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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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Wednesday, 29 June 11
ANOTHER STRONG PERFORMANCE BY CAPESIZE - BRS
Another strong performance by the Capesize market this week, bringing the BCI up 8% to 1,974 points. However the Panamax market was penalised, losin ...
Monday, 27 June 11
THE IRON ORE IMPORTS BY CHINA SEEMED TO SLOW DOWN - VISTAAR
COALspot.com - The BDI was holding as previous week and was just up by 1 point and closed at 1424 points end of last week. The biggest gain was ...
Friday, 24 June 11
THE INDONESIAN GOVERNMENT WILL NOT EXTEND ALL EXPIRED MINING CONTRACTS - JAKARTA UPDATES
The Indonesian Government have decided not to extend all mining concessions under the scheme called Contract of Work and instead will take over the ...
Friday, 24 June 11
BERAU EYEING 70 PERCENT GROWTH IN EBITDA
Indonesia's coal producer PT Berau Coal Energy Tbk (BRAU) is eyeing a 60 -70 percent growth in EBITDA to US$ 560 million-US$595 million this year. ...
Thursday, 23 June 11
DRY BULK MARKET KEEPS EXHIBITING SIGNS OF WEAKNESS THIS WEEK - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be unable to climb at new highs this week, showing signs of weakness, across most ship types. Yesterday, the Baltic Dry ...
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Showing 5211 to 5215 news of total 6871 |
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- Maheswari Brothers Coal Limited - India
- Therma Luzon, Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- OPG Power Generation Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Mercuria Energy - Indonesia
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Oldendorff Carriers - Singapore
- Bukit Makmur.PT - Indonesia
- Sojitz Corporation - Japan
- Gujarat Sidhee Cement - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Videocon Industries ltd - India
- Coastal Gujarat Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Parry Sugars Refinery, India
- Indonesian Coal Mining Association
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Dalmia Cement Bharat India
- Simpson Spence & Young - Indonesia
- Planning Commission, India
- Meenaskhi Energy Private Limited - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Toyota Tsusho Corporation, Japan
- Economic Council, Georgia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Heidelberg Cement - Germany
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Manunggal Multi Energi - Indonesia
- Star Paper Mills Limited - India
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Georgia Ports Authority, United States
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Ambuja Cements Ltd - India
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- India Bulls Power Limited - India
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Thiess Contractors Indonesia
- Bulk Trading Sa - Switzerland
- IHS Mccloskey Coal Group - USA
- Electricity Authority, New Zealand
- Maharashtra Electricity Regulatory Commission - India
- Deloitte Consulting - India
- Intertek Mineral Services - Indonesia
- Central Electricity Authority - India
- Minerals Council of Australia
- TeaM Sual Corporation - Philippines
- European Bulk Services B.V. - Netherlands
- Savvy Resources Ltd - HongKong
- Vizag Seaport Private Limited - India
- The University of Queensland
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Mercator Lines Limited - India
- Cigading International Bulk Terminal - Indonesia
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kepco SPC Power Corporation, Philippines
- Bhatia International Limited - India
- Orica Mining Services - Indonesia
- Independent Power Producers Association of India
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- LBH Netherlands Bv - Netherlands
- Renaissance Capital - South Africa
- MS Steel International - UAE
- Xindia Steels Limited - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Samtan Co., Ltd - South Korea
- Indian Energy Exchange, India
- Iligan Light & Power Inc, Philippines
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- San Jose City I Power Corp, Philippines
- Leighton Contractors Pty Ltd - Australia
- SMG Consultants - Indonesia
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Mjunction Services Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Larsen & Toubro Limited - India
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Interocean Group of Companies - India
- Kideco Jaya Agung - Indonesia
- Ministry of Transport, Egypt
- Kumho Petrochemical, South Korea
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- CNBM International Corporation - China
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Karaikal Port Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Eastern Energy - Thailand
- The State Trading Corporation of India Ltd
- Riau Bara Harum - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- PowerSource Philippines DevCo
- Bukit Asam (Persero) Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Kapuas Tunggal Persada - Indonesia
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bhoruka Overseas - Indonesia
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Rashtriya Ispat Nigam Limited - India
- Australian Commodity Traders Exchange
- Essar Steel Hazira Ltd - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Indika Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Vedanta Resources Plc - India
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Jindal Steel & Power Ltd - India
- Aboitiz Power Corporation - Philippines
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Banpu Public Company Limited - Thailand
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Altura Mining Limited, Indonesia
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate General of MIneral and Coal - Indonesia
- Power Finance Corporation Ltd., India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- AsiaOL BioFuels Corp., Philippines
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- South Luzon Thermal Energy Corporation
- Orica Australia Pty. Ltd.
- Jorong Barutama Greston.PT - Indonesia
- Sree Jayajothi Cements Limited - India
- Posco Energy - South Korea
- Latin American Coal - Colombia
- Carbofer General Trading SA - India
- Sakthi Sugars Limited - India
- Salva Resources Pvt Ltd - India
- Australian Coal Association
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
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