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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 $12,425 per ship per day caused PSL's net profit to plunge by 53.9% to 389 million baht in the first quarter, a 6.6% quarter-on-quarter slide.
Revenue was 803 million baht, down 59.3% from a year earlier and 10.9% quarter-on-quarter.
PSL finance director Khushroo Wadia said the company would probably focus on consolidating its position this year before expanding over the next two years.
The carrier has placed orders for 18 new ships, two of which will be delivered in the second half and the rest by the end of 2013.
The BDI is expected to remain weak this year and next, only starting to pick up from 2012 onwards, he said.
While the outlook for the shipping industry remains bullish in the long-term it is quite bearish in the short-term, said Mr Hashim.
Shares of PSL closed yesterday on the Stock Exchange of Thailand at 19 baht, up 30 satang, in trade worth 18.6 million baht.
Source: Bangkok Post / Hellenic Shipping
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Saturday, 26 June 10
MONGOLIA COAL RAILWAY TO LINK WITH RUSSIA - BUSINESS WEEK
Business Week reported that, Mongolian lawmakers have approved plans for a rail line linking with Russia to help tap large coal deposits in the sout ...
Friday, 25 June 10
INDIAS THIRD-LARGEST SHIPPING COMPANY BAGS US$ 31 MILLION DEAL WITH SL
Daily Mirror reported that, Mainboard-listed and India-owned dry bulk shipping firm Mercator Lines says it has won a US$ 31 million contract in Sri ...
Friday, 25 June 10
DEMAND FOR COAL COULD BE GRADUALLY RETURNING - FEARNBULK
Handy
Atlantic markets seeing more activity today (23 June 2010) after a slump the last weeks. Supramax vessels open in USG are achieving low/mid ...
Thursday, 24 June 10
INDONESIAS BUMI DECLARED US$ 57.1 MILLION (AMOUNTING TO 30% OF 2009 NET INCOME) AS DIVIDEND
COALspot.com: PT Bumi Resources, Tbk’s Annual General Meeting (AGM) today was successfully held with a quorum of 75.89% resulting in sharehold ...
Thursday, 24 June 10
CHINA TARGETS 3.6 BILLION MT ANNUAL COAL OUTPUT FOR 2015
At a forum in Beijing entitled "Chinese energy strategy and energy development in the 12th five-year plan period (2011-2015)", He Youguo, ...
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- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
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- India Bulls Power Limited - India
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- Australian Coal Association
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- Power Finance Corporation Ltd., India
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- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
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- GMR Energy Limited - India
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- PTC India Limited - India
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- SMC Global Power, Philippines
- The University of Queensland
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- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
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- Coal and Oil Company - UAE
- Jindal Steel & Power Ltd - India
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- LBH Netherlands Bv - Netherlands
- Petron Corporation, Philippines
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- Gujarat Mineral Development Corp Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- SMG Consultants - Indonesia
- Manunggal Multi Energi - Indonesia
- Rio Tinto Coal - Australia
- Georgia Ports Authority, United States
- Sinarmas Energy and Mining - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
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- Ambuja Cements Ltd - India
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- Coastal Gujarat Power Limited - India
- Kideco Jaya Agung - Indonesia
- Agrawal Coal Company - India
- Global Coal Blending Company Limited - Australia
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Toyota Tsusho Corporation, Japan
- London Commodity Brokers - England
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- Barasentosa Lestari - Indonesia
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Central Electricity Authority - India
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Kapuas Tunggal Persada - Indonesia
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
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- Interocean Group of Companies - India
- Economic Council, Georgia
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- Port Waratah Coal Services - Australia
- The State Trading Corporation of India Ltd
- PowerSource Philippines DevCo
- Energy Development Corp, Philippines
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Bulk Trading Sa - Switzerland
- Maharashtra Electricity Regulatory Commission - India
- Ind-Barath Power Infra Limited - India
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Coalindo Energy - Indonesia
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- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
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- Bank of Tokyo Mitsubishi UFJ Ltd
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- Holcim Trading Pte Ltd - Singapore
- Maheswari Brothers Coal Limited - India
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- Intertek Mineral Services - Indonesia
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
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- Alfred C Toepfer International GmbH - Germany
- Energy Link Ltd, New Zealand
- Singapore Mercantile Exchange
- Karbindo Abesyapradhi - Indoneisa
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- White Energy Company Limited
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- Pendopo Energi Batubara - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
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- Africa Commodities Group - South Africa
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- Directorate General of MIneral and Coal - Indonesia
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- Electricity Authority, New Zealand
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- Mintek Dendrill Indonesia
- Carbofer General Trading SA - India
- IHS Mccloskey Coal Group - USA
- European Bulk Services B.V. - Netherlands
- Tata Chemicals Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kumho Petrochemical, South Korea
- MS Steel International - UAE
- Mjunction Services Limited - India
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