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Favouring PST then?
Shipping trusts: Not out of the woods yet
Summary: Pacific Shipping Trust (PST), FSL Trust (FSLT) and Rickmers Maritime [RMT, NOT RATED] all reported YoY declines in 1Q10 DPU primarily due to lower distribution payout levels. RMT has reached an agreement with its lenders, but it is fairly restrictive in our view as RMT cannot exert much control over its cash flows. RMT could just bide its time under these agreements or possibly raise fresh equity (with a much recovered unit price) and get out of these restrictive agreements. In sharp counterpoint to the RMT developments, FSLT announced earlier this month that a charterer has re-delivered two of its product tankers. The sector, in our view, remains highly vulnerable due to counterparty risks and this incident highlights that the broader shipping industry is not out of the woods yet. We expect both PST and FSLT to acquire new vessels this year but the key challenge will be to secure high quality counterparties and still make an accretive deal. Maintain NEUTRALview. PST is our preferred pick because of its balance sheet strength. (Meenal Kumar)
PST is an ISLAND
Tuesday: 4 MAY 2010 CLOSING USD0.300 +USD0.000 STi -43.04
275,000 S$0.305 -S$0.005
Friday: 30 APRIL 2010 CLOSING
STi STiLL in DOW PHOBIA
STi +15.6
HK +329.67
This one movement up is very slow. Buy as saving n earn on the divi, than its ok to vest.
But for short term play player, better avoid.
1 JAN 2010 to 31 MAR 2010 DISTRIBUTION
INCOME available for Distribution US$6,525,000
INCOME to be Distributed US$4,677,000
Total number of Units as at 31 March 2010 589,750,000
Distribution per Unit (USD cents)
Net tax-exempt income 0.793
Upside has been much much much more than the USD devaluation.
Also, it depends on when you buy your USD.
Like now, the USD is on the lOw.
When wOrld economy recovers, USD will rise.
FX expert Kathy from US told the audience at the recent ATIC Suntec last weekend.
In this case, when USD is bought at its lOw, you will enjoy CAPITAL APPRECIATION later.
When selling any USD stock, do not convert to S$.
Get payment in USD which can be used to buy other USD stocks.
This is to prevent "losses" in multiple conversions.
You can also use your USD to trade spot FX.
USD is still the Only TRUE WORLD CURRENCY despite its falling exchange rate.
nO Other currency can replace USD one for one.
grandmaster89 ( Date: 29-Apr-2010 18:31) Posted:
| If the value of the US$ fall with respect to the S$, will you make capital loss indirectly ?
|
|
If the value of the US$ fall with respect to the S$, will you make capital loss indirectly ?
Thursday: 29 APRIL 2010 CLOSING
USD0.300 +USD0.005
DOW PHOBIA
USD0.295 +USD0.000 EX-DiVWednesday: 28 APRIL 2010 CLOSING 2932.04 -59.64 STi CORRECTION GREECE CONTAGION
| PacShipTr US$ |
Symbol:
P48U |
Currency:
US Dollar |
| Last: |
0.3 |
 + 0.0050 |
Vol (K): 1047.0 |
Corporate Action - Cum Dividend
| Trading |
| Updated Time |
22-Apr 16:04 |
| Open |
0.3 |
High |
0.3 |
Low |
0.295 |
| Prev Close |
0.295 |
Buy |
- |
Sell |
- |
| Volume(K) |
1047.0 |
Buy Vol(K) |
- |
Sell Vol(K) |
- |
| 52 Wk High |
0.3 |
52 Wk Low |
0.16 |
52 Wk Avg Vol |
347.879 |
| All Time High |
0.465 |
All Time Low |
0.13 |
|
|
| Comments |
Near 52 wk high |
*Technical Analysis Information is updated Daily
| Technicals |
| RSI |
60.32 |
Williams %R |
-40.0 |
| Comments (RSI) |
No Info |
Comments (W%R) |
No Info |
Intraday Chart
it is gOOd tO separate China JV frOm PST.
And appOint PST cOntractually tO manage China JV.
fOr gOOd gOvernance
grandmaster89 ( Date: 16-Apr-2010 12:08) Posted:
China, Singapore
join hands in shipbuilding industry
2010-04-13 14:55:53 GMT2010-04-13 22:55:53 (Beijing Time) Xinhua
English
SINGAPORE, April 13 (Xinhua) -- The China Shipbuilding Industry
Corporation (CSIC) and Singapore's Pacific International Lines ( PIL)
opened a joint venture - CSIC Pacific - here on Tuesday.
Speaking at the opening of the company, Lim Hwee Hua, Singapore 's
Minister in Prime Minister Office and Second Minister for Finance and
Transport, said that this CSIC-PIL's partnership is reflective of the
close links between China and Singapore.
She said that the partnership is forged against a backdrop of an
extremely difficult period for the shipping industry, adding that
setting up of the company to provide alternative ship financing options
for distressed shipping assets during this period "would surely be most
welcomed by industry players."
CSIC Pacific will also designate Singapore as the place of arbitration
for its contracts. Lim said that this is the strongest endorsement of
the transparency and efficiency of Singapore's legal regime.
Are they setting up another private JV shipping trust ? Why don't use its own shipping trust ?
|
|
PST is MAD HORSE
iT can lEavE peOple bEhind
CRY fAther CRY mOther
grandmaster89 ( Date: 16-Apr-2010 12:08) Posted:
China, Singapore
join hands in shipbuilding industry
2010-04-13 14:55:53 GMT2010-04-13 22:55:53 (Beijing Time) Xinhua
English
SINGAPORE, April 13 (Xinhua) -- The China Shipbuilding Industry
Corporation (CSIC) and Singapore's Pacific International Lines ( PIL)
opened a joint venture - CSIC Pacific - here on Tuesday.
Speaking at the opening of the company, Lim Hwee Hua, Singapore 's
Minister in Prime Minister Office and Second Minister for Finance and
Transport, said that this CSIC-PIL's partnership is reflective of the
close links between China and Singapore.
She said that the partnership is forged against a backdrop of an
extremely difficult period for the shipping industry, adding that
setting up of the company to provide alternative ship financing options
for distressed shipping assets during this period "would surely be most
welcomed by industry players."
CSIC Pacific will also designate Singapore as the place of arbitration
for its contracts. Lim said that this is the strongest endorsement of
the transparency and efficiency of Singapore's legal regime.
Are they setting up another private JV shipping trust ? Why don't use its own shipping trust ?
|
|
| PacShipTr US$ |
Symbol:
P48U |
Currency:
US Dollar |
| Last: |
0.305 |
+ 0.0050 |
Vol (K): 130.0 |
| Trading |
| Updated Time |
16-Apr 11:53 |
| Open |
0.3 |
High |
0.305 |
Low |
0.3 |
| Prev Close |
0.3 |
Buy |
- |
Sell |
- |
| Volume(K) |
130.0 |
Buy Vol(K) |
- |
Sell Vol(K) |
- |
| 52 Wk High |
0.3 |
52 Wk Low |
0.155 |
52 Wk Avg Vol |
348.869 |
| All Time High |
0.465 |
All Time Low |
0.13 |
|
|
| Comments |
Near 52 wk high |
*Technical Analysis Information is updated Daily
| Technicals |
| RSI |
73.15 |
Williams %R |
0.0 |
| Comments (RSI) |
Overbought |
Comments (W%R) |
Overbought |
Intraday Chart
Quoted from CNA Market Forum thread. Not sure where to find the news though...
grandmaster89 ( Date: 16-Apr-2010 12:08) Posted:
China, Singapore
join hands in shipbuilding industry
2010-04-13 14:55:53 GMT2010-04-13 22:55:53 (Beijing Time) Xinhua
English
SINGAPORE, April 13 (Xinhua) -- The China Shipbuilding Industry
Corporation (CSIC) and Singapore's Pacific International Lines ( PIL)
opened a joint venture - CSIC Pacific - here on Tuesday.
Speaking at the opening of the company, Lim Hwee Hua, Singapore 's
Minister in Prime Minister Office and Second Minister for Finance and
Transport, said that this CSIC-PIL's partnership is reflective of the
close links between China and Singapore.
She said that the partnership is forged against a backdrop of an
extremely difficult period for the shipping industry, adding that
setting up of the company to provide alternative ship financing options
for distressed shipping assets during this period "would surely be most
welcomed by industry players."
CSIC Pacific will also designate Singapore as the place of arbitration
for its contracts. Lim said that this is the strongest endorsement of
the transparency and efficiency of Singapore's legal regime.
Are they setting up another private JV shipping trust ? Why don't use its own shipping trust ?
|
|
China, Singapore
join hands in shipbuilding industry
2010-04-13 14:55:53 GMT2010-04-13 22:55:53 (Beijing Time) Xinhua
English
SINGAPORE, April 13 (Xinhua) -- The China Shipbuilding Industry
Corporation (CSIC) and Singapore's Pacific International Lines ( PIL)
opened a joint venture - CSIC Pacific - here on Tuesday.
Speaking at the opening of the company, Lim Hwee Hua, Singapore 's
Minister in Prime Minister Office and Second Minister for Finance and
Transport, said that this CSIC-PIL's partnership is reflective of the
close links between China and Singapore.
She said that the partnership is forged against a backdrop of an
extremely difficult period for the shipping industry, adding that
setting up of the company to provide alternative ship financing options
for distressed shipping assets during this period "would surely be most
welcomed by industry players."
CSIC Pacific will also designate Singapore as the place of arbitration
for its contracts. Lim said that this is the strongest endorsement of
the transparency and efficiency of Singapore's legal regime.
Are they setting up another private JV shipping trust ? Why don't use its own shipping trust ?
PiCK Up befOre Results annOuncement
and PRiCE SURGE
USD0.50
Shipping trusts: 1Q10 results previewSummary: We expect FSL Trust (FSLT) and Pacific Shipping Trust (PST) to release 1Q10 results next week, with Rickmers Maritime [RMT, NOT RATED] following later in the season.
Earnings are likely to be fairly stable for the trusts and we expect FSLT to meet its guidance of 1.5 US cents DPU (flat QoQ), while we estimate PST pays out 0.80 US cents (-4% QoQ).
The most-watched event this time is likely to be how RMT addresses the maturity of a US$130m loan facility due later this month.
Meanwhile, FSLT has yet to deploy the US$28.3m net proceeds from its Sep 2009 placement.
We will be keen to get an update on how much closer it is to finding viable acquisition options to employ that cash effectively. PSTs manager has also been talking about acquisitions for a while we are eager to hear if it believes if conditions are ripe to go a step further down this path.
Maintain NEUTRAL view, with PST our preferred play. (Meenal Kumar)
Wednesday: 14 APRIL 2010 CLOSING
426,000 USD0.300 +USD0.005
USD0.295 187,000 (150,000 BfS)
USD0.300 239,000 (239,000 BfS)
STRONG underCurrent USD0.300
RIGHT PLACE
RIGHT TIME
RIGHT PRICE
PST USD
USD0.500
pharoah88 ( Date: 14-Apr-2010 09:46) Posted:
Singapore 2010 GDP revised from 3~4.5% to 7~9.0%
SINGAPORE 2010 GDP DOUBLE
Singapore is an ISLAND
Singapore business is EXPORT
Singapore business is SHIPPING BASED
SHIPPING will DOUBLE |
|
