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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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Wednesday, 31 March 10
DRY BULK MARKET STILL MODERATELY FALLING, BUT POSITIVE SIGNS APPEAR ON THE HORIZON - HELLENIC SHIPPING
The irregularities of the current dry bulk market have been more than evident in the fact that panamax vessels today earn more than their larger cap ...
Wednesday, 31 March 10
INDIKA ENERGYS PROFIT HIT BY FOREX LOSS AND CABOTAGE - THE JAKARTA GLOBE
The Jakarta Globe reportd that, PT Indika Energy posted a 30 percent drop in 2009 net profit due to a foreign exchange loss and impairment of intang ...
Wednesday, 31 March 10
ITMG TO UP COAL OUTPUT DESPITE PERMIT PROBLEMS - THE JAKARTA POST
The Jakarta Post reported that, the country’s third largest coal producer PT Indo Tambang Raya Megah (ITMG) said it can raise output although ...
Tuesday, 30 March 10
ANALYST SEES BDI LIFT, SUGGESTS DRY BULK SHORT SQUEEZE
Analysts at Credit Suisse are bullish on Diana and see a potential short squeeze elsewhere in the sector. The Baltic Dry Index (BDI) -- an industry ...
Tuesday, 30 March 10
CHINA'S DROUGHT RAISES COAL PRICES, LOWERS HYDROPOWER
Bloomberg reported that, Benchmark coal prices at Qinhuangdao, China’s largest port handling the fuel, rose for the first time in 10 weeks aft ...
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- Straits Asia Resources Limited - Singapore
- Siam City Cement - Thailand
- PNOC Exploration Corporation - Philippines
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bayan Resources Tbk. - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- PTC India Limited - India
- Bukit Makmur.PT - Indonesia
- Coalindo Energy - Indonesia
- Port Waratah Coal Services - Australia
- Mintek Dendrill Indonesia
- Posco Energy - South Korea
- SMC Global Power, Philippines
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Australian Coal Association
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Indo Tambangraya Megah - Indonesia
- The Treasury - Australian Government
- Savvy Resources Ltd - HongKong
- Indika Energy - Indonesia
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Anglo American - United Kingdom
- Jorong Barutama Greston.PT - Indonesia
- Economic Council, Georgia
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Binh Thuan Hamico - Vietnam
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Price Waterhouse Coopers - Russia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Bangladesh Power Developement Board
- Mercuria Energy - Indonesia
- Georgia Ports Authority, United States
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Edison Trading Spa - Italy
- Essar Steel Hazira Ltd - India
- Lanco Infratech Ltd - India
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Sindya Power Generating Company Private Ltd
- South Luzon Thermal Energy Corporation
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- CIMB Investment Bank - Malaysia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Kalimantan Lumbung Energi - Indonesia
- India Bulls Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- Heidelberg Cement - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Larsen & Toubro Limited - India
- CNBM International Corporation - China
- GVK Power & Infra Limited - India
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Bahari Cakrawala Sebuku - Indonesia
- Global Green Power PLC Corporation, Philippines
- Timah Investasi Mineral - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Salva Resources Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Central Electricity Authority - India
- Coastal Gujarat Power Limited - India
- Iligan Light & Power Inc, Philippines
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Aditya Birla Group - India
- Thiess Contractors Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Independent Power Producers Association of India
- Eastern Coal Council - USA
- Siam City Cement PLC, Thailand
- TeaM Sual Corporation - Philippines
- Meenaskhi Energy Private Limited - India
- Ministry of Transport, Egypt
- Sree Jayajothi Cements Limited - India
- Wood Mackenzie - Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- Chettinad Cement Corporation Ltd - India
- MS Steel International - UAE
- Trasteel International SA, Italy
- Grasim Industreis Ltd - India
- Oldendorff Carriers - Singapore
- Standard Chartered Bank - UAE
- Dalmia Cement Bharat India
- Cement Manufacturers Association - India
- ICICI Bank Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Carbofer General Trading SA - India
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- SN Aboitiz Power Inc, Philippines
- Africa Commodities Group - South Africa
- Gujarat Sidhee Cement - India
- Directorate General of MIneral and Coal - Indonesia
- Australian Commodity Traders Exchange
- Uttam Galva Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Parry Sugars Refinery, India
- Electricity Generating Authority of Thailand
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- The University of Queensland
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Orica Mining Services - Indonesia
- Altura Mining Limited, Indonesia
- Singapore Mercantile Exchange
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Agrawal Coal Company - India
- New Zealand Coal & Carbon
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coal and Oil Company - UAE
- Chamber of Mines of South Africa
- Manunggal Multi Energi - Indonesia
- Bharathi Cement Corporation - India
- Bhatia International Limited - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Ministry of Finance - Indonesia
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