TTA and PSL both increased significantly on Friday as the BDI reached a three-month high.
At 11.40 hrs. local time in Thailand, the share price of Thoresen Thai Agencies Plc. (SET: TTA) rose THB1.50/share or 14.85% to THB11.60/share, with a trading value of THB1,301 million.
The share price of Precious Shipping Plc. (SET: PSL) rose THB0.80/share or 4.10% to THB20.30/share, with a trading value of THB694 million.
Kingsford Securities recommends “Speculative Buy” on PSL with an IAA Consensus target price of THB20.70, as the latest Baltic Dry Index (BDI) increased 5.71% to 2,704 points, the highest level in three months. Sentiment was boosted as global economies recovered, increasing demand for commodities such as iron ore, coal, and grain.
Coupled with the tensions between Russia and Ukraine, importing countries have been forced to seek alternative sources of supply. On the supply side, the great news is that the number of bulk ships will remain stable in 2022.
