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