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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, 19 May 11
OVERSUPPLY, VERY LARGE ORE CARRIERS EAT UP ON DRY BULK FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After a brief upward momentum which ended early last week, the Baltic Dry Index, the dry bulk market’s benchmark has returned to its usual pat ...
Wednesday, 18 May 11
THE US COAL INDUSTRY LOGGED EXPORTS OF AROUND 25M TONNES IN 1Q OF 2011 - BRS
Another slow decline in the bulk markets this week, with the BCI losing the most at nearly 5%, the BPI 2.8% and the smaller sizes sub-1% amounts. Th ...
Wednesday, 18 May 11
AKR AIMS TO SELL COAL WORTH RP216 BILLION - PAPER
Bisnis Indonesia, an Indonesia's one of the leading business paper reported that, PT AKR Corporindo Tbk has targeted coal sales valued at Rp216 bil ...
Wednesday, 18 May 11
OVERHAUL OF MINING LAW MAY DETER INVESTMENT, S&P SAYS - THE JAKARTA GLOBE
The Jakarta Globe, an Indonesian English language news paper reported that, A report by Standard & Poor’s Ratings Services that a regulatory ...
Tuesday, 17 May 11
DRY BULK MARKET ENTERS WEEK ON WEAK MODE - HELLENIC SHIPPING
In yet another sign of softening freight rates for dry bulk carriers and oversupply issues, the dry bulk market entered this week on a downward path ...
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- Baramulti Group, Indonesia
- Kartika Selabumi Mining - Indonesia
- Australian Commodity Traders Exchange
- Tamil Nadu electricity Board
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Cigading International Bulk Terminal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Coalindo Energy - Indonesia
- Marubeni Corporation - India
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Central Electricity Authority - India
- PowerSource Philippines DevCo
- Petrochimia International Co. Ltd.- Taiwan
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Maheswari Brothers Coal Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Sindya Power Generating Company Private Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Coastal Gujarat Power Limited - India
- South Luzon Thermal Energy Corporation
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Central Java Power - Indonesia
- Ministry of Transport, Egypt
- Indonesian Coal Mining Association
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- The University of Queensland
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- San Jose City I Power Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Africa Commodities Group - South Africa
- Kobexindo Tractors - Indoneisa
- Timah Investasi Mineral - Indoneisa
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Economic Council, Georgia
- Sarangani Energy Corporation, Philippines
- Australian Coal Association
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Xindia Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Billiton Holdings Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Carbofer General Trading SA - India
- Gujarat Electricity Regulatory Commission - India
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Makarim & Taira - Indonesia
- Straits Asia Resources Limited - Singapore
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhushan Steel Limited - India
- Therma Luzon, Inc, Philippines
- Mjunction Services Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Riau Bara Harum - Indonesia
- Malabar Cements Ltd - India
- Commonwealth Bank - Australia
- New Zealand Coal & Carbon
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- CNBM International Corporation - China
- Lanco Infratech Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sical Logistics Limited - India
- Uttam Galva Steels Limited - India
- Bhoruka Overseas - Indonesia
- Larsen & Toubro Limited - India
- Pendopo Energi Batubara - Indonesia
- White Energy Company Limited
- Bukit Baiduri Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ambuja Cements Ltd - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Kohat Cement Company Ltd. - Pakistan
- Toyota Tsusho Corporation, Japan
- Sinarmas Energy and Mining - Indonesia
- Eastern Coal Council - USA
- Cement Manufacturers Association - India
- Electricity Authority, New Zealand
- Kapuas Tunggal Persada - Indonesia
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Petron Corporation, Philippines
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Krishnapatnam Port Company Ltd. - India
- Singapore Mercantile Exchange
- The Treasury - Australian Government
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Bangladesh Power Developement Board
- Coal and Oil Company - UAE
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- GAC Shipping (India) Pvt Ltd
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Vedanta Resources Plc - India
- MS Steel International - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- Planning Commission, India
- Global Business Power Corporation, Philippines
- Mercator Lines Limited - India
- Aditya Birla Group - India
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Indika Energy - Indonesia
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Standard Chartered Bank - UAE
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- Borneo Indobara - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Banpu Public Company Limited - Thailand
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Antam Resourcindo - Indonesia
- Goldman Sachs - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- VISA Power Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Oldendorff Carriers - Singapore
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- PetroVietnam Power Coal Import and Supply Company
- Dalmia Cement Bharat India
- Indogreen Group - Indonesia
- Attock Cement Pakistan Limited
- Aboitiz Power Corporation - Philippines
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Generating Authority of Thailand
- Savvy Resources Ltd - HongKong
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
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