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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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Saturday, 07 May 11
SUPRAMAXES ARE AT AROUND $ 13,500-14,000 PER DAY FOR SINGLE TRIPS
COALspot.com - The freight remained fairly steady this week with the BDI up by 71 points and closing at 1,340 points, said Capt. Reddy, the director ...
Saturday, 07 May 11
COAL PRODUCTION MAY REACH 95M TONS IN SECOND QUARTER - THE JAKARTA POST
The Jakarta Post reported that, Indonesian miners are projected to produce around 95 million tons of coal in the second quarter of this year after l ...
Friday, 06 May 11
BUKIT ASAM TO CLOSE COAL TAKEOVER IN Q2 - INSIDER STORIES
The state-controlled PT Tambang Bukit Asam Tbk (PTBA) expects to complete acquisition of two coal mining companies from four companies which is now ...
Thursday, 05 May 11
SUPRAS IN NORTH CHINA ARE GETTING CLOSE TO $ 13K FOR INDO-INDIA
Handy
The Atlantic market is stable/flat with positive undertone meaning more enquiries hitting the market today. Lack of prompt vessels. Trips to ...
Thursday, 05 May 11
PANAMAXES LEAD DRY BULK MARKET TO HIGHER GROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s benchmark, the Baltic Dry Index (BDI) managed to edge higher yesterday, rising by 1.81% to 1,292 points, in the first po ...
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- Commonwealth Bank - Australia
- Port Waratah Coal Services - Australia
- Marubeni Corporation - India
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Carbofer General Trading SA - India
- Kaltim Prima Coal - Indonesia
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- SN Aboitiz Power Inc, Philippines
- Trasteel International SA, Italy
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Price Waterhouse Coopers - Russia
- Agrawal Coal Company - India
- Kepco SPC Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- Mercuria Energy - Indonesia
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Indian Oil Corporation Limited
- Mjunction Services Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Coalindo Energy - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Timah Investasi Mineral - Indoneisa
- Indian Energy Exchange, India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Ministry of Mines - Canada
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Straits Asia Resources Limited - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Rashtriya Ispat Nigam Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Intertek Mineral Services - Indonesia
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Parliament of New Zealand
- VISA Power Limited - India
- Binh Thuan Hamico - Vietnam
- Grasim Industreis Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Coal and Oil Company - UAE
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- The Treasury - Australian Government
- CIMB Investment Bank - Malaysia
- Bukit Makmur.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- The University of Queensland
- Central Electricity Authority - India
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Videocon Industries ltd - India
- Chettinad Cement Corporation Ltd - India
- PTC India Limited - India
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- New Zealand Coal & Carbon
- Global Coal Blending Company Limited - Australia
- Jaiprakash Power Ventures ltd
- Siam City Cement - Thailand
- Africa Commodities Group - South Africa
- Anglo American - United Kingdom
- Offshore Bulk Terminal Pte Ltd, Singapore
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Coastal Gujarat Power Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Larsen & Toubro Limited - India
- Meralco Power Generation, Philippines
- Petron Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Oldendorff Carriers - Singapore
- Posco Energy - South Korea
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Simpson Spence & Young - Indonesia
- Ministry of Finance - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Bayan Resources Tbk. - Indonesia
- Miang Besar Coal Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Australian Commodity Traders Exchange
- Eastern Energy - Thailand
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Electricity Generating Authority of Thailand
- Manunggal Multi Energi - Indonesia
- Chamber of Mines of South Africa
- McConnell Dowell - Australia
- Toyota Tsusho Corporation, Japan
- Sindya Power Generating Company Private Ltd
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Orica Australia Pty. Ltd.
- GVK Power & Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- Formosa Plastics Group - Taiwan
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- Latin American Coal - Colombia
- Gujarat Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- International Coal Ventures Pvt Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aboitiz Power Corporation - Philippines
- Energy Link Ltd, New Zealand
- Cement Manufacturers Association - India
- Indo Tambangraya Megah - Indonesia
- Essar Steel Hazira Ltd - India
- India Bulls Power Limited - India
- Global Green Power PLC Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Attock Cement Pakistan Limited
- Economic Council, Georgia
- GMR Energy Limited - India
- Wood Mackenzie - Singapore
- Directorate Of Revenue Intelligence - India
- Thiess Contractors Indonesia
- Ind-Barath Power Infra Limited - India
- Kideco Jaya Agung - Indonesia
- Interocean Group of Companies - India
- Australian Coal Association
- Dalmia Cement Bharat India
- Therma Luzon, Inc, Philippines
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Altura Mining Limited, Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Central Java Power - Indonesia
- Bhushan Steel Limited - India
- Gujarat Sidhee Cement - India
- Barasentosa Lestari - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Sojitz Corporation - Japan
- Tata Chemicals Ltd - India
- Orica Mining Services - Indonesia
- Heidelberg Cement - Germany
- Mintek Dendrill Indonesia
- Meenaskhi Energy Private Limited - India
- Madhucon Powers Ltd - India
- ICICI Bank Limited - India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Sical Logistics Limited - India
- Siam City Cement PLC, Thailand
- Metalloyd Limited - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Edison Trading Spa - Italy
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- South Luzon Thermal Energy Corporation
- Leighton Contractors Pty Ltd - Australia
- OPG Power Generation Pvt Ltd - India
- Renaissance Capital - South Africa
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Lanco Infratech Ltd - India
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Globalindo Alam Lestari - Indonesia
- Minerals Council of Australia
- Borneo Indobara - Indonesia
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