In today’s briefing:
- PSL: Healthy Freight Rate Is Expected to Be Remained in 2022 and 2023
- Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
PSL: Healthy Freight Rate Is Expected to Be Remained in 2022 and 2023
- We anticipate TCE rate for small-medium ships (Handysize and Supramax) to stay at high profitable level throughout 2022-23E supported by an absence of fleet supply glut issue given
- We expect China’s imports of iron ore and agriculture products to remain muted at least until 1H22,which is likely to pressured TCE rate for dry bulk carriers to come down
- We expect PSL to report 4Q21 net profit at Bt1,431m (-5%QoQ, +5120%YoY), a slight drop from all-time high level in 3Q21.
Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers
US equity markets ended sharply lower, with the S&P and Nasdaq down 1.9% and 3.3% respectively. All sectors were in the red with Real Estate, IT and Communication Services down ~3% each. US 10Y Treasury yields continued to rise, by 7bp to 1.71%. The sharp moves in US equities and Treasuries come after the December’s FOMC minutes showed that the Fed may need to raise interest rates “sooner or at a faster pace” than officials had initially anticipated. European markets were higher with the DAX, CAC and FTSE up 0.7%, 0.8% and 0.2% respectively. Brazil’s Bovespa was down 2.4%. In the Middle East, UAE’s ADX was flat while Saudi TASI was up 0.9%. Asian markets have opened broadly lower today – Shanghai, HSI and Nikkei were down 0.2%, 0.4% and 2.2% respectively while STI was up 0.6%. US IG CDS spreads widened 2.2bp and HY CDS spreads widened 10bp. EU Main CDS spreads were 0.7bp wider and Crossover CDS spreads were 3.2bp wider. Asia ex-Japan CDS spreads widened 0.4bp.
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