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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, 16 May 11
INDO TAMBANG 1Q SALES REVENUE UP - INSIDER STORIES
Thai Banpu Plc last week reported a 7.83% increase in coal sales revenue from its Indonesian operating unit via PT Indo Tambangraya Megah Tbk (ITMG) ...
Sunday, 15 May 11
THE FREIGHT MARKET REMAINED SOFT - VISTAAR
COALspot.com - "The freight market overall remained soft", said Capt. Reddy, Director of Vistaar Shipping Singapore. He further added, &qu ...
Saturday, 14 May 11
WELSPUN TO ACQUIRE AN INDONESIAN COAL MINE - MEDIA
The India based Welspun Power and Steel Ltd is planning to acquire 456,000 shares in PT Batubara Energy Indonesia, representing 75% interest, accord ...
Saturday, 14 May 11
DRY BULK MARKET ON A DOWNFALL ONCE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what is now pretty clear will be yet another challenging year for dry bulk ship owners, the Baltic Dry Index returned to its usual pattern of dec ...
Tuesday, 10 May 11
DRY BULK MARKET KEEPS ON RISING, OUTLOOK MIXED - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market inched forward once again on Monday, with the Baltic Dry Index rising by 0.6% to 1,348, although the Capesize market was 0.57% l ...
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- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- Sakthi Sugars Limited - India
- LBH Netherlands Bv - Netherlands
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Directorate Of Revenue Intelligence - India
- Sindya Power Generating Company Private Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Indian Energy Exchange, India
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- Leighton Contractors Pty Ltd - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Coastal Gujarat Power Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Edison Trading Spa - Italy
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Bhushan Steel Limited - India
- Central Java Power - Indonesia
- Carbofer General Trading SA - India
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- Coal and Oil Company - UAE
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- CIMB Investment Bank - Malaysia
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Latin American Coal - Colombia
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- PowerSource Philippines DevCo
- Samtan Co., Ltd - South Korea
- Iligan Light & Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Bukit Makmur.PT - Indonesia
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Wilmar Investment Holdings
- Meralco Power Generation, Philippines
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Simpson Spence & Young - Indonesia
- Aditya Birla Group - India
- Bukit Baiduri Energy - Indonesia
- Energy Development Corp, Philippines
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Asmin Koalindo Tuhup - Indonesia
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- CNBM International Corporation - China
- VISA Power Limited - India
- McConnell Dowell - Australia
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Essar Steel Hazira Ltd - India
- Eastern Coal Council - USA
- Binh Thuan Hamico - Vietnam
- Agrawal Coal Company - India
- Economic Council, Georgia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Tamil Nadu electricity Board
- PNOC Exploration Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- SN Aboitiz Power Inc, Philippines
- Salva Resources Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- GVK Power & Infra Limited - India
- Jindal Steel & Power Ltd - India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Commonwealth Bank - Australia
- Singapore Mercantile Exchange
- Bhatia International Limited - India
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Maheswari Brothers Coal Limited - India
- Altura Mining Limited, Indonesia
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- Mercuria Energy - Indonesia
- Videocon Industries ltd - India
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Semirara Mining and Power Corporation, Philippines
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Global Business Power Corporation, Philippines
- Alfred C Toepfer International GmbH - Germany
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Eastern Energy - Thailand
- Meenaskhi Energy Private Limited - India
- Interocean Group of Companies - India
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Cigading International Bulk Terminal - Indonesia
- Dalmia Cement Bharat India
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Mintek Dendrill Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- Independent Power Producers Association of India
- GN Power Mariveles Coal Plant, Philippines
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Madhucon Powers Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- San Jose City I Power Corp, Philippines
- Krishnapatnam Port Company Ltd. - India
- Banpu Public Company Limited - Thailand
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bangladesh Power Developement Board
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Ceylon Electricity Board - Sri Lanka
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