Thailand Port and Shipbuilding News

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Zim Djibouti Arrives in Thailand

Friday 7th August, 2009


Deputy Transport Minister Kuakul Danchaiwijit and the PAT welcome the Zim Djibouti vessel on 7 August at C1 and C2 Terminals of Laem Chabang Port. The Zim Djibouti is a container ship constructed in South Korea with the capacity of 10,062 twenty-foot equivalent units (TEU) and will serve the Pacific Northwest Express (PNX) loop from East Asia to the North American West Coast. (manager.co.th)

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Shippers demand state aid

Bangkokpost Published: 15/08/2009 at 12:00 AM


An association of export shippers has slammed the government for neglecting to support the ailing export sector because it is one of the hardest hit and also provides the bulk of the country's income.

The Thai National Shippers Council (TNSC), which has about 2,900 manufacturers in 29 industries as its members, requested the government pass policies to support the sector so that it could recover in the second half of the year.

Vallop Vitanakorn, the TNSC vice-chairman, expects exports to improve later this year as the global economy brightens, but wants the government to build momentum to ensure the sector can weather uncertainties.

"Export value dropped 23% in the first half of the year, and the decline in the latter half is expected to be less, leading to a full-year decline of 15-16% in the best-case scenario. Without proper support, export value contraction could hit 20%," he said.

Mr Vallop said the prospect of strong improvement in the last quarter remains unclear, but he expects to see clear improvement in the first quarter of next year for exports. Figures should return to normal in the latter half of next year.

The TNSC members want the baht to stay between 34.50 and 35 to the dollar for exports to be competitive. They also feel the government has focused too much on political problems rather than considering economic issues.

"Investor confidence needs to be improved immediately," said Mr Vallop.

He added that the government had failed to attract unskilled and unemployed workers to the industry, which faces a labour shortage. The government should also quickly improve infrastructure for transport and reduce logistics costs to make local products more competitive in the global market.

In the second half of the year, the TNSC expects to see growth in cooked chicken, shrimp and farm products compared to the same period last year. However, demand contractions in electronics and electrical appliances, leather products, automobiles, gems, jewellery and garments should continue.

"The last quarter is generally the peak season for exporters, so we hope to see things improve generally," said Mr Vallop. "The government needs to actively help exporters compete in old markets and seek new markets. It should also be aware that operators' costs are expected to increase with rising crude prices so something needs to be done to protect against a worst-case scenario."

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Bangkok Port

From Flickr By cop4cbt

image hosted on flickr

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http://www.skyscrapercity.com/showthread.php?t=939766


Doulos 'bookship' comes to Thailand

Bangkokpost Published: 11/08/2009 at 12:00 AM


After three years of waiting, finally, one of the world's most prominent floating "book" ships, the MV Doulos, is visiting Thailand again. Currently, the ship is docked at Klong Toey Port, welcoming all bookworms until August 23.


Phichai Opaskiatikul, left, and Siriwan Najeen COURTESY OF ‘DOULOS’
The MV Doulos is the world's oldest active ocean-going passenger vessel, according to Guinness World Records. She was built in 1914, making the ship a close sister of the ill-fated RMS Titanic. Doulos has visited more than 100 countries over the past 30 years, upholding a mission to bring knowledge, help and hope to people around the world.

About half a million copies of books under approximately 8,000 English titles are loaded on board for the public to purchase. The subjects cover a wide range of genres, including books for children, science books, books on languages, novels, a large collection of publications on Christianity, and many other publications. The ship also has a number of selected Thai publications available.

No less interesting than the ship and its books are the crew members. Doulos carries around 330 crew members of various ages from 50 different countries, including young children, teenagers and adults. Among the crew hands, Phichai Opaskiatikul and Siriwan Najeen are the only Thais on board.

Ms Siriwan formerly worked at a bookshop in Bangkok, before she decided to join the crew. A devoted Christian, she says that she wanted to spend her young adult life on this ship to help and give something back to the people and as a Christmas gift for Jesus Christ.

Her mission on the ship is to prepare teams to go out on excursion days, when crew members disperse to build friendship with the locals at each port they visit by learning and sharing their knowledge and culture with the local people.

"I made a lot of friends with people around the world, and gained invaluable experience from working with people of diverse nationalities. I especially learned to become more responsible," she says, explaining what the 19-month experience on Doulos has bestowed on her. She adds that adapting to the multicultural environment is also essential to work in harmony on the ship.

Travelling with the ship has exposed her to diverse cultures. She has been to 13 countries. "Papua New Guinea is my favourite port," she says. She adds that she was really overwhelmed by the hospitality of the people there, "They have an exotic, yet interesting, culture and gorgeous natural resources."

"This ship is not just a bookshop; it is a catalogue of international experiences waiting to be shared with others," Ms Siriwan says.

Like Ms Siriwan, Mr Phichai came on board six months ago because he wanted to extend a helping hand to other people as well as learn more about other cultures. When he first signed on, he worked in the kitchen. Now, serving as a deckhand, he is primarily responsible for maintenance tasks. Mr Phichai proudly explains that he is occasionally assigned to be a helmsman to steer the ship.

"I am impressed by how the crews on board work as a team on this ship," Mr Phichai explained. He described that the challenge of cultivating good teamwork on the vessel is understanding and reaching compromises due to differences in opinions and characteristics.

Everyone is welcome to visit the ship, browse through the selections of books, discuss life on board with the crew members, take a tour of the ship, or just come and witness the magnificent vista of the Chao Phraya River from the deck.

'MV Doulos' is open to the public daily, from 10am to 9pm, Tuesdays to Saturdays, and from 2pm to 9pm on Sundays and Mondays. Visit http://www.doulos.org for more information.

http://www.pantip.com/cafe/wahkor/to.../X8222915.html

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Shipments likely to pick up

Bangkokpost Published: 22/08/2009 at 12:00 AM


Asean's sluggish economies are seeing signs of recovery due to improving demand from their key trading partners, especially China, says Kasikorn Research Center.

Thailand, which exports heavily to Asean, will likely benefit from the expected recovery.

Asean countries have experienced drastic economic slowdowns since the fourth quarter of 2008 due to the impact of the global recession.

Thai exports to Asean shrank by nearly 32% year-on-year in the first half, but the situation is expected to improve to a contraction of 5% to 10% in the second half, and possibly return positive results in the last two months of the year.

Asean's four key trading partners, the US, the EU, Japan and China account for 46% of Asean exports. Recovery in these markets is key to the region moving out of recession.

The rebound in Asean will likely increase demand for Thai products.

Some of the trading bloc's member states are showing signs of improvement. Singapore moved into to positive growth in the second quarter. Indonesia and Vietnam were growing in the first quarter and are expected to thrive further.

Some Thai exports to Asean showed improvement in the second quarter and will likely perform better in the second half, according to KResearch Center. These sectors are computers, automobiles, rubber products, electronics, chemical products and plastic products.

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Laem Chabang Sea Port, Chonburi City

Pic by ???

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CP Trading puts up river port in Ayutthaya

The Nation, Ayutthaya Published on September 12, 2009


Exporters in the North and Northeast will be able to export their goods more easily and at lower cost thanks to CP Trading Group's inauguration of the Kingdom's first river port, linking inland industries through waterways.

Wholly owned by the company, Ayutthaya Port & ICD (inland container depot) will begin commercial operation next month. The Bt700-Bt800-million investment will have four cranes and other advanced facilities with total loading capacity reaching 450,000 twenty-foot-equivalent containers per year.

The company's second phase of investment of another Bt700 million will focus on establishing its depot on the 300 rai of land on the opposite site of the port at Nakhon Luang, Ayutthaya. The project will start construction next year.

The investment is aimed not only at facilitating the company's business transportation but also at creating public services and reducing air pollution. It will directly benefit to inland industries and farm crop exporters by connecting road with marine transportation through Laem Chabang Seaport.

Prasit Damrongchietanon, chief executive officer of the group, said that export by marine transportation will reduce cost by an average of 10-20 per cent.

Of the company's total loading capacity, 20-30 per cent is designed for its export and the remainder is set for public service. Ayutthaya Port & ICD's staff has already approached potential clients, including manufacturers in industrial estates not only in Ayutthaya but also nearby provinces.

It is expected that the loading will reach more than 20,000 containers in the first year.

"We've planned for our future to create related businesses with bigger scale operations through our consolidation strategy including manufacturers and buying agents," Prasit said, adding that the strategy would also encourage the group entering into the freight-forwarding business as well.

The river port will draw customers from the North and the Northeast to take their goods by road to Ayutthaya and transfer them to ships there.

Ships will reach Laem Chabang within 22 hours. Traditional barges take 48-52 hours to reach the seaport.

Prasit pointed that this port also set up reduce traffic problem of Lat Krabang ICD, which now handle a total of 1.6 million containers per year. In addition, demand for containers to serve the country's imports and exports grows by 600,000-700,000 containers per year.

The new river port and ICD will allow the company to connect all means of transportation: road, marine and rail freight.

Roads now carry 88-90 per cent of the Kingdom's goods, and marine shipments only 4-5 per cent. In addition, logistics costs account for 20 per cent of the country's gross domestic product compared with 12 per cent in developed countries.

Besides exporters and buying agents, the company has already proposed its business plan to major carriers, such as Hanjin, APL, "K" Line, Evergreen, Yang Ming and others.

"Having the services (river port and ICD) will encourage the government plan to promote Thailand as a regional trade hub and international distribution centre," said Prasit.

Prasit stressed that the group also looked forward to link transportation networks to the South of China, Burma and Laos.

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Boat show could buoy Phuket's economy

Bangkokpost Published: 7/11/2009 at 12:00 AM


The Phuket International Marine Expo 2010 (Pimex) is expected to draw as many as 5,000 affluent visitors and promote Phuket tourism through yachting and marine activities, according to the Thailand Convention & Exhibition Bureau (TCEB).

Phuket is ideally positioned as a hub for regional marine events, said Supawan Teerarat, the TCEB exhibition director.

Infoma Yacht Group will stage Pimex 2010 from Jan 7-10 at the Royal Phuket Marina. The show is expected to attract at least 90 local and international exhibitors and 5,000 visitors, many of them foreign high net worth individuals.

The exhibitors will include a variety of marine tourism product and service providers as well as yacht brokers, luxury watchmakers, luxury real estate and other lifestyle products. Around 45 luxury yachts will also be on display.Andrew Dowden, the general manager of Infoma Yacht Group, said the event was first staged in 2003 at a time of rapid growth in marine tourism in the region.

Business generated by exhibitors at the 2010 event is expected to be between US$20 million and $30 million, on par with the revenue in 2007, he said.

This year, Mr Dowden said the company will focus more on wealthy residents of Thailand. To encourage them to experience yachting, it is staging a Bangkok preview until tomorrow at the Pan Pacific Hotel.

Phuket has five operational marinas, more than 1,000 resident yachts, and attracts approximately 300 international yachts and 30 superyachts each year. Combined with other modern marina facilities in Asia and the growth in multi-million-dollar properties on the island, Phuket has become the Asian playground for the wealthy, or the "Monaco of Asia", said Mr Dowden.

Pimex is seen as one of the key contributors helping drive the growth of Phuket's marine tourism business by about 10% a year.

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Lamchabang Seaport, second phase

http://www.laemchabangport.com/lcp/I...lery=34&size=1

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Phuket International Boat Show, 7-10 Jan 2010

http://www.phuketboatshow.com/


The Phuket Marine Expo brings a taste of the Phuket marine lifestyle to the city with a PIMEX Bangkok Preview from the 6th to 8th November at the 5-star Pan Pacific Hotel in the central Business District.

All the leading brokers from around South East Asia will be on hand to give an excellent opportunity for the capital’s residents to discover what will be on display at the main event in January, including Asia Marine, Derani Yachts, Kingfisher Marine, Max Marine, Princess Yachts, Simpson Marine and Windy Boats. Sika Thailand and Honda Marine will also be displaying.

The Thai Marine Business Association will be represented as well as the Human Development Forum Foundation, previewing their maritime safety symposium in Phuket in January.

PIMEX 2010 (7-10 January 2010) is expecting 90 exhibiting companies to participate with 45 yachts in the water. This weekend is a chance to meet some of the main players in the January show.

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Lamchabang Seaport, Chonburi City

pic from http://www.laemchabangport.com/lcp/Internet/TH/

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Lamchabang Deep Seaport, 23/11/2009

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Chemical leak at Laem Chabang due to carelessness, say police


BANGKOK, Nov 27 (TNA) - The chemical leak at the B3 port zone in Thailand's deep sea Laem Chabang port in Chonburi province Wednesday was caused by carelessness, not an accident, according to Deputy National Police Chief Pol Gen Jongrak Juthanond.

Accompanied by officials concerned, Gen Jongrak said when expert officials investigated the scene at Laem Chabang, they found containers storing dangerous chemical compounds were placed in an open air area exposed to temperatures as high as 30 degrees Celsius and that it could be the reason for the leakage of the chemical.

Generally, dangerous chemicals should be kept under 25 degrees Celsius, said the deputy national police chief.

Police speeded up the evidence gathering process to take legal action against the Eastern Sea Laem Chabang Terminal Company Ltd, operator of Terminal B3 deep port, as well as government officials who may have been involved in the incident.

Meanwhile, Prime Minister Abhisit Vejjajiva on Friday commented on the news report that the non-governmental organisations (NGOs) were seeking a court order suspending operations at Laem Chabang deep-sea port for non-compliance with basic environmental report, saying that the NGOs could do that as it was considered they were exercising their rights under the law.

He said that the related agencies were solving the problems, find out solution and set up measures to rehabilitate affected residents as well as to prevent possible incidents in the future.

“At the weekly Cabinet meeting on December 1, the agencies concerned must report the incident to Cabinet to map out measures to solve and prevent (future) problems,” said Mr Abhisit.

However, the government will review the related measures as the incident affected confidence in every sector, he added.

Regarding medical treatment for affected locals, Minister of Public Health Witthaya Kaewparadai said, according to the report from the Chonburi health office, four victims remained in hospital.

Meanwhile, provincial health workers inspected weather and water conditions around the leakage areas, finding that the amount of chemical pollution in the air and in water was reduced and posed no risk of danger.

Therefore, the officials informed some locals to return to their homes as well as provide mobile medical units to check their health.

Chemical leak incidents occurred at the B3 port in Laem Chabang on Wednesday (November 25) afternoon and occurred again Thursday night.

The leak caused locals to evacuate to safer places. The incident caused 10 people to suffering from inhaling the toxic fumes, one injured and one dead.

The officials first identified the chemical as bromine but later said it was sodium persulfate. (TNA)

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Port of Phuket Development Project

1 December 2009 – Treasury Department prepared 134 million baht to develop The Deep Sea Port (Port of Phuket) in order to support large ships so that it can support economic expansion in the region.

“The project will get 26 million baht budget from the fiscal year 2011 and 107 million baht will be of the fiscal year 2012.” revealed Deputy Minister of Transport, Kuakul Danchaivijit. “We have a plan to develop the port capacity to support 9,000-20,000 DWT cargo ships. This will benefit the economy of the region. Especially for the tripartite economic cooperation between Thailand, Malaysia and Indonesia and for the world free trade policy that will come into practise.”

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SONGKHLA City Seaport

Pic by mikion01

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Ayutthaya City Port

http://www.cptrading.co.th/bsaa.pdf

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Phuket Follows USS Nimitz with Queen Mary 2

By Phuketwan Reporters Monday, February 1, 2010


A HUGE nuclear powered aircraft carrier, one of the world's biggest warships, is difficult to upstage.

But a star performer just as impressive and even more grand is due to arrive at Phuket on Wednesday, when the cruise liner Queen Mary 2 docks.

Her visit will be fleeting but as the Cunard vessel is described as ''the grandest, most magnificent ocean liner ever built,'' a few gawping onlookers may gather as she arrives.

No doubt the local taxis and the souvenir shops around Phuket's Cape Panwa docks will boost their prices a little. And who could blame them?

Wealth and opulence are already part of the legend of the Queen Mary 2, even though she's a relatively new ship.

As Cunard reports: ''She's a true heir to the timeless elegance, legacy and inspiration of the great Cunard liners of legend.''

The USS Nimitz arrived off Phuket at the weekend and began sending the first of thousands of sailors to shore for what's known as MWR (morale, welfare, recreation) on Sunday.

To have a US aircraft carrier, a couple of warships and one of the grand modern cruise liners in Phuket waters all at once later this week should be quite something.

How do they compare? Well the Queen Mary 2 can hold 3056 guests and 1253 crew and cost $800 million to build.

That's a paltry sum, though, compared to the USS Nimitz, which cost between $3 billion and $4 billion and holds a crew of more than 4600 men and women.

Perhaps the US Government was overcharged by the ship-building equivalent of a Patong tuk-tuk driver, we hear you say.

Ah, but does the Nimitz have a kennel program overseen by a fulltime kennel master (travelling cats and dogs receive an animal gift pack and other amenities)? Or a 157,000 horsepower, environmentally friendly, gas turbine/diesel electric plant?

Huh, that's nothing.The Nimitz has two nuclear-powered reactors and can stay at sea for decades if needs be.

Well then, look at sheer, impressive length. At 1132 feet the Queen Mary 2 actually nudges out the Nimitz, which is a mere 1115 feet.

However, the aircraft carrier does have about 4.5 acres of flight deck . . . more than enough for a few dogs and cats to do the business.

And there are 62 fighter planes on the Nimitz, which the Queen Mary 2 could surely use if a rival cruise liner happened to hove into sight.

Ah, but does the Nimitz have a Veuve Clicquot Champagne Bar? Or an Empire Casino with 13 gaming tables, over 120 slot machines, even video poker?

Got you there, eh? And there's the Canyon Ranch Spa Club and the Art Gallery, plus five swimming pools including the Terrace Pool on Deck 8, The Minnows Pool especially for children on Deck 9, the Sun Deck Splash Pool on the top of the ship, and the most popular Pavilion Pool on Deck 12, which features a retractable dome for any weather.

Those on board the 13-deck Queen Mary 2, the guests that is, miss out on the free uniforms that come with a role on the Nimitz. Some QM2 guests have even opted for a far-from-inexpensive round the world journey that began in New York and will not end for months and months yet.

The Nimitz crew are seeing the world a little more cheaply . . . and being paid for the pleasure.

Far more fortunate, the crew of the Nimitz and the USS Pinckney and the USS Rentz will have spent five days on Phuket.

The Queen Mary 2, now crossing the Indian Ocean, will dock at Phuket on Wednesday for just a day before moving on to Penang. She is on the Dubai-Hong Kong leg of the journey, to be followed by Hong Kong-Sydney, Sydney-Cape Town, and Cape Town-New York.

On board the Nimitz yesterday, Captain Paul Monger said that volunteers from his crew would paint and renovate three schools while off Phuket.

From Phuket, the Nimitz will head home to San Diego. But first, there's a pleasant few days of liberty leave to negotiate.

''We heard what happened when sailors from the USS Ronald Reagan had an altercation with a jet-ski operator, and our sailors have been ordered not to rent mechanical vehicles of any sort while they are here,'' he told the media on a tour of the carrier.

He said the sailors were each expected to spend about $200 a day while off Phuket.

One person excited about going ashore was Airman Ampika ''Trace'' Raktabut, 20, who joined the US Navy six months ago.

''I moved to live in the US and my mom thought joining the navy was a good idea, because she knew I love to travel. And I knew that one day i would come to Thailand.''

Her chance to catch up with her parents, who are are flying from Bangkok, will come today.

Airman Trace is detailed to move fighter planes around the flight deck, but she says she has no plans to marry an American sailor.

''I work with them every day and I know what they are like,'' she said.

At one stage on Sunday, the liberty line stretched almost the full length of the 1115-feet long ship.

Once ashore, the thirsty sailors boarded a fleet of buses which whisked them to Patong and the bright lights of Phuket's tourist district.

Most of the sailors said they were hanging out for a cold beer after more than a month at sea on the ''dry'' ship. Alcohol has been banned on US warships since World War II.

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New X-Ray Equipment Announced for Laem Chabang

Pattayadailynews January 13, 2010


Officials from the Laem Chabang Port organised a press conference on Tuesday to reveal the installation of a new container X-ray device at the busy international port.


Sriracha, the 12th of January 2010 [PDN]: The Director of Thailand Institute of Nuclear Technology Dr. Somporn Jorngkham conducted a guided tour – for the gathered media – on the inner workings and processes behind the operation of a new high tech X-ray device, installed at the Laem Chabang Port in Sriracha. Over 50 reporters and cameramen were present to witness the demonstration.


The new X-ray device is designed to fully investigate the contents of a shipping container without the need physically open it. The use of such technology will significantly cut down the amount of customs corruption and also make the search for illegal or dangerous goods much easier. It is expected that once the technology is fully implemented the efficiency of the port officers involved in loading and unloading ships will increase significantly.

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TTA to pick up stake in PH tanker firm

By THE NATION Published on April 6, 2010


Thoresen Thai Agencies will acquire a 38.8-per-cent stake in a tanker operation in the Philippines to further strengthen its transport business and competitiveness.

TTA has entered into a strategic partnership with Petrolift, a petroleum tanker company, president and CEO Chandchutha Chandratat said yesterday.


The investment would increase the scope of TTA's transport business, as well as provide greater diversity and balance, he said.


TTA said in its filing to the Stock Exchange of Thailand that its wholly-owned subsidiary, Soleado Holdings, would invest $27.96 million (Bt922 million) to acquire 489 million common shares, representing 38.83 per cent of Petrolift.


It would also pay an additional amount not exceeding $7.76 million corresponding to Soleado's pro rata share of the expected increase in the value of Petrolift arising from the acquisition of up to four additional tankers or LPG vessels through December.


Petrolift is the market leader for double-hulled tankers in the Philippines tanker industry, which is an integral part of the Philippines petroleum transportation infrastructure. Petrolift has excellent customers and good charters and generates stable and predictable cash flows.


Incorporated in the Philippines in 1992, Petrolift has served the growing demand in the domestic petroleum tanker industry. It owns and operates a fleet of nine petroleum tankers/barges and one liquefied petroleum gas (LPG) tanker.


The fleet has a total capacity of about 30 million litres transporting fuels such as petroleum, ethanol and LPG products to all major ports and depots in the Philippines.


"The investment in Petrolift is expected to reduce volatility from our dry bulk shipping and offshore service businesses. The investment represents a significant share in a company with a fleet of potentially up to 14 tankers/barges. Comparatively speaking, the entire investment represents approximately the cost of one modern Supramax vessel today. We believe that this investment will grow our transport business, strengthen our competitiveness and yield attractive returns to our shareholders," Chandchutha said.


Petrolift is an accredited tanker services contractor for major oil companies in the Philippines.


"About 90 per cent of Petrolift's existing fleet capacity is contracted under fixed-price medium- to long-term charters with the oil majors. Petrolift is the only Philippines tanker operator that also serves the oil majors' transport requirements for imports and exports within Southeast Asia," he said.


TTA, which owns and operates dry bulk shipping and related shipping services, now aims at growing a diversified business portfolio of transport, energy and infrastructure assets both domestically and internationally.

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Shipping profits on higher rates

Bangkokpost Published: 6/05/2010 at 12:00 AM


Rebounding shipping rates due to seasonal factors and strong demand for iron ore on the back of the global economic recovery are expected to improve the performances of Thailand's sea-freight carriers in the current quarter.

Analysts have forecast the Baltic Dry Index (BDI), the most closely watched dry bulk shipping rate for commodities, will jump to around 4,500 to 5,000 in the second quarter.

The index rose by more than 6% to 3,359 but eased to 3,454 last Friday.

"It is the market fundamentals that drive the pricing in our industry," said Khalid Hashim, managing director of SET-listed Precious Shipping Plc (PSL).

"Demand for iron ore has been strong and has resulted in easing congestion on the supply of ships. As a result, the BDI has moved up."

The second quarter is normally the high season for the shipping industry as grain is moving well at the time while industrial production is humming along.

"Both these factors combine to make it an exciting quarter in the shipping industry," he acknowledged.

Kim Eng Securities said that PSL, the country's second largest dry-bulk carrier, and top-ranked Thoresen Thai Agencies Plc (TTA) should get positive catalysts from the rise of BDI to possibly reach 4,500 in the current quarter.

TTA is expected to return to profitability in the quarter to March from a net loss in the previous quarter, as its shipping operation have performed better, said the shipping analyst at Kim Eng.

KGI Securities said PSL, which reported lower-than-expected core results in the first quarter, should see the upside once the carrier acquires additional second-hand ships for replacement.

Since early 2009, PSL has downsized its fleet by half through sales of 25 ageing ships. It has acquired only two second-hand vessels for replacement to date.

"We are positive to PSL's cost reduction plan in the longer term after reducing its aging fleet," said KGI in its research.

"Once the company acquires additional second-hand ships for replacement, there will be an upside to our earning forecast," it added.

Mr Hashim said two out of the 18 new ships PSL had ordered at a shipyard in India would be delivered within the latter half of this year.

"We also plan to buy another 23 ships from the second-hand market, replacing ships that we have already sold, but only after the BDI falls to a more reasonable level as dictated by the fundamentals," he said.

"We have the funds and the ability to expand very rapidly. All we are doing is waiting for the right timing and opportunity."

In contrast to analysts' views, Mr Hashim expects the BDI could come down sharply.

"Our reason for the much more conservative view is that there is a lot of brand-new ship supply that is scheduled to be delivered during 2010," he said. Total deliveries scheduled for 2010 are 128 million deadweight tonnes (DWT) or roughly 27% of the existing supply, he added.