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Pastimes : Clown-Free Zone... sorry, no clowns allowed -- Ignore unavailable to you. Want to Upgrade?

To: Box-By-The-Riviera™ who wrote (302441)	2/22/2005 11:21:07 AM
From: 10K a day	Respond to of 436258

that guy could make window dust sound esoteric.

To: Box-By-The-Riviera™ who wrote (302441)	2/22/2005 11:25:04 AM
From: Terry Maloney	Read Replies (1) \| Respond to of 436258

Stagflations a myth, man... But I'm betting on it anyway. <g>

To: Box-By-The-Riviera™ who wrote (302441)	2/22/2005 12:28:21 PM
From: Pogeu Mahone	Respond to of 436258

Cosco Singapore fears slower profit growth lies ahead Kyunghee Park and Bernard Lo February 23, 2005 Cosco Singapore, a unit of China's biggest shipping company, may post slower profit growth this year as Chinese imports of grains and coal increase at a more moderate rate, chief executive Ji Haisheng said. The company, which carries bulk goods and repairs ships, said fourth-quarter net income more than doubled to a record S$23.3 million (HK$110.93 million) as freight rates jumped and the shipper booked the sale of a vessel. ``Profit in 2005 will be very high'' though it may not double,'' Ji said. His prediction echoes comments by materials suppliers including BlueScope Steel chief financial officer Brian Kruger, who said China's efforts to curb investments are tempering growth in the world's fastest expanding major economy. ``Efforts by the Chinese government to cool down the economy will mean the pace of demand for coal, iron ore and other raw materials will be slower than last year,'' Dongwon Securities analyst Yun Hee Do said. The company is benefiting from near-record freight rates and volumes of raw materials being shipped to China and elsewhere. The company's expansion in the ship-repair business will also help increase its revenue this year. Ji said China's imports and exports will rise this year. Still, demand for some commodities such as iron ore may slow, he said. Cosco Singapore, which currently has a fleet of 13 dry-bulk carriers with a total capacity of more than 700,000 deadweight tons, said its dry-bulk shipping business accounted for about 79 percent of revenue last year. Two new vessels, each with a capacity of 74,000 deadweight tons, will be added to its fleet in the second quarter this year and another two 55,000 deadweight tons will be delivered in 2006. Cosco Singapore said it expects bulk shipping rates to rise this year. The company renewed one-year contracts for eight ships last year, with the option of extending another year, and expects five more contracts to be renewed in the coming months, one of which may be renewed soon, Ji said. He said negotiations for that one vessel may be completed today and the charter rate may be three times higher than the original. ``So the bulk carrier market is still very strong,'' Ji said. The Baltic Dry Index, which measures the cost of shipping dry-bulk goods across different routes and ship sizes, will hover at 4,500 this year, Ji said. The index traded at an average 4,510 last year. Cosco Singapore will lessen its dependence on carrying dry bulk this year as its ship-repair business grows after it bought stakes in Chinese shipyards. Cosco Singapore completed its 578 million yuan (HK$544.94 million) purchase of a 51 percent share in Cosco Shipyard Group, the largest ship repair and conversion group in China, from its parent in January. The group operates five top shipyards in China, with other smaller facilities, and plans to expand outside China. Cosco Singapore shares, the best performing stock on the Strait Times Index this year, fell as much as 4.1 percent to S$1.41 on Tuesday. The stock has gained 25 percent this year. BLOOMBERG Copyright 2005, The Standard, Sing Tao Newspaper Group and Global China Group. All rights reserved. No content may be redistributed or republished, either eletronically or in print, without express written consent of The Standard.