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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, 23 February 10
UAE COMPANY TO ACQUIRE CONTROL OF ALLBOND MAKMUR
The Jakarta globe reported that, Renuka Energy Resources Holding, based in the United Arab Emirates, has signed an agreement to acquire 80 percent o ...
Tuesday, 23 February 10
CIL SHORTLISTS 24 FOREIGN COS FOR JV
India's Economic Times reported that, Coal India has shortlisted 24 foreign firms — six each from the US, Australia, South Africa and Indones ...
Saturday, 20 February 10
THE FREIGHT MARKET CONTINUED TO BE SOFT THIS WEEK - CAPT. REDDY
COALspot.com: The freight market continued to be soft this week as still affect of Chinese new year holidays continue. However the index overall had ...
Friday, 19 February 10
MAKING THE JOINT COOPERATION OF PRIVATE GOVERNMENT IN INDONESIA
COALspot.com - Press Release
1. Revision of the presidential decree 67/2005 has been signed by the President on January 28, 2010 with the public ...
Thursday, 18 February 10
THE INDIAN MARKET IS FIRMING A BIT, DUE TO LACK OF TONNAGE IN THE REGION
HANDY
The BSI still decline as holidays around the world have reduced trading.
...
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- IHS Mccloskey Coal Group - USA
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- Price Waterhouse Coopers - Russia
- Planning Commission, India
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- Ministry of Mines - Canada
- Meenaskhi Energy Private Limited - India
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
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- European Bulk Services B.V. - Netherlands
- The State Trading Corporation of India Ltd
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- Kobexindo Tractors - Indoneisa
- Mercator Lines Limited - India
- McConnell Dowell - Australia
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- Billiton Holdings Pty Ltd - Australia
- Romanian Commodities Exchange
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- Sojitz Corporation - Japan
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- Commonwealth Bank - Australia
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- PetroVietnam Power Coal Import and Supply Company
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- Cigading International Bulk Terminal - Indonesia
- Thiess Contractors Indonesia
- Savvy Resources Ltd - HongKong
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
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- Central Electricity Authority - India
- Australian Coal Association
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- Renaissance Capital - South Africa
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- Orica Australia Pty. Ltd.
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- Bukit Baiduri Energy - Indonesia
- Anglo American - United Kingdom
- Marubeni Corporation - India
- Deloitte Consulting - India
- CIMB Investment Bank - Malaysia
- Wood Mackenzie - Singapore
- IEA Clean Coal Centre - UK
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Straits Asia Resources Limited - Singapore
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
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- Petrochimia International Co. Ltd.- Taiwan
- TNB Fuel Sdn Bhd - Malaysia
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- San Jose City I Power Corp, Philippines
- Indogreen Group - Indonesia
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- Toyota Tsusho Corporation, Japan
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- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
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- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
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- Mintek Dendrill Indonesia
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- Ceylon Electricity Board - Sri Lanka
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- Chamber of Mines of South Africa
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- Eastern Coal Council - USA
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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- Bangladesh Power Developement Board
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- Bhatia International Limited - India
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- Sical Logistics Limited - India
- GVK Power & Infra Limited - India
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- Orica Mining Services - Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Economic Council, Georgia
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- Africa Commodities Group - South Africa
- London Commodity Brokers - England
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- Electricity Authority, New Zealand
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