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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, 02 June 11
LARGE SUPRAS FOR RBCT/INDIA ROUND ARE NOW ASKING 14K - FEARNBULK
Handy
The Handy/Supra market has in general been flat and un-exciting this week. The Black Sea market is almost non existing while the US Gulf mar ...
Thursday, 02 June 11
DRY BULK SHIP OWNERS LOOKING INTO SHORTENED WEEK WITH ANXIETY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With most markets in the western world closed yesterday, as a result of Memorial Day, dry bulk stakeholders weren’t able to build over the pos ...
Monday, 30 May 11
MIANG BESAR COAL TERMINAL ON TARGET
COALspot.com - MBCT, to be largest coal terminal in Asia to start construction in Indonesia’s east Kalimantan Island in July 2011 says Mr. Joh ...
Sunday, 29 May 11
THE FREIGHT MARKET CONTINUED TO GAIN MOMENTUM - VISTAAR
COALspot.com - The freight market continued to gain momentum and the BDI, Cape Index and Panamax was by up almost 10-12 pct and on all sectors, Vist ...
Saturday, 28 May 11
WCI-CHINA RATES SLIDED TO 15K AND FROM ECI AROUND 12K - FEARNLEYS AS
Handy
Rates in the Atlantic remain steady/flat with the Black Sea remaining quiet with little fresh enquiries. The Continent is seeing more tonnag ...
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- New Zealand Coal & Carbon
- Karaikal Port Pvt Ltd - India
- White Energy Company Limited
- Grasim Industreis Ltd - India
- Coalindo Energy - Indonesia
- Anglo American - United Kingdom
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Asmin Koalindo Tuhup - Indonesia
- Coastal Gujarat Power Limited - India
- Baramulti Group, Indonesia
- Dalmia Cement Bharat India
- Neyveli Lignite Corporation Ltd, - India
- Iligan Light & Power Inc, Philippines
- Semirara Mining Corp, Philippines
- Global Green Power PLC Corporation, Philippines
- Independent Power Producers Association of India
- Petron Corporation, Philippines
- MS Steel International - UAE
- Videocon Industries ltd - India
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Agrawal Coal Company - India
- IEA Clean Coal Centre - UK
- Rashtriya Ispat Nigam Limited - India
- Orica Mining Services - Indonesia
- Central Java Power - Indonesia
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Ministry of Transport, Egypt
- Kepco SPC Power Corporation, Philippines
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Maheswari Brothers Coal Limited - India
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Directorate General of MIneral and Coal - Indonesia
- Australian Coal Association
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Ambuja Cements Ltd - India
- Singapore Mercantile Exchange
- Kalimantan Lumbung Energi - Indonesia
- Posco Energy - South Korea
- Orica Australia Pty. Ltd.
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- Sical Logistics Limited - India
- Gujarat Sidhee Cement - India
- London Commodity Brokers - England
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Kaltim Prima Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Mercuria Energy - Indonesia
- Aditya Birla Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Pipit Mutiara Jaya. PT, Indonesia
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- Economic Council, Georgia
- VISA Power Limited - India
- GMR Energy Limited - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- The Treasury - Australian Government
- TNB Fuel Sdn Bhd - Malaysia
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Simpson Spence & Young - Indonesia
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- SMG Consultants - Indonesia
- Xindia Steels Limited - India
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- ASAPP Information Group - India
- Billiton Holdings Pty Ltd - Australia
- Metalloyd Limited - United Kingdom
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Essar Steel Hazira Ltd - India
- Siam City Cement PLC, Thailand
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Pendopo Energi Batubara - Indonesia
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Offshore Bulk Terminal Pte Ltd, Singapore
- Leighton Contractors Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- McConnell Dowell - Australia
- San Jose City I Power Corp, Philippines
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Bhoruka Overseas - Indonesia
- Eastern Coal Council - USA
- Borneo Indobara - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Eastern Energy - Thailand
- Vijayanagar Sugar Pvt Ltd - India
- PTC India Limited - India
- Heidelberg Cement - Germany
- Bulk Trading Sa - Switzerland
- The University of Queensland
- Gujarat Electricity Regulatory Commission - India
- Holcim Trading Pte Ltd - Singapore
- Makarim & Taira - Indonesia
- Standard Chartered Bank - UAE
- Romanian Commodities Exchange
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- CIMB Investment Bank - Malaysia
- Ministry of Mines - Canada
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- GVK Power & Infra Limited - India
- SMC Global Power, Philippines
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Marubeni Corporation - India
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- Wilmar Investment Holdings
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Madhucon Powers Ltd - India
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Mintek Dendrill Indonesia
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Planning Commission, India
- PowerSource Philippines DevCo
- Indian Oil Corporation Limited
- Barasentosa Lestari - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bukit Baiduri Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Meenaskhi Energy Private Limited - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Central Electricity Authority - India
- Global Coal Blending Company Limited - Australia
- Parry Sugars Refinery, India
- Kideco Jaya Agung - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- Timah Investasi Mineral - Indoneisa
- OPG Power Generation Pvt Ltd - India
- Mercator Lines Limited - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Kumho Petrochemical, South Korea
- The State Trading Corporation of India Ltd
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