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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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Thursday, 16 June 11
FREIGHT MARKET FAILS TO RECOVER - DREWRY / HELLENIC SHIPPING
With demand failing to improve enough to contain the colossal increases in supply, the dry bulk freight market stayed near the dreadfully low levels ...
Thursday, 16 June 11
VALLAR CONTROLS 84.7 PERCENT STAKE IN BERAU COAL - INSIDER STORIES
Insider Stories reported that, London-based investment company Vallar Plc, via its subsidiary dubbed Vallar Investments UK Limited, today announced ...
Wednesday, 15 June 11
INDONESIA NEW COAL POLICY WORRIES INDIA POWER FIRMS - MYDIGITALFC
Tata Power, Adani group, Lanco Infratech and Reliance Power, among other Indian coal importers, are waiting to assess the impact of the Indonesian g ...
Wednesday, 15 June 11
BAYAN RESOURCES OWNS 56 PERCENT KANGAROO - INSIDER STORIES
Australia-listed coal miner Kangaroo Resources Limited (KRL) has obtained final approval from its shareholders to complete its US$277 million acquis ...
Wednesday, 15 June 11
DRY BULK MARKET WEAKENS AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite this time of year traditionally being one of the busiest for the dry bulk market, it seems that in the post-crisis era trade patterns are co ...
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- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- TeaM Sual Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Samtan Co., Ltd - South Korea
- The Treasury - Australian Government
- Standard Chartered Bank - UAE
- Energy Development Corp, Philippines
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Billiton Holdings Pty Ltd - Australia
- Toyota Tsusho Corporation, Japan
- Interocean Group of Companies - India
- Planning Commission, India
- Malabar Cements Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Rio Tinto Coal - Australia
- Larsen & Toubro Limited - India
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Gujarat Electricity Regulatory Commission - India
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Central Electricity Authority - India
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Mercator Lines Limited - India
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Coal and Oil Company - UAE
- Riau Bara Harum - Indonesia
- Lanco Infratech Ltd - India
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Binh Thuan Hamico - Vietnam
- Bhatia International Limited - India
- Minerals Council of Australia
- San Jose City I Power Corp, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- Marubeni Corporation - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- AsiaOL BioFuels Corp., Philippines
- Alfred C Toepfer International GmbH - Germany
- New Zealand Coal & Carbon
- Economic Council, Georgia
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Dalmia Cement Bharat India
- Asmin Koalindo Tuhup - Indonesia
- Vedanta Resources Plc - India
- Petrochimia International Co. Ltd.- Taiwan
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Metalloyd Limited - United Kingdom
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Kideco Jaya Agung - Indonesia
- CIMB Investment Bank - Malaysia
- Kepco SPC Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Indian Oil Corporation Limited
- Commonwealth Bank - Australia
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Latin American Coal - Colombia
- Kalimantan Lumbung Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bayan Resources Tbk. - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Indian Energy Exchange, India
- Altura Mining Limited, Indonesia
- Wilmar Investment Holdings
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- European Bulk Services B.V. - Netherlands
- Bank of Tokyo Mitsubishi UFJ Ltd
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Bangladesh Power Developement Board
- Sree Jayajothi Cements Limited - India
- Essar Steel Hazira Ltd - India
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- Semirara Mining Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Electricity Generating Authority of Thailand
- Price Waterhouse Coopers - Russia
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Anglo American - United Kingdom
- Pendopo Energi Batubara - Indonesia
- GVK Power & Infra Limited - India
- Bukit Makmur.PT - Indonesia
- CNBM International Corporation - China
- Edison Trading Spa - Italy
- TNB Fuel Sdn Bhd - Malaysia
- Videocon Industries ltd - India
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Ministry of Finance - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Xindia Steels Limited - India
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Banpu Public Company Limited - Thailand
- Cigading International Bulk Terminal - Indonesia
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- India Bulls Power Limited - India
- White Energy Company Limited
- Tata Chemicals Ltd - India
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- Ceylon Electricity Board - Sri Lanka
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Borneo Indobara - Indonesia
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Karaikal Port Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Electricity Authority, New Zealand
- MS Steel International - UAE
- The University of Queensland
- Posco Energy - South Korea
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- Meenaskhi Energy Private Limited - India
- Orica Mining Services - Indonesia
- Energy Link Ltd, New Zealand
- Attock Cement Pakistan Limited
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Eastern Coal Council - USA
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
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