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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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Saturday, 30 January 10
THE ECI / CHINA (S7) ROUTE SOFTENED BY $ 5,736 AND CLOSED AT $ 27,360 PER DAY - VISTAAR SHIPPING
COALspot.com (Singapore): The freight market continued to soften this week probably in anticipation of Chinese New year holidays.
BDI INDEX
...
Saturday, 30 January 10
INDONESIA TO CONSTRUCT 93 POWER PLANTS IN 2ND PROJECT
The government has announced its list of 93 power plants to be built under the second 10,000-megawatt (MW) power generation scheme.
"With th ...
Saturday, 30 January 10
COAL FIRMS TO KEEP NATION IN THE BLACK
Some Indonesian coal mining companies on Friday pledged to allocate a greater share of their production this year to meet domestic market obligation ...
Friday, 29 January 10
INDIA STEAM COAL IMPORTS TO DOUBLE, BOOST SOUTH AFRICA
* SAfrica seen shipping 75 pct of its coal to Asia in 2010
* Logistics woes hamper SAfrica exports, India imports
India's steam coal imports ar ...
Thursday, 28 January 10
THE IRON ORE EXPORTS FROM INDIA TO CHINA ARE DOWN AND THE RATES DROPPED
HANDY
The BSI has continued its downward trend confirming the softening of the Atlantic since the previous week and reflecting a correction of the ...
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- Carbofer General Trading SA - India
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- GMR Energy Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
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- The State Trading Corporation of India Ltd
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- Coal and Oil Company - UAE
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- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
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- Australian Coal Association
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- Sojitz Corporation - Japan
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- Electricity Authority, New Zealand
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- Kepco SPC Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Rashtriya Ispat Nigam Limited - India
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- Energy Link Ltd, New Zealand
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- Bangladesh Power Developement Board
- ASAPP Information Group - India
- Maheswari Brothers Coal Limited - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- Pendopo Energi Batubara - Indonesia
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Edison Trading Spa - Italy
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
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- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
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- Orica Australia Pty. Ltd.
- Globalindo Alam Lestari - Indonesia
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- Attock Cement Pakistan Limited
- Wilmar Investment Holdings
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- Posco Energy - South Korea
- SMG Consultants - Indonesia
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- European Bulk Services B.V. - Netherlands
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- Global Coal Blending Company Limited - Australia
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- Straits Asia Resources Limited - Singapore
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- Directorate Of Revenue Intelligence - India
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- Economic Council, Georgia
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- Bulk Trading Sa - Switzerland
- Standard Chartered Bank - UAE
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
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- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
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- London Commodity Brokers - England
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- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
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- Bharathi Cement Corporation - India
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- Global Business Power Corporation, Philippines
- The Treasury - Australian Government
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- Chamber of Mines of South Africa
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- Energy Development Corp, Philippines
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- Parliament of New Zealand
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- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Electricity Generating Authority of Thailand
- SN Aboitiz Power Inc, Philippines
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- Bukit Baiduri Energy - Indonesia
- Baramulti Group, Indonesia
- New Zealand Coal & Carbon
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- Africa Commodities Group - South Africa
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- Minerals Council of Australia
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- Anglo American - United Kingdom
- Ambuja Cements Ltd - India
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