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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, 08 May 10
THE FUTURES FOR THREE YEARS (2010-2012) WAS AT AROUND PANAMAX / $ 21500 & SUPRAMAX / $ 18500 PER DAY - VISTAAR SHIPPING
COALspot.com: The BDI continued to go up and was up by 7.57 pct even though the stock markets was severely affected with worries on Greek debt crisi ...
Saturday, 08 May 10
MAHAGENCO TO IMPORT 3.35 MILLION TON OF COAL
COALspot.com: Indian utility Maharashtra State Power Generation Co. Ltd. is in market for 3.35 million tones of imported coal. The purchase of coal ...
Saturday, 08 May 10
NAPOCOR BUYS 122,000 TONS COAL - ABC CBN NEWS
ABC - CBN News reported that, State-run National Power Corp. (Napocor) said on Thursday it awarded 2 contracts for the supply of a total 122,000 ton ...
Saturday, 08 May 10
RICHARDS BAY COAL SHIPMENTS FALL TO AN 11-MONTH LOW - BLOOMBERG
Bloomberg reported that, Coal shipments from Richards Bay Coal Terminal, Africa’s biggest export facility for the fuel, fell to an 11-month lo ...
Tuesday, 04 May 10
APRIL 2010 COAL PRICE REFERENCE WAS US$ 86.58/T FOB VESSEL
COALspot.com: The directorate general of mineral, coal and geothermal of Indonesia has publishing a monthly coal price reference (HBA) to be used by ...
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- Timah Investasi Mineral - Indoneisa
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- Semirara Mining Corp, Philippines
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- Carbofer General Trading SA - India
- Uttam Galva Steels Limited - India
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- Billiton Holdings Pty Ltd - Australia
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- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
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- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
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- Metalloyd Limited - United Kingdom
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- Petron Corporation, Philippines
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- London Commodity Brokers - England
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- Merrill Lynch Commodities Europe
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- Minerals Council of Australia
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- Planning Commission, India
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- White Energy Company Limited
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- Grasim Industreis Ltd - India
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- Commonwealth Bank - Australia
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- Africa Commodities Group - South Africa
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- Australian Coal Association
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- Ceylon Electricity Board - Sri Lanka
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- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
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- Banpu Public Company Limited - Thailand
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- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
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- Economic Council, Georgia
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- Attock Cement Pakistan Limited
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- CNBM International Corporation - China
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- PNOC Exploration Corporation - Philippines
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- Price Waterhouse Coopers - Russia
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- Kaltim Prima Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Mjunction Services Limited - India
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Parliament of New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Medco Energi Mining Internasional
- Bulk Trading Sa - Switzerland
- The Treasury - Australian Government
- Cement Manufacturers Association - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
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- The University of Queensland
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