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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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Thursday, 27 May 10
DRY BULK RATES REACH 2010 HIGHS, BUT FUTURE REMAINS UNCERTAIN
This week is proving to be a milestone for the dry bulk market, as the Baltic Dry Index has propelled itself at never before seen levels for 2010. Y ...
Wednesday, 26 May 10
ADANI GROUP EYES AFRICA FOR COAL MINING PROJECTS
India Info Line reported that, After acquiring coal mines for importing Indonesian coal to run its thermal power plants in the country, the Adani Gr ...
Wednesday, 26 May 10
DRY BULK MARKET SHOOTS UP, CLOSES IN ON POST-CRISIS ERA HIGHS
In an opposite trend than that of the previous week, the Baltic Dry Index (BDI), a benchmark for tracking costs to haul commodities at sea, shot up ...
Wednesday, 26 May 10
BUMI TO CUT UP TO USD 1 BILLION DEBT IN 12 MONTHS
Press Release : PT Bumi Resources Tbk. announced yesterday that it has revived its intent to issue non preemptive shares and added this to the agend ...
Tuesday, 25 May 10
COAL PRODUCTION MAY REACH 320 MILLION TONS THIS YEAR - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miners expect to produce as much as 320 million tons of coal this year, an increase of nearly 7 perc ...
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- Coal and Oil Company - UAE
- Australian Coal Association
- Coastal Gujarat Power Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- OPG Power Generation Pvt Ltd - India
- International Coal Ventures Pvt Ltd - India
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Offshore Bulk Terminal Pte Ltd, Singapore
- GMR Energy Limited - India
- Borneo Indobara - Indonesia
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Semirara Mining Corp, Philippines
- Deloitte Consulting - India
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- London Commodity Brokers - England
- Barasentosa Lestari - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Chamber of Mines of South Africa
- Kaltim Prima Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sindya Power Generating Company Private Ltd
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Indian Energy Exchange, India
- Merrill Lynch Commodities Europe
- Marubeni Corporation - India
- PTC India Limited - India
- Ministry of Transport, Egypt
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- SMC Global Power, Philippines
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Banpu Public Company Limited - Thailand
- Indogreen Group - Indonesia
- Posco Energy - South Korea
- Metalloyd Limited - United Kingdom
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Finance - Indonesia
- Straits Asia Resources Limited - Singapore
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Salva Resources Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Kalimantan Lumbung Energi - Indonesia
- Vizag Seaport Private Limited - India
- Directorate Of Revenue Intelligence - India
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Africa Commodities Group - South Africa
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
- Sree Jayajothi Cements Limited - India
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Aboitiz Power Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Makarim & Taira - Indonesia
- Petron Corporation, Philippines
- Malabar Cements Ltd - India
- PowerSource Philippines DevCo
- Gujarat Mineral Development Corp Ltd - India
- Central Electricity Authority - India
- VISA Power Limited - India
- Carbofer General Trading SA - India
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Oldendorff Carriers - Singapore
- Energy Link Ltd, New Zealand
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Heidelberg Cement - Germany
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- Coalindo Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- TeaM Sual Corporation - Philippines
- Ambuja Cements Ltd - India
- Wood Mackenzie - Singapore
- Planning Commission, India
- Mjunction Services Limited - India
- Bhatia International Limited - India
- Samtan Co., Ltd - South Korea
- Binh Thuan Hamico - Vietnam
- Parry Sugars Refinery, India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Central Java Power - Indonesia
- Bayan Resources Tbk. - Indonesia
- IHS Mccloskey Coal Group - USA
- SN Aboitiz Power Inc, Philippines
- Rio Tinto Coal - Australia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- SMG Consultants - Indonesia
- PNOC Exploration Corporation - Philippines
- McConnell Dowell - Australia
- Agrawal Coal Company - India
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Neyveli Lignite Corporation Ltd, - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- San Jose City I Power Corp, Philippines
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Minerals Council of Australia
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Kideco Jaya Agung - Indonesia
- Timah Investasi Mineral - Indoneisa
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Gujarat Sidhee Cement - India
- Simpson Spence & Young - Indonesia
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