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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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- Kohat Cement Company Ltd. - Pakistan
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Posco Energy - South Korea
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- Indogreen Group - Indonesia
- Commonwealth Bank - Australia
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Heidelberg Cement - Germany
- Ind-Barath Power Infra Limited - India
- Bangladesh Power Developement Board
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Jaiprakash Power Ventures ltd
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Banpu Public Company Limited - Thailand
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Australian Commodity Traders Exchange
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Minerals Council of Australia
- Billiton Holdings Pty Ltd - Australia
- Economic Council, Georgia
- White Energy Company Limited
- IEA Clean Coal Centre - UK
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Meenaskhi Energy Private Limited - India
- Marubeni Corporation - India
- Singapore Mercantile Exchange
- McConnell Dowell - Australia
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- TNB Fuel Sdn Bhd - Malaysia
- The State Trading Corporation of India Ltd
- Kumho Petrochemical, South Korea
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Uttam Galva Steels Limited - India
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
- Kapuas Tunggal Persada - Indonesia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Port Waratah Coal Services - Australia
- Global Business Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Karaikal Port Pvt Ltd - India
- Rio Tinto Coal - Australia
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Global Coal Blending Company Limited - Australia
- Ministry of Mines - Canada
- Medco Energi Mining Internasional
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Central Electricity Authority - India
- Sindya Power Generating Company Private Ltd
- Sical Logistics Limited - India
- Alfred C Toepfer International GmbH - Germany
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Eastern Energy - Thailand
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Interocean Group of Companies - India
- Australian Coal Association
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Videocon Industries ltd - India
- Cement Manufacturers Association - India
- Deloitte Consulting - India
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Chamber of Mines of South Africa
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Mercator Lines Limited - India
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- San Jose City I Power Corp, Philippines
- Borneo Indobara - Indonesia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- Georgia Ports Authority, United States
- Coalindo Energy - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Eastern Coal Council - USA
- PowerSource Philippines DevCo
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Parliament of New Zealand
- Barasentosa Lestari - Indonesia
- Rashtriya Ispat Nigam Limited - India
- India Bulls Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Attock Cement Pakistan Limited
- Aditya Birla Group - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Tata Chemicals Ltd - India
- Gujarat Sidhee Cement - India
- CNBM International Corporation - China
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Metalloyd Limited - United Kingdom
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Kepco SPC Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Jindal Steel & Power Ltd - India
- Formosa Plastics Group - Taiwan
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Bank of Tokyo Mitsubishi UFJ Ltd
- Romanian Commodities Exchange
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- Mercuria Energy - Indonesia
- Straits Asia Resources Limited - Singapore
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