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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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Sunday, 10 July 11
DRY BULK MARKET SHOWING SIGNS OF IMPROVEMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Stronger Capesize demand has helped propel the dry bulk market forward this week, with the Baltic Dry Index (BDI) ending yesterday’s session u ...
Sunday, 10 July 11
INDONESIAN BAYAN RESOURCES TO SUPPLY 100 MILLION TONS OF COAL TO INDIAN UNIVERSAL SUCCESS ENTERPRISES LIMITED
Coal miner PT Bayan Resources Tbk (BYAN), that is owned by Dato' Low Tuck Kwong, has entered into a conditional sales and purchase agreement to sup ...
Thursday, 07 July 11
BELOW 5100 COAL WILL BE BANNED FOR EXPORT BY 12 JANUARY 2014
COALspot.com - Indonesian government is in the process of drafting an amendment for government regulation 23/ 2010.
GR 23/2010 has issued to sup ...
Wednesday, 06 July 11
ATLAS RESOURCES TO OFFLOAD 17 PERCENT IPO - INSIDER STORIES
Coking and thermal coal miner PT Atlas Energi Resources aims to offload 17percent new shares of its enlarged capital after Eid-Fitri holidays, as qu ...
Tuesday, 05 July 11
UNTR REVISES UP SALES TO 7,500 UNITS - INSIDER STORIES
PT United Tractors Tbk (UNTR), distributor of Komatsu heavy equipment and parent of PT Pamapersada Nusantara, has revised up its equipment sales tar ...
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- Global Business Power Corporation, Philippines
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Standard Chartered Bank - UAE
- McConnell Dowell - Australia
- Formosa Plastics Group - Taiwan
- Kaltim Prima Coal - Indonesia
- Karaikal Port Pvt Ltd - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Romanian Commodities Exchange
- Antam Resourcindo - Indonesia
- Videocon Industries ltd - India
- Pendopo Energi Batubara - Indonesia
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Karbindo Abesyapradhi - Indoneisa
- GMR Energy Limited - India
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- PNOC Exploration Corporation - Philippines
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Tamil Nadu electricity Board
- Indian Energy Exchange, India
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Semirara Mining and Power Corporation, Philippines
- Ministry of Finance - Indonesia
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- SMC Global Power, Philippines
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Power Finance Corporation Ltd., India
- Bukit Makmur.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- Sakthi Sugars Limited - India
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Vijayanagar Sugar Pvt Ltd - India
- IEA Clean Coal Centre - UK
- London Commodity Brokers - England
- Baramulti Group, Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Commonwealth Bank - Australia
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Mercator Lines Limited - India
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Economic Council, Georgia
- Indo Tambangraya Megah - Indonesia
- CIMB Investment Bank - Malaysia
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Vedanta Resources Plc - India
- Jaiprakash Power Ventures ltd
- White Energy Company Limited
- Rashtriya Ispat Nigam Limited - India
- Central Java Power - Indonesia
- MS Steel International - UAE
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Posco Energy - South Korea
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Agrawal Coal Company - India
- Price Waterhouse Coopers - Russia
- Africa Commodities Group - South Africa
- Dalmia Cement Bharat India
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- New Zealand Coal & Carbon
- Wood Mackenzie - Singapore
- Sindya Power Generating Company Private Ltd
- Trasteel International SA, Italy
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Thai Mozambique Logistica
- Borneo Indobara - Indonesia
- GVK Power & Infra Limited - India
- Sree Jayajothi Cements Limited - India
- GAC Shipping (India) Pvt Ltd
- Global Green Power PLC Corporation, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Salva Resources Pvt Ltd - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Orica Mining Services - Indonesia
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
- Coalindo Energy - Indonesia
- Uttam Galva Steels Limited - India
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Xindia Steels Limited - India
- Chamber of Mines of South Africa
- Ministry of Mines - Canada
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Chettinad Cement Corporation Ltd - India
- Meralco Power Generation, Philippines
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Banpu Public Company Limited - Thailand
- Medco Energi Mining Internasional
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Savvy Resources Ltd - HongKong
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- Petrochimia International Co. Ltd.- Taiwan
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Gujarat Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Edison Trading Spa - Italy
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Maheswari Brothers Coal Limited - India
- Lanco Infratech Ltd - India
- Ambuja Cements Ltd - India
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- Minerals Council of Australia
- Cement Manufacturers Association - India
- Bhushan Steel Limited - India
- Bhoruka Overseas - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Makarim & Taira - Indonesia
- Heidelberg Cement - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Singapore Mercantile Exchange
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
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