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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, 16 February 10
KPMG PENS 6-POINT STRATEGY FOR COAL INDIA RESTRUCTURING
Coal India Ltd (CIL) has appointed KPMG Advisory Services Pvt Ltd to advise on consolidating its position as the country’s prime energy provid ...
Monday, 15 February 10
MINING LAW TO BE REVISED
Law No. 4 of 2009 on mineral and coal mining will be revised after a working visit of the Bangka Belitung (Babel) Provincial legislative assembly (D ...
Monday, 15 February 10
EURO COAL PRICES SOFTEN AS CHINESE LUNAR NEW YEAR HOLIDAYS START
Prices of prompt cargoes of coal for delivery into Europe weakened last week on a lack of European demand and market nerves over the possible impact ...
Monday, 15 February 10
INDONESIAN COAL SUFFERS SETBACK AS SUMATRA RAIL LINE HELD UP AGAIN
State-owned coal miner PT Tambang Batubara Bukit Asam’s $1.06 billion rail project in Sumatra faces more delays, and the cost of the project i ...
Monday, 15 February 10
MEC INFRA TO COMMISSION INDONESIA RAIL PROJECT
A joint venture between Ras Al Khaimah Investment Authority (Rakia) RAK Investment Authority and Minerals Energy and Commodities Holdings, a f ...
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- ASAPP Information Group - India
- Economic Council, Georgia
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- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
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- Anglo American - United Kingdom
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- Global Coal Blending Company Limited - Australia
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- Minerals Council of Australia
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- Standard Chartered Bank - UAE
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- Chamber of Mines of South Africa
- Coalindo Energy - Indonesia
- Videocon Industries ltd - India
- Indo Tambangraya Megah - Indonesia
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- The University of Queensland
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- CIMB Investment Bank - Malaysia
- Australian Coal Association
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- Oldendorff Carriers - Singapore
- Mjunction Services Limited - India
- Indian Energy Exchange, India
- Medco Energi Mining Internasional
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Bhushan Steel Limited - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Rashtriya Ispat Nigam Limited - India
- Mercator Lines Limited - India
- Indika Energy - Indonesia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
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- Power Finance Corporation Ltd., India
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- Ind-Barath Power Infra Limited - India
- Indogreen Group - Indonesia
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
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- Romanian Commodities Exchange
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- SMG Consultants - Indonesia
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- Price Waterhouse Coopers - Russia
- Trasteel International SA, Italy
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- McConnell Dowell - Australia
- Samtan Co., Ltd - South Korea
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- Orica Mining Services - Indonesia
- Eastern Energy - Thailand
- Simpson Spence & Young - Indonesia
- Uttam Galva Steels Limited - India
- Energy Development Corp, Philippines
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- Africa Commodities Group - South Africa
- Eastern Coal Council - USA
- White Energy Company Limited
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- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Jorong Barutama Greston.PT - Indonesia
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- Dr Ramakrishna Prasad Power Pvt Ltd - India
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- Bangladesh Power Developement Board
- Ceylon Electricity Board - Sri Lanka
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- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Formosa Plastics Group - Taiwan
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Link Ltd, New Zealand
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Carbofer General Trading SA - India
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- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Baramulti Group, Indonesia
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- Semirara Mining and Power Corporation, Philippines
- Parliament of New Zealand
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- Billiton Holdings Pty Ltd - Australia
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- Gujarat Mineral Development Corp Ltd - India
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- Independent Power Producers Association of India
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- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- Salva Resources Pvt Ltd - India
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