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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, 23 May 11
BRMS IS TO START PRODUCTION FROM DAIRI PRIMA MINERALS
COALspot.com - The Presidential Decree No. 28 Year 2011 that allows conditional underground mining in the protected forest areas was issued on 19th ...
Sunday, 22 May 11
INDONESIA - INDIA IS LIKELY TO BE STEADY NEXT WEEK - VISTAAR SINGAPORE
COALspot.com - The freight market remained soft beginning of the week, however second half of the week was firm with BDI up by 3.29 pct and closed a ...
Saturday, 21 May 11
OWNERS PREFER TO DO INDO COAL OR NICKEL ORE TO CHINA RATHER THAN GOING TO INDIA - FEARNBULK
Handy
The Atlantic is marked by volatility and very positional, nevertheless USG,NCSA, Cont remain strong thanks to the petcoke, grains and scrap ...
Friday, 20 May 11
GOVT TOLD TO LIMIT COAL, GAS EXPORTS - THE JAKARTA POST
The Jakarta Post, a leading news paper in Indonesia, reported that, Amid soaring global oil prices, the government should limit exports of coal and ...
Thursday, 19 May 11
INDONESIAN COAL EXPORTS DROP 7.98 PERCENT IN APRIL
COALspot.com - Indonesian coal exports dropped to 2.168 million tons in April, and up 7.13 percent on the year and 7.98 percent below March, a ...
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- The University of Queensland
- Ministry of Finance - Indonesia
- Aditya Birla Group - India
- Kohat Cement Company Ltd. - Pakistan
- Economic Council, Georgia
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Chamber of Mines of South Africa
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- White Energy Company Limited
- MS Steel International - UAE
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Bangladesh Power Developement Board
- Jorong Barutama Greston.PT - Indonesia
- Ind-Barath Power Infra Limited - India
- Trasteel International SA, Italy
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Videocon Industries ltd - India
- Rashtriya Ispat Nigam Limited - India
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Ambuja Cements Ltd - India
- Tamil Nadu electricity Board
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Commonwealth Bank - Australia
- Borneo Indobara - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Banpu Public Company Limited - Thailand
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- Parry Sugars Refinery, India
- Attock Cement Pakistan Limited
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- European Bulk Services B.V. - Netherlands
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- GVK Power & Infra Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- PTC India Limited - India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Latin American Coal - Colombia
- Electricity Generating Authority of Thailand
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Iligan Light & Power Inc, Philippines
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- Energy Development Corp, Philippines
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Energy Link Ltd, New Zealand
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- Therma Luzon, Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Electricity Authority, New Zealand
- ICICI Bank Limited - India
- Grasim Industreis Ltd - India
- Power Finance Corporation Ltd., India
- Toyota Tsusho Corporation, Japan
- New Zealand Coal & Carbon
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karbindo Abesyapradhi - Indoneisa
- Bhoruka Overseas - Indonesia
- Kaltim Prima Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Ministry of Transport, Egypt
- Oldendorff Carriers - Singapore
- Tata Chemicals Ltd - India
- Thai Mozambique Logistica
- Miang Besar Coal Terminal - Indonesia
- Maheswari Brothers Coal Limited - India
- Kumho Petrochemical, South Korea
- Coastal Gujarat Power Limited - India
- Planning Commission, India
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Coal and Oil Company - UAE
- Bayan Resources Tbk. - Indonesia
- Jaiprakash Power Ventures ltd
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Coalindo Energy - Indonesia
- Star Paper Mills Limited - India
- Georgia Ports Authority, United States
- Independent Power Producers Association of India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Kideco Jaya Agung - Indonesia
- Globalindo Alam Lestari - Indonesia
- Interocean Group of Companies - India
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Global Green Power PLC Corporation, Philippines
- Carbofer General Trading SA - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- Orica Mining Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Agrawal Coal Company - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- PNOC Exploration Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Baramulti Group, Indonesia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Xindia Steels Limited - India
- Larsen & Toubro Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Indonesian Coal Mining Association
- OPG Power Generation Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- SMC Global Power, Philippines
- Gujarat Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- SMG Consultants - Indonesia
- GMR Energy Limited - India
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