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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, 03 July 11
INDONESIAN GOVERNMENT HAS CLEARED 1509 COAL IUP'S AS CLEAR AND CLEAN
COALspot.com - The Directorate general of mineral & coal of Indonesia has cleared around 1,509 IUP holders (coal mining companies) as "clea ...
Sunday, 03 July 11
MONSOON IN INDIA PUSHED FREIGHTS UP FROM INDONESIA TO WC INDIA - VISTAAR
COALspot.com - The BDI continued to hold closing just 2 points below last week at 1,422 points which was supported by Cape index which was up by 71 ...
Friday, 01 July 11
BEN LINE OPENS A NEW OFFICE IN BERAU
COALspot.com - Ben Line Agencies has announced that it has opened a new office in the busy coal loading port of Berau in East Kalimantan increasing ...
Friday, 01 July 11
CAPESIZE RATES TO REMAIN DEPRESSED IN COMING MONTHS SAYS SHIPPING ORGANIZATION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In a recent report, BIMCO reassessed that Capesize freight rates will remain in depressed territory in the coming months. Capesize Time Charter Aver ...
Thursday, 30 June 11
DRY BULK MARKET SHOWS SIGNS OF FURTHER WEAKENING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be unable to shake off the additional supply of vessels, an oversupply issue of grave concern that would have occured e ...
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- Coalindo Energy - Indonesia
- Coastal Gujarat Power Limited - India
- Leighton Contractors Pty Ltd - Australia
- Baramulti Group, Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- Maheswari Brothers Coal Limited - India
- SMC Global Power, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Videocon Industries ltd - India
- Price Waterhouse Coopers - Russia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- Therma Luzon, Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- Carbofer General Trading SA - India
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- GAC Shipping (India) Pvt Ltd
- Commonwealth Bank - Australia
- Asmin Koalindo Tuhup - Indonesia
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Eastern Energy - Thailand
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Parry Sugars Refinery, India
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Renaissance Capital - South Africa
- Ind-Barath Power Infra Limited - India
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- TeaM Sual Corporation - Philippines
- Wood Mackenzie - Singapore
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- CNBM International Corporation - China
- London Commodity Brokers - England
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- CIMB Investment Bank - Malaysia
- Chamber of Mines of South Africa
- Tamil Nadu electricity Board
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Bhoruka Overseas - Indonesia
- Siam City Cement PLC, Thailand
- Billiton Holdings Pty Ltd - Australia
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Toyota Tsusho Corporation, Japan
- Holcim Trading Pte Ltd - Singapore
- Cement Manufacturers Association - India
- Sree Jayajothi Cements Limited - India
- Indogreen Group - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Dalmia Cement Bharat India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Australian Commodity Traders Exchange
- Intertek Mineral Services - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Sojitz Corporation - Japan
- Neyveli Lignite Corporation Ltd, - India
- Medco Energi Mining Internasional
- Latin American Coal - Colombia
- SMG Consultants - Indonesia
- Energy Link Ltd, New Zealand
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Antam Resourcindo - Indonesia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- European Bulk Services B.V. - Netherlands
- Metalloyd Limited - United Kingdom
- Edison Trading Spa - Italy
- Petrochimia International Co. Ltd.- Taiwan
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Altura Mining Limited, Indonesia
- Karbindo Abesyapradhi - Indoneisa
- The State Trading Corporation of India Ltd
- GVK Power & Infra Limited - India
- Indian Energy Exchange, India
- Karaikal Port Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Independent Power Producers Association of India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Chettinad Cement Corporation Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Romanian Commodities Exchange
- Electricity Generating Authority of Thailand
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Oldendorff Carriers - Singapore
- Petron Corporation, Philippines
- Energy Development Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Wilmar Investment Holdings
- White Energy Company Limited
- Globalindo Alam Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Electricity Authority, New Zealand
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- Deloitte Consulting - India
- Minerals Council of Australia
- Xindia Steels Limited - India
- Bangladesh Power Developement Board
- Larsen & Toubro Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Marubeni Corporation - India
- Makarim & Taira - Indonesia
- Coal and Oil Company - UAE
- ASAPP Information Group - India
- Cigading International Bulk Terminal - Indonesia
- Parliament of New Zealand
- San Jose City I Power Corp, Philippines
- Malabar Cements Ltd - India
- VISA Power Limited - India
- Barasentosa Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- AsiaOL BioFuels Corp., Philippines
- Global Green Power PLC Corporation, Philippines
- Central Electricity Authority - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Posco Energy - South Korea
- Ministry of Mines - Canada
- Gujarat Electricity Regulatory Commission - India
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- The University of Queensland
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Georgia Ports Authority, United States
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
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