar Steel Hazira Ltd - India
- Binh Thuan Hamico - Vietnam
- Merrill Lynch Commodities Europe
- Krishnapatnam Port Company Ltd. - India
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- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
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- The University of Queensland
- Madhucon Powers Ltd - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Africa Commodities Group - South Africa
- Maheswari Brothers Coal Limited - India
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Straits Asia Resources Limited - Singapore
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Renaissance Capital - South Africa
- Oldendorff Carriers - Singapore
- Latin American Coal - Colombia
- IHS Mccloskey Coal Group - USA
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- Formosa Plastics Group - Taiwan
- Grasim Industreis Ltd - India
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- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- ICICI Bank Limited - India
- White Energy Company Limited
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- Savvy Resources Ltd - HongKong
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Energy Link Ltd, New Zealand
- Semirara Mining and Power Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Indogreen Group - Indonesia
- Australian Coal Association
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- ASAPP Information Group - India
- SMG Consultants - Indonesia
- Price Waterhouse Coopers - Russia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Dalmia Cement Bharat India
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- PTC India Limited - India
- Siam City Cement - Thailand
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Meralco Power Generation, Philippines
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Medco Energi Mining Internasional
- Timah Investasi Mineral - Indoneisa
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Edison Trading Spa - Italy
- TeaM Sual Corporation - Philippines
- Kalimantan Lumbung Energi - Indonesia
- Romanian Commodities Exchange
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- PowerSource Philippines DevCo
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Aboitiz Power Corporation - Philippines
- Sojitz Corporation - Japan
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Gujarat Sidhee Cement - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Central Java Power - Indonesia
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- Mintek Dendrill Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- LBH Netherlands Bv - Netherlands
- Makarim & Taira - Indonesia
- Wilmar Investment Holdings
- Toyota Tsusho Corporation, Japan
- Samtan Co., Ltd - South Korea
- Malabar Cements Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Economic Council, Georgia
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- Parliament of New Zealand
- Mercator Lines Limited - India
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- SMC Global Power, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- International Coal Ventures Pvt Ltd - India
- Tata Chemicals Ltd - India
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- MS Steel International - UAE
- Holcim Trading Pte Ltd - Singapore
- Minerals Council of Australia
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- South Luzon Thermal Energy Corporation
- European Bulk Services B.V. - Netherlands
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Anglo American - United Kingdom
- Port Waratah Coal Services - Australia
- Riau Bara Harum - Indonesia
- Electricity Authority, New Zealand
- AsiaOL BioFuels Corp., Philippines
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Deloitte Consulting - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- Intertek Mineral Services - Indonesia
- Cement Manufacturers Association - India
- OPG Power Generation Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PNOC Exploration Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
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