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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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Friday, 15 July 11
BUKIT ASAM 1H COAL SALES UP 44 PERCENT
The state-controlled PT Tambang Batubara Bukit Asam Tbk (PTBA) is estimated to post 6.5 million tons of coal sales in the first half of this year, a ...
Thursday, 14 July 11
INDO GOVT. SETS JULY COAL REFERENCE PRICE AT US$ 118.24 PER TON
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia sets coal spot price benchmark for July 2011 at US$ 118.24 per ton, US$ 0 ...
Thursday, 14 July 11
DRY BULK MARKET KEEPS FALLING ON WEAK CAPESIZE SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on retreating on Wednesday, with the Baltic Dry Index (BDI) falling to 1,383 points, from 1,411 of the previous day. Capesi ...
Thursday, 14 July 11
UNITED TRACTORS BUYS DUTA SEJAHTERA - INSIDER STORIES
Insider Stories reported that, PT United Tractors Tbk (UNTR), via a wholly-owned subsidiary PT Tuah Turangga Agung, will acquire PT Duta Sejahtera a ...
Wednesday, 13 July 11
ANOTHER FIRMER WEEK FOR THE CAPES - BRS
Barry Rogliano Salles reported that, there were mixed results for the dry bulk market this week: the Capesize and Panamax markets performed well gai ...
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- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Billiton Holdings Pty Ltd - Australia
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Georgia Ports Authority, United States
- Medco Energi Mining Internasional
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Singapore Mercantile Exchange
- Jaiprakash Power Ventures ltd
- Bhatia International Limited - India
- Savvy Resources Ltd - HongKong
- Antam Resourcindo - Indonesia
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- Aditya Birla Group - India
- PNOC Exploration Corporation - Philippines
- Siam City Cement PLC, Thailand
- Interocean Group of Companies - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- GN Power Mariveles Coal Plant, Philippines
- LBH Netherlands Bv - Netherlands
- Kumho Petrochemical, South Korea
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Petron Corporation, Philippines
- The University of Queensland
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- Borneo Indobara - Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Videocon Industries ltd - India
- Vizag Seaport Private Limited - India
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Grasim Industreis Ltd - India
- The State Trading Corporation of India Ltd
- Iligan Light & Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- ICICI Bank Limited - India
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Global Coal Blending Company Limited - Australia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- Chettinad Cement Corporation Ltd - India
- Commonwealth Bank - Australia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Madhucon Powers Ltd - India
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- Agrawal Coal Company - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GVK Power & Infra Limited - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement - Thailand
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Africa Commodities Group - South Africa
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Sojitz Corporation - Japan
- SN Aboitiz Power Inc, Philippines
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- PTC India Limited - India
- Karaikal Port Pvt Ltd - India
- Thai Mozambique Logistica
- Price Waterhouse Coopers - Russia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- Manunggal Multi Energi - Indonesia
- Riau Bara Harum - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Mintek Dendrill Indonesia
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Mercator Lines Limited - India
- Central Electricity Authority - India
- Vedanta Resources Plc - India
- Indogreen Group - Indonesia
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Maheswari Brothers Coal Limited - India
- Samtan Co., Ltd - South Korea
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Star Paper Mills Limited - India
- Edison Trading Spa - Italy
- Bukit Asam (Persero) Tbk - Indonesia
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- Renaissance Capital - South Africa
- Lanco Infratech Ltd - India
- Orica Australia Pty. Ltd.
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Kohat Cement Company Ltd. - Pakistan
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Thiess Contractors Indonesia
- Metalloyd Limited - United Kingdom
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Minerals Council of Australia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- India Bulls Power Limited - India
- Bhushan Steel Limited - India
- IEA Clean Coal Centre - UK
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Larsen & Toubro Limited - India
- Straits Asia Resources Limited - Singapore
- Planning Commission, India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Mjunction Services Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Toyota Tsusho Corporation, Japan
- OPG Power Generation Pvt Ltd - India
- Ministry of Mines - Canada
- Sical Logistics Limited - India
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