UPDATE 1-Thoresen Thai sees higher 07/08 freight rates

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BANGKOK May 20 (Reuters) - Thoresen Thai Agencies TTA.BK, Thailand's biggest dry bulk shipper, said on Tuesday it expected its average freight rate to beat last year's $15,400 per vessel per day in the current financial year to end-September.

Strong demand from China and India has driven up daily freight rates in the industry, with the Baltic Exchange's dry freight index .BADI surging this week to a record 11,709 points.

The high rates would push up annual revenues and net profit, finance chief Nuch Kalyawongsa told reporters.

"We already earned around $25,000 on average in the first six months and it should stay at the same level for the third quarter," Nuch said. "Although the last quarter is our low season, the average rates should beat what we got last year."

However, TTA reiterated the view that industry freight rates should edge lower in 2009 and 2010, due to an increase in the global fleet, estimated to grow 12-15 percent, Nuch said.

TTA gave no specific net profit forecast for the current year, but 13 analysts polled by Reuters Estimates expect net profit of 6.91 billion baht, up 39 percent from 4.97 billion baht a year earlier.

In the first six months, TTA reported a 93.5 percent increase in net profit to 4.69 billion baht.

TTA shares were flat at 54.50 baht by the midday break, but earlier touched a six-month high of 56 baht. The main Thai index .SETI was up 0.6 percent.

Thoresen, which operates 43 dry bulk vessels, has said it has placed orders for 9 new vessels, with the first to be delivered in 2010. It competes with Precious Shipping PSL.BK and foreign rivals such as China's COSCO Pacific (1199.HK). ($1=32.23 Baht) (Reporting by Manunphattr Dhanananphorn; Writing by Arada Therdthammakun, Editing by Ian Geoghegan)