PSL said yesterday that it would finance 20% of the acquisition cost from cash flow and the rest from bank loans. The first four ships are expected to be available from 2010, followed by five more in 2011, six in 2012 and the rest in 2013.

The acquisitions would increase PSL's total fleet to 62 vessels in five years.

PSL reported net profits of $125.13 million on revenues of $257.97 million last year, up from profits of $92.63 million on revenues of $238.7 million. In baht terms, profits last year totalled 4.15 billion baht on revenues of 9.03 billion, up from 3.71 billion on revenues of 9.25 billion baht in 2006.

Average time-charter equivalent earnings were $13,147 per day per ship last year, compared with $11,387 in 2006. Total revenues in 2007 fell from the previous year in absolute terms as the company sold 10 of its oldest ships.

Khalid Hashim, the PSL managing director, declined to offer a forecast for performance this year.

He said he expected earnings per day per ship would be between $15,500 and $16,000 this year.

Shares of PSL closed yesterday on the SET at 27.50 baht, down one baht, in trade worth 32.65 million baht.