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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, 22 June 11
BOOMING INDONESIAN COAL EXPORTS - BLEEDING INDIAN POWER INDUSTRY
COALspot.com - Indonesia shipped 28.962 Million tons of coal in May 2011, up by 15.86 percent compared to April export of about 24.995 m ...
Tuesday, 21 June 11
SURGE IN PRODUCTION AND PRICES TO PUSH BUKIT ASAMS NET PROFITS ABOVE RP 3T - THE JAKARTA GLOBE
State-owned coal company Perusahaan Tambang Batubara Bukit Asam expects its net income to increase about 50 percent this year on the back of rising ...
Tuesday, 21 June 11
COURT BATTLE PUTS MASSIVE COAL PROJECT IN JEOPARDY - KOREA JOONGANG DAILY
As Korean companies race to exploit Indonesia’s abundant natural resources, two companies have been locked in a court case that has become so ...
Tuesday, 21 June 11
DRY BULK MARKET TURNS RED AGAIN ON VESSEL OVERSUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk entered this week on a negative turn, with the industry’s benchmark the Baltic Dry Index (BDI) retreating by 0.35% to end the ses ...
Monday, 20 June 11
KPCL SETS ALL INDIA & POSSIBLY A WORLD RECORD FOR COAL DISCHARGING
COALspot.com - Krishnapatnam Port has set an all India record for discharging 95,528 tons of steam coal in just 24 hrs using the conventional unload ...
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- New Zealand Coal & Carbon
- Jorong Barutama Greston.PT - Indonesia
- London Commodity Brokers - England
- Pendopo Energi Batubara - Indonesia
- Mintek Dendrill Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Carbofer General Trading SA - India
- Global Business Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- MS Steel International - UAE
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Renaissance Capital - South Africa
- Rio Tinto Coal - Australia
- Deloitte Consulting - India
- PTC India Limited - India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Xindia Steels Limited - India
- Binh Thuan Hamico - Vietnam
- GAC Shipping (India) Pvt Ltd
- Samtan Co., Ltd - South Korea
- Thiess Contractors Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- SMG Consultants - Indonesia
- CNBM International Corporation - China
- Kaltim Prima Coal - Indonesia
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Kapuas Tunggal Persada - Indonesia
- San Jose City I Power Corp, Philippines
- European Bulk Services B.V. - Netherlands
- Coalindo Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Meralco Power Generation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Bharathi Cement Corporation - India
- SMC Global Power, Philippines
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Orica Australia Pty. Ltd.
- Eastern Energy - Thailand
- PowerSource Philippines DevCo
- Straits Asia Resources Limited - Singapore
- Ministry of Finance - Indonesia
- Meenaskhi Energy Private Limited - India
- IEA Clean Coal Centre - UK
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Planning Commission, India
- Central Java Power - Indonesia
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- GMR Energy Limited - India
- Siam City Cement - Thailand
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- ASAPP Information Group - India
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Agrawal Coal Company - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Cigading International Bulk Terminal - Indonesia
- Sakthi Sugars Limited - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Mjunction Services Limited - India
- Bangladesh Power Developement Board
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Interocean Group of Companies - India
- IHS Mccloskey Coal Group - USA
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Altura Mining Limited, Indonesia
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Sarangani Energy Corporation, Philippines
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Kobexindo Tractors - Indoneisa
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- Global Coal Blending Company Limited - Australia
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Ministry of Mines - Canada
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Ind-Barath Power Infra Limited - India
- Madhucon Powers Ltd - India
- Bayan Resources Tbk. - Indonesia
- Parliament of New Zealand
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- AsiaOL BioFuels Corp., Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Ambuja Cements Ltd - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Holcim Trading Pte Ltd - Singapore
- Africa Commodities Group - South Africa
- Bukit Asam (Persero) Tbk - Indonesia
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Energy Link Ltd, New Zealand
- South Luzon Thermal Energy Corporation
- Sinarmas Energy and Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Salva Resources Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coal and Oil Company - UAE
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Standard Chartered Bank - UAE
- Directorate General of MIneral and Coal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Jindal Steel & Power Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Independent Power Producers Association of India
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Petron Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Uttam Galva Steels Limited - India
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- India Bulls Power Limited - India
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