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