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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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Tuesday, 12 July 11
INDONESIAN MINERS PLAN $70M INVESTMENT TO UPGRADE QUALITY OF COAL - THE JAKARTA GLOBE
One of the leading english language news paper in indonesia, the Jakarta globe reported that, as the government implements a ban on the export of po ...
Tuesday, 12 July 11
DRY BULK MARKET BEGINS WEEK ON RETREAT MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was evident by the end of the previous week, the dry bulk market’s growth momentum was about to lose steam, something proven yesterday, whe ...
Sunday, 10 July 11
UNTR PROVIDES US$100 MIO TO TTA - INSIDER STORIES
PT United Tractors Tbk (UNTR) agreed to allocate US$100 million to its coal subsidiary dubbed PT Tuah Turangga Agung (TTA).The US$100 million was pa ...
Sunday, 10 July 11
HARDLY ANY CARGO FROM WC INDIA UNTIL END OF MONSOONS - VISTAAR
COALspot.com - The BDI continued to hold last week and firmed up by 27 points with cape and panama index supporting the BDI.
The BDI closed at 1, ...
Sunday, 10 July 11
PTBA INCREASES SHARES IN COAL TRAIN PROJECT - TEMPO INTERACTIVE
TEMPO Interactive reported that, PT Tambang Batubara Bukit Asam (PTBA) is still studying the plan to buy 20 percent of shares in the PT Bukit Asam T ...
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- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Vedanta Resources Plc - India
- Australian Commodity Traders Exchange
- Kepco SPC Power Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Posco Energy - South Korea
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Minerals Council of Australia
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- Sarangani Energy Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- IEA Clean Coal Centre - UK
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- Lanco Infratech Ltd - India
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- PTC India Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Indogreen Group - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Thiess Contractors Indonesia
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- The University of Queensland
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Port Waratah Coal Services - Australia
- Star Paper Mills Limited - India
- OPG Power Generation Pvt Ltd - India
- Xindia Steels Limited - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Petron Corporation, Philippines
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Salva Resources Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Makarim & Taira - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Interocean Group of Companies - India
- Price Waterhouse Coopers - Russia
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Attock Cement Pakistan Limited
- Mintek Dendrill Indonesia
- PowerSource Philippines DevCo
- Chettinad Cement Corporation Ltd - India
- Mercator Lines Limited - India
- Bukit Baiduri Energy - Indonesia
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- MS Steel International - UAE
- Australian Coal Association
- Pendopo Energi Batubara - Indonesia
- India Bulls Power Limited - India
- IHS Mccloskey Coal Group - USA
- Kumho Petrochemical, South Korea
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Indian Oil Corporation Limited
- GVK Power & Infra Limited - India
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- Romanian Commodities Exchange
- AsiaOL BioFuels Corp., Philippines
- Cement Manufacturers Association - India
- Malabar Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bhoruka Overseas - Indonesia
- Anglo American - United Kingdom
- Trasteel International SA, Italy
- Sojitz Corporation - Japan
- Banpu Public Company Limited - Thailand
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- Power Finance Corporation Ltd., India
- Orica Mining Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- SMG Consultants - Indonesia
- Merrill Lynch Commodities Europe
- Renaissance Capital - South Africa
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Straits Asia Resources Limited - Singapore
- Semirara Mining Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Parliament of New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Sree Jayajothi Cements Limited - India
- Eastern Coal Council - USA
- Aboitiz Power Corporation - Philippines
- Bhushan Steel Limited - India
- Iligan Light & Power Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- The Treasury - Australian Government
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Neyveli Lignite Corporation Ltd, - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- GAC Shipping (India) Pvt Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bukit Asam (Persero) Tbk - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Therma Luzon, Inc, Philippines
- Medco Energi Mining Internasional
- Sindya Power Generating Company Private Ltd
- International Coal Ventures Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- Edison Trading Spa - Italy
- Jindal Steel & Power Ltd - India
- Kideco Jaya Agung - Indonesia
- Simpson Spence & Young - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Coalindo Energy - Indonesia
- TeaM Sual Corporation - Philippines
- Sical Logistics Limited - India
- Ambuja Cements Ltd - India
- GMR Energy Limited - India
- Carbofer General Trading SA - India
- Videocon Industries ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Meralco Power Generation, Philippines
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Larsen & Toubro Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Mercuria Energy - Indonesia
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