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Monday, 11 July 11
REFLECTIONS ON THE FLEET REACHING ONE BILLION TONNES - CLARKSONS / HELLENIC SHIPPING
“A billion gross tonnes of shipping” has a nice ring to it. It presents the industry as a business of substance, with its 85,000 ships worth almost $1 trillion. So the news that on 1st July 2011 the world merchant fleet passed this important milestone deserves a little reflection on where we have come from and where we are going.
55 Years of Change
The last anniversary of this sort was in 1955 when the fleet reached 100 million gross tons. But today’s fleet is very different. Of course it has grown tenfold, averaging 4.2% per year, but back in 1955 shipping was also very different. Liners and tramps dominated cargo and the premium cargo was people. Fifty six years and 100,000+ investment decisions later everything has changed. Air liners replaced passenger liners; containerships replaced cargo liners and bulkers replaced tramps. Only tankers survived and they are much bigger.
Investment Roller-Coaster
Although this sounds like neat strategic development, for shipping investors it was a nightmare because the growth path was unbelievably volatile. Business started with a surge of growth - between 1955 and 1975 the growth rate accelerated from 4% to 10.2% as investors queued up to order super-tankers and bulkers, funded by the emerging Eurodollar market. That phase peaked in 1975 and by 1985 growth had slumped to -1%. Then it all started again, with growth surging to 8+% in 2010. Part of this volatility was caused by fluctuations in trade growth which was very fast (8%pa) in the run up to the 1975 peak, then grew by just 1% pa in the 1980s and by around 3% since then. But fleet growth was supercharged by investor’s enthusiasm for playing the market using easy Eurodollar finance.
Productivity Puzzle
One surprising lesson from all this is that, despite the chaotic boom and bust environment, the industry was very successful in delivering the new technology which the globalising world economy needed - a state-of-the-art fleet of tankers, bulk carriers and containerships, all carefully graduated in size to meet the complex needs of the modern trading world for cheap sea transport. Another surprise is that the fleet’s transport “productivity” did not increase very much. In 1955 100m GT transported 820mt of cargo, about 8.2t per GT. Today 1 billion GT delivers around 8.4bn tons of cargo, an average of 8.4t per GT.
A Job Well Done
So there you have it. Shipping cycles are about getting the right ships for the trade, at the cheapest freight rates. After 100,000 angst ridden investment decisions shipping investors have really delivered the goods - a billion tons of ships, tailored to the complex needs of the modern global economy, and super low freight rates. On which note, an extra pat on the back to Capesize owners who are doing such a splendid job today, regardless of cost.
Have a nice day.
Source: Clarksons / Hellenic Shipping
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Wednesday, 20 July 11
DRY BULK MARKET KEEPS ON FALLING ON SOFTENING CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated to lower ground on Tuesday, as the industry’s benchmark, the BDI (Baltic Dry Index) fell to 1,330 points, down b ...
Tuesday, 19 July 11
82 MIO TONS OF COAL TO BE SUPPLIED FOR DOMESTIC MARKET
Indonesian Coal miners were required to supply 82 million tons of coal to Domestic market in this year. This is a 2.53 percent higher than last year ...
Monday, 18 July 11
IMFA BUYS A INDONESIAN COAL MINE FOR USD 8.7 M
Indian Metals and Ferro Alloys (IMFA), the largest producer of ferro chrome in the country, today said it has acquired 70 per cent stake in an Indones ...
Sunday, 17 July 11
THE COAL PRICES ARE SOFTENING DUE TO LESS DEMAND - VISTAAR
COALspot.com: The markets were down last week with BDI down by 6.63 points and closing at 1,353 points. The most affected was Cape index which was d ...
Friday, 15 July 11
DRY BULK MARKET SUFFERS NEW BLOW, RETREATS EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market fell even lower yesterday on the back of lower demand for larger vessels, like Capesizes and Panamaxes. The industry’s ben ...
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- Antam Resourcindo - Indonesia
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Formosa Plastics Group - Taiwan
- Dalmia Cement Bharat India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Xindia Steels Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Bulk Trading Sa - Switzerland
- Semirara Mining Corp, Philippines
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- Simpson Spence & Young - Indonesia
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- European Bulk Services B.V. - Netherlands
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Commonwealth Bank - Australia
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Orica Australia Pty. Ltd.
- OPG Power Generation Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Parliament of New Zealand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Heidelberg Cement - Germany
- Timah Investasi Mineral - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Baramulti Group, Indonesia
- Minerals Council of Australia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Edison Trading Spa - Italy
- Therma Luzon, Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bangladesh Power Developement Board
- Central Electricity Authority - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Kobexindo Tractors - Indoneisa
- Eastern Coal Council - USA
- Indonesian Coal Mining Association
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- SMG Consultants - Indonesia
- Mercuria Energy - Indonesia
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Port Waratah Coal Services - Australia
- SMC Global Power, Philippines
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- ASAPP Information Group - India
- Directorate Of Revenue Intelligence - India
- GMR Energy Limited - India
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Ministry of Transport, Egypt
- Wilmar Investment Holdings
- PTC India Limited - India
- Marubeni Corporation - India
- Mintek Dendrill Indonesia
- Anglo American - United Kingdom
- Kaltim Prima Coal - Indonesia
- Sical Logistics Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Makarim & Taira - Indonesia
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- Georgia Ports Authority, United States
- Intertek Mineral Services - Indonesia
- IHS Mccloskey Coal Group - USA
- The University of Queensland
- Bukit Baiduri Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- Pendopo Energi Batubara - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Wood Mackenzie - Singapore
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Global Coal Blending Company Limited - Australia
- Indian Oil Corporation Limited
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- San Jose City I Power Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- CNBM International Corporation - China
- Banpu Public Company Limited - Thailand
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Uttam Galva Steels Limited - India
- Trasteel International SA, Italy
- Kideco Jaya Agung - Indonesia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Videocon Industries ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coalindo Energy - Indonesia
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bharathi Cement Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Grasim Industreis Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Parry Sugars Refinery, India
- Gujarat Sidhee Cement - India
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Cement Manufacturers Association - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- ICICI Bank Limited - India
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Aboitiz Power Corporation - Philippines
- Siam City Cement PLC, Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The Treasury - Australian Government
- Indo Tambangraya Megah - Indonesia
- Agrawal Coal Company - India
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Kalimantan Lumbung Energi - Indonesia
- Attock Cement Pakistan Limited
- Maheswari Brothers Coal Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Standard Chartered Bank - UAE
- Bhushan Steel Limited - India
- London Commodity Brokers - England
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- Sakthi Sugars Limited - India
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- McConnell Dowell - Australia
- Australian Coal Association
- Lanco Infratech Ltd - India
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- PowerSource Philippines DevCo
- India Bulls Power Limited - India
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Ministry of Finance - Indonesia
- Semirara Mining and Power Corporation, Philippines
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