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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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- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- OPG Power Generation Pvt Ltd - India
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Miang Besar Coal Terminal - Indonesia
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Neyveli Lignite Corporation Ltd, - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Malabar Cements Ltd - India
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Global Business Power Corporation, Philippines
- Sical Logistics Limited - India
- Parliament of New Zealand
- Cement Manufacturers Association - India
- Port Waratah Coal Services - Australia
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Minerals Council of Australia
- Australian Commodity Traders Exchange
- Borneo Indobara - Indonesia
- Global Coal Blending Company Limited - Australia
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Jaiprakash Power Ventures ltd
- Bukit Baiduri Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Antam Resourcindo - Indonesia
- Price Waterhouse Coopers - Russia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Samtan Co., Ltd - South Korea
- Ministry of Finance - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Salva Resources Pvt Ltd - India
- Indogreen Group - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- Meralco Power Generation, Philippines
- CNBM International Corporation - China
- Gujarat Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- SMC Global Power, Philippines
- Aboitiz Power Corporation - Philippines
- Bharathi Cement Corporation - India
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Maheswari Brothers Coal Limited - India
- Coastal Gujarat Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Globalindo Alam Lestari - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Rio Tinto Coal - Australia
- Coalindo Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Madhucon Powers Ltd - India
- Indian Energy Exchange, India
- Grasim Industreis Ltd - India
- Indo Tambangraya Megah - Indonesia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Merrill Lynch Commodities Europe
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Bhatia International Limited - India
- Holcim Trading Pte Ltd - Singapore
- PNOC Exploration Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Electricity Generating Authority of Thailand
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Siam City Cement PLC, Thailand
- Power Finance Corporation Ltd., India
- Coal and Oil Company - UAE
- GN Power Mariveles Coal Plant, Philippines
- Australian Coal Association
- Medco Energi Mining Internasional
- Manunggal Multi Energi - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Therma Luzon, Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Pendopo Energi Batubara - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Bhoruka Overseas - Indonesia
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Binh Thuan Hamico - Vietnam
- Bukit Makmur.PT - Indonesia
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Economic Council, Georgia
- Krishnapatnam Port Company Ltd. - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Bayan Resources Tbk. - Indonesia
- Savvy Resources Ltd - HongKong
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Dalmia Cement Bharat India
- Planning Commission, India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Ind-Barath Power Infra Limited - India
- The State Trading Corporation of India Ltd
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Eastern Coal Council - USA
- Petrochimia International Co. Ltd.- Taiwan
- Kobexindo Tractors - Indoneisa
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Sree Jayajothi Cements Limited - India
- Sakthi Sugars Limited - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Indika Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ambuja Cements Ltd - India
- SMG Consultants - Indonesia
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Thai Mozambique Logistica
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- TeaM Sual Corporation - Philippines
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- GVK Power & Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Kapuas Tunggal Persada - Indonesia
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Orica Australia Pty. Ltd.
- Mercator Lines Limited - India
- White Energy Company Limited
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- ASAPP Information Group - India
- Parry Sugars Refinery, India
- IEA Clean Coal Centre - UK
- Indian Oil Corporation Limited
- Agrawal Coal Company - India
- India Bulls Power Limited - India
- Thiess Contractors Indonesia
- Siam City Cement - Thailand
- New Zealand Coal & Carbon
- Directorate Of Revenue Intelligence - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Carbofer General Trading SA - India
- Mintek Dendrill Indonesia
- Star Paper Mills Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Authority, New Zealand
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
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