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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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Tuesday, 04 May 10
DRY BULK MARKET SOFTENING AGAIN ON LACK OF DIRECTION
The dry bulk market has put on the brakes once again, after the last session of the Baltic Dry Index ended at 3,354 points, down 5 from the previous ...
Monday, 03 May 10
AUSTRALIA PLANS 40 PERCENT TAX ON MINING PROFITS - THE JAKARTA POST
The Jakarta Post reported that, Australia would heavily tax the booming profits of its mining companies under a tax system overhaul proposed Sunday ...
Saturday, 01 May 10
THE PERIOD ACTIVITY WAS QUITE FIRM DURING THE WEEK - CAPT. REDDY
COALspot.com: The BDI was up by 11.32 pct which was mainly due to the firmness in capsize index which was up by 21.55 pct .
The other sectors Pan ...
Saturday, 01 May 10
EXPANDED SA COAL TERMINAL TO START OPERATIONS ON MAY 1 - MINING WEEKLY
Mining Weekly reported that, In line with expectations, the Richards Bay Coal Terminal (RBCT) had completed the R1,2-billion Phase V expansion ...
Thursday, 29 April 10
SOUTH AFRICAN ROUNDS BACK TO INDIA SUPRAS CAN ACHIEVE AROUND MID 20S
Handy
Atlantic markets remain firm. Supramaxes open in USG are now achieving low/mid&n ...
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- Latin American Coal - Colombia
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
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- SMC Global Power, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate General of MIneral and Coal - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Port Waratah Coal Services - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Gujarat Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
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- Holcim Trading Pte Ltd - Singapore
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- Cigading International Bulk Terminal - Indonesia
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Videocon Industries ltd - India
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- OPG Power Generation Pvt Ltd - India
- White Energy Company Limited
- Maheswari Brothers Coal Limited - India
- Eastern Energy - Thailand
- Grasim Industreis Ltd - India
- Wilmar Investment Holdings
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- Riau Bara Harum - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
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- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Parry Sugars Refinery, India
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Posco Energy - South Korea
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Timah Investasi Mineral - Indoneisa
- Renaissance Capital - South Africa
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Rashtriya Ispat Nigam Limited - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Sojitz Corporation - Japan
- Indogreen Group - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Iligan Light & Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Global Coal Blending Company Limited - Australia
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- IEA Clean Coal Centre - UK
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Ambuja Cements Ltd - India
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Chamber of Mines of South Africa
- Planning Commission, India
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
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- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- PetroVietnam Power Coal Import and Supply Company
- Africa Commodities Group - South Africa
- Meralco Power Generation, Philippines
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Sical Logistics Limited - India
- Manunggal Multi Energi - Indonesia
- Mjunction Services Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Salva Resources Pvt Ltd - India
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Petron Corporation, Philippines
- Oldendorff Carriers - Singapore
- Orica Mining Services - Indonesia
- GMR Energy Limited - India
- Indian Energy Exchange, India
- Bangladesh Power Developement Board
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Interocean Group of Companies - India
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- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indian Oil Corporation Limited
- Sinarmas Energy and Mining - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Sakthi Sugars Limited - India
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- Singapore Mercantile Exchange
- Central Electricity Authority - India
- Ministry of Mines - Canada
- PTC India Limited - India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Ceylon Electricity Board - Sri Lanka
- Minerals Council of Australia
- Kaltim Prima Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Orica Australia Pty. Ltd.
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Sindya Power Generating Company Private Ltd
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Coalindo Energy - Indonesia
- Intertek Mineral Services - Indonesia
- Banpu Public Company Limited - Thailand
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Siam City Cement - Thailand
- Medco Energi Mining Internasional
- ASAPP Information Group - India
- Kapuas Tunggal Persada - Indonesia
- Xindia Steels Limited - India
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- Merrill Lynch Commodities Europe
- Ministry of Finance - Indonesia
- Dalmia Cement Bharat India
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