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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, 02 January 10
INDONESIAS COAL OUTPUT RISES BY 5%
Indonesia, Asia’s largest coal exporter, produced 254 million tons of coal in 2009, a 5.8 percent increase from 2008 and well ahead of the gov ...
Saturday, 02 January 10
TAIPOWER FORECASTS COAL DEMAND TO SNAP DECLINE
Taiwan Power Co., Asia's biggest importer of thermal coal, expects its demand for the fuel to rise in 2010 after falling for two years as the islan ...
Friday, 01 January 10
COAL INDIA TO START IMPORTING DIRECTLY
According to sources, the coal major has already finalised tender document to import four million tonnes thermal grade coal for supplies to NTPC. Th ...
Thursday, 31 December 09
INDONESIA SEES 2010 MINING INVESTMENT UP 39 PCT
Reuters reported that, Indonesian mining investment is expected to hit $2.5 billion next year, up from $1.81 billion in 2009, supported by greater c ...
Thursday, 31 December 09
YANDICOOGINA BECOMES FIRST MINE IN AUSTRALIA TO PRODUCE 50 MILLION TONNES A YEAR
COALspot.com Press Release: Rio Tinto's Yandicoogina, Australia's largest-producing iron ore mine, has broken the 50 million tonne mark for annual ...
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- Economic Council, Georgia
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- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
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- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Carbofer General Trading SA - India
- Electricity Authority, New Zealand
- Essar Steel Hazira Ltd - India
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- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
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- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- India Bulls Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indian Energy Exchange, India
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- Binh Thuan Hamico - Vietnam
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- Videocon Industries ltd - India
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- Ministry of Finance - Indonesia
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- Orica Australia Pty. Ltd.
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- White Energy Company Limited
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- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Global Green Power PLC Corporation, Philippines
- VISA Power Limited - India
- Aditya Birla Group - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
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- Rashtriya Ispat Nigam Limited - India
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- Altura Mining Limited, Indonesia
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- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
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- Heidelberg Cement - Germany
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- PTC India Limited - India
- The Treasury - Australian Government
- Meenaskhi Energy Private Limited - India
- Grasim Industreis Ltd - India
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Rio Tinto Coal - Australia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Interocean Group of Companies - India
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- The State Trading Corporation of India Ltd
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- Coastal Gujarat Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meralco Power Generation, Philippines
- Commonwealth Bank - Australia
- TeaM Sual Corporation - Philippines
- Deloitte Consulting - India
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Tamil Nadu electricity Board
- Borneo Indobara - Indonesia
- SMC Global Power, Philippines
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
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- Karbindo Abesyapradhi - Indoneisa
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Therma Luzon, Inc, Philippines
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Anglo American - United Kingdom
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- London Commodity Brokers - England
- Romanian Commodities Exchange
- Kapuas Tunggal Persada - Indonesia
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Gujarat Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- Simpson Spence & Young - Indonesia
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
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- IHS Mccloskey Coal Group - USA
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- Makarim & Taira - Indonesia
- Energy Development Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Jorong Barutama Greston.PT - Indonesia
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- GMR Energy Limited - India
- Ambuja Cements Ltd - India
- Bhatia International Limited - India
- Bayan Resources Tbk. - Indonesia
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- Petron Corporation, Philippines
- Africa Commodities Group - South Africa
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- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
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- Straits Asia Resources Limited - Singapore
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- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Medco Energi Mining Internasional
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- Global Coal Blending Company Limited - Australia
- Banpu Public Company Limited - Thailand
- Sree Jayajothi Cements Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Merrill Lynch Commodities Europe
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhoruka Overseas - Indonesia
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- SMG Consultants - Indonesia
- Tata Chemicals Ltd - India
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- Edison Trading Spa - Italy
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