AirAsia X has lowered fares by 5% since June 15, and adding back capacity as jet fuel prices drop, said its CEO Bo Lingam. It’s monitoring the situation week by week, and will be revising fares accordingly.

Comment: It’s not specific to Airasia Thailand, but I suspect we’ll see the same in Thailand. Markets are amusing, “oh oil prices are back to the 70s” “well yes…same as russia-ukraine…” 

BTS & BEM: common ticketing policy is expected to be submitted for cabinet approval by eom, gov’t aims to raise Bt 200b thru Thailand Future Fund (TFF) which will be used to buy back electric rail operations from private concessionaries and transfer ownership to Mass Rapid Transit Authority (MRTA). 

Comment: Finally….now let’s see how the market reacts to all of this. Still find it odd that Thailand is going to have to buy out the oligarchs…though on a positive – if, just if, they operate the train lines as efficiently as Singapore does (which learnt its mistake from privatisation of train lines) then perhaps commuters benefit. Naysayers? Look at the airports – well-managed, not perfect, but well-managed. 

GULF / ST SP: Singtel’s wholly-owned subsidiary, Singtel Global Investment, has launched a block trade of up to 416mn shares (c.2.78% of GULF TB’s share capital) at an indicative price range of Bt58.80-60.00, implying a discount of 2-4% to yesterday’s close of Bt61.25. At the top end, the deal could fetch Bt24.96bn (~USD758m, ~SGD1.0bn). The shares on offer represent c.36% of Singtel’s current 7.73% holding in GULF TB, which would reduce its stake to an estimated 4.95% post-transaction. A 90-day lockup applies to the seller on the remaining stake, suggesting Singtel intends to retain a residual position in the near term rather than fully exit. 

Comment: Singtel has made bank in Thailand, Thaksin should receive Singaporean citizenship for this. He changed the laws at the last minute and then got them in. 

PSL, whose vessel was struck in March by Iranian projectiles, said it remains cautious about sending ships through. MD Khalid suggests security risks remain elevated despite traffic resuming. Freight rates over the next 3-5yrs are likely to remain “very strong,” he said, citing tightening supply outlook and aging vessels. “If the Middle East starts to calm down, and there’s no further bombing going on in different countries, then I feel that we have a good chance,” Hashim said in a Bloomberg TV interview with Haslinda Amin on Monday. “If peace comes in 100%, the Strait of Hormuz will be open for all.”

Comment: I have been waiting and waiting and waiting since the IMO2020 news to see drybulk rates moon. It had that great bump during covid but otherwise the demand-supply mismatch which I expected never materialised. Makes me wonder whether there is a massive fleet of “dark” vessels that are not accounted for. 

PTL: is subject to a tender offer by AGPH (TH) to acquire 100% of total paid-up and voting right of PTL, expected offer px is set at Bt 15/shr, 43% premium to closing px of Bt 10.5. AGPH expects to officially submit a formal tender offer to SEC by Jun 29, 2026, Kaohoon.

Comment: Good riddance, the F grade version of IVL, caught for insider trading etc etc. nevertheless, the shareholders have offered an acquisition price of thb 15/share.