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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, 09 June 11
INDIKA AIMS TO PRODUCE 31 MILLION TONS OF COAL IN 2011 - THE JAKARTA POST
The Jakarta Post, a leading English news paper in Indonesia reported that, PT Indika Energy Tbk, an integrated energy company, is targeting to incre ...
Wednesday, 08 June 11
BAYAN TO DISTRIBUTE RP. 80 ( APPROX. US$ 0.00939850) PER SHARE DIVIDEND
Coal miner PT Bayan Resources Tbk (BYAN), that is controlled by business Dato' Low Tuck Kwong, will distribute Rp80 a share dividend or Rp266.7 bil ...
Wednesday, 08 June 11
CBM PRODUCTION FROM AUSTRALIA, CHINA, INDIA, AND INDONESIA IS EXPECTED TO WITNESS A SIGNIFICANT INCREASE BY 2015
Press Release - According to Global Data (December 2010), CBM production in Australia, China, India, and Indonesia is expected to witness a signific ...
Sunday, 05 June 11
COAL IMPORTS BY CHINA IS LIKELY TO INCREASE - VISTAAR SINGAPORE
COALspot.com - The freight market softened this week except for the BDI and Cape index was up, but even in these sectors the momentum was compared t ...
Friday, 03 June 11
DRY BULK MARKETS RESURGENCE APPEARS TO BE LOSING SOME STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s seems to be losing some steam, despite reports of growing Chinese demand for commodities, especially coal, on the back o ...
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- Krishnapatnam Port Company Ltd. - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- Energy Development Corp, Philippines
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Energy Link Ltd, New Zealand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Minerals Council of Australia
- Gujarat Mineral Development Corp Ltd - India
- Madhucon Powers Ltd - India
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Parry Sugars Refinery, India
- Bhatia International Limited - India
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Bulk Trading Sa - Switzerland
- Sakthi Sugars Limited - India
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Africa Commodities Group - South Africa
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Wilmar Investment Holdings
- Grasim Industreis Ltd - India
- Planning Commission, India
- Renaissance Capital - South Africa
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Anglo American - United Kingdom
- Ministry of Transport, Egypt
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- India Bulls Power Limited - India
- McConnell Dowell - Australia
- Price Waterhouse Coopers - Russia
- Indogreen Group - Indonesia
- Global Coal Blending Company Limited - Australia
- Chamber of Mines of South Africa
- CNBM International Corporation - China
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Karbindo Abesyapradhi - Indoneisa
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Timah Investasi Mineral - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Makarim & Taira - Indonesia
- Sarangani Energy Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Maharashtra Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Kumho Petrochemical, South Korea
- PTC India Limited - India
- Tamil Nadu electricity Board
- Carbofer General Trading SA - India
- Indonesian Coal Mining Association
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Vijayanagar Sugar Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- GVK Power & Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Vizag Seaport Private Limited - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- White Energy Company Limited
- PowerSource Philippines DevCo
- Rio Tinto Coal - Australia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Billiton Holdings Pty Ltd - Australia
- Karaikal Port Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Attock Cement Pakistan Limited
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Indian Energy Exchange, India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Electricity Regulatory Commission - India
- Eastern Energy - Thailand
- Central Electricity Authority - India
- Wood Mackenzie - Singapore
- Therma Luzon, Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Kaltim Prima Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- San Jose City I Power Corp, Philippines
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- London Commodity Brokers - England
- Meralco Power Generation, Philippines
- MS Steel International - UAE
- Straits Asia Resources Limited - Singapore
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Aditya Birla Group - India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Independent Power Producers Association of India
- Alfred C Toepfer International GmbH - Germany
- Orica Australia Pty. Ltd.
- Global Green Power PLC Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- LBH Netherlands Bv - Netherlands
- Jaiprakash Power Ventures ltd
- Indika Energy - Indonesia
- Electricity Generating Authority of Thailand
- Chettinad Cement Corporation Ltd - India
- Toyota Tsusho Corporation, Japan
- Star Paper Mills Limited - India
- Marubeni Corporation - India
- Xindia Steels Limited - India
- Uttam Galva Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Economic Council, Georgia
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- Petron Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- The Treasury - Australian Government
- Trasteel International SA, Italy
- Malabar Cements Ltd - India
- Baramulti Group, Indonesia
- Merrill Lynch Commodities Europe
- IHS Mccloskey Coal Group - USA
- Petrochimia International Co. Ltd.- Taiwan
- Banpu Public Company Limited - Thailand
- Gujarat Sidhee Cement - India
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Australian Coal Association
- Formosa Plastics Group - Taiwan
- Sinarmas Energy and Mining - Indonesia
- Posco Energy - South Korea
- Globalindo Alam Lestari - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Commonwealth Bank - Australia
- Mercuria Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- Manunggal Multi Energi - Indonesia
- The University of Queensland
- Mintek Dendrill Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- OPG Power Generation Pvt Ltd - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Ambuja Cements Ltd - India
- Larsen & Toubro Limited - India
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