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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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Monday, 13 June 11
THE INDONESIAN COAL REFERENCE PRICE HAS JUMPED 1.2 PERCENT IN JUNE
COALspot.com - The Ministry of Energy & Mineral Resources sets coal spot price benchmark for June 2011 at US$ 119.03 per ton, higher than US$ 1. ...
Sunday, 12 June 11
THE FREIGHT MARKET IS LIKELY TO BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - The freight market continued to soften this week except for Panamax index. The BDI was down by about 4.77 pct and closed at 1,418 poi ...
Friday, 10 June 11
DRY BULK ON RETREAT MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
This week has offered dry bulk ship owners no real reason to smile, as the industry’s benchmarket, the Baltic Dry Index (BDI) has been steadil ...
Friday, 10 June 11
BUKIT ASAM RECORDED RP1.3 TRILLION PROFIT IN MAY - TEMPO INTERACTIVE
Tempo Interactive reported that, PT PT Tambang Batubara Bukit Asam Tbk (PTBA) made a net profit of Rp 1.3 trillion (approx. US$ 152,779,410) at the ...
Friday, 10 June 11
DRY BULK ON RETREAT MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
This week has offered dry bulk ship owners no real reason to smile, as the industry’s benchmarket, the Baltic Dry Index (BDI) has been steadil ...
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- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhatia International Limited - India
- Baramulti Group, Indonesia
- Parliament of New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Thiess Contractors Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- Pipit Mutiara Jaya. PT, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Kartika Selabumi Mining - Indonesia
- OPG Power Generation Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
- Samtan Co., Ltd - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Commodity Traders Exchange
- Agrawal Coal Company - India
- Planning Commission, India
- McConnell Dowell - Australia
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- Manunggal Multi Energi - Indonesia
- Bhushan Steel Limited - India
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Mercuria Energy - Indonesia
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- VISA Power Limited - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Renaissance Capital - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Therma Luzon, Inc, Philippines
- Rashtriya Ispat Nigam Limited - India
- Banpu Public Company Limited - Thailand
- Marubeni Corporation - India
- TeaM Sual Corporation - Philippines
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Bangladesh Power Developement Board
- AsiaOL BioFuels Corp., Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Bulk Trading Sa - Switzerland
- Salva Resources Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Attock Cement Pakistan Limited
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- Coal and Oil Company - UAE
- Central Electricity Authority - India
- Kideco Jaya Agung - Indonesia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Latin American Coal - Colombia
- Indian Energy Exchange, India
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Kumho Petrochemical, South Korea
- SN Aboitiz Power Inc, Philippines
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Antam Resourcindo - Indonesia
- Malabar Cements Ltd - India
- Wood Mackenzie - Singapore
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- India Bulls Power Limited - India
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Romanian Commodities Exchange
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Makarim & Taira - Indonesia
- Aditya Birla Group - India
- Gujarat Sidhee Cement - India
- Goldman Sachs - Singapore
- Electricity Generating Authority of Thailand
- Ministry of Finance - Indonesia
- GVK Power & Infra Limited - India
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Australian Coal Association
- Bukit Makmur.PT - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- LBH Netherlands Bv - Netherlands
- Sojitz Corporation - Japan
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Central Java Power - Indonesia
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Grasim Industreis Ltd - India
- The University of Queensland
- Vizag Seaport Private Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Mineral Development Corp Ltd - India
- Global Business Power Corporation, Philippines
- White Energy Company Limited
- Directorate Of Revenue Intelligence - India
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Edison Trading Spa - Italy
- Petron Corporation, Philippines
- Tata Chemicals Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Pendopo Energi Batubara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- New Zealand Coal & Carbon
- Rio Tinto Coal - Australia
- Ministry of Mines - Canada
- Karaikal Port Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- PTC India Limited - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Kaltim Prima Coal - Indonesia
- Mjunction Services Limited - India
- Sarangani Energy Corporation, Philippines
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- GMR Energy Limited - India
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- IEA Clean Coal Centre - UK
- GAC Shipping (India) Pvt Ltd
- Karbindo Abesyapradhi - Indoneisa
- Metalloyd Limited - United Kingdom
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Dalmia Cement Bharat India
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
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