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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, 05 May 11
AKR NAMES KARUNIA AS COAL CONTRACTOR
Insider Stories reported that, PT AKR Corporindo Tbk has appointed PT Karunia Bumi Khatulistiwa as the contractor of coal mining concession in North ...
Tuesday, 03 May 11
DRY BULK MARKET OUTLOOK SEEN WEAK, AS SHIP OWNERS PILE UP MORE SHIPS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the Baltic Dry Index not trading yesterday, it’s worth taking a step back to see the current freight levels. First of all, capesizes and ...
Tuesday, 03 May 11
THE HANDY MARKET CONTINUED TO SLIDE DOWN - BRS
There were marginal increases in rates for the larger sizes this week, with the Cape index remaining stable and the Panamax index logging a 5% incre ...
Monday, 02 May 11
ADARO POSTS 11.7 PERCENT INCREASE IN REVENUES ON HIGHER PRICES - THE JAKARTA POST
The Jakarta Post reported that, Indonesia’s second-largest coal producer, PT Adaro Energy Tbk, announced an 11.7 percent increase in net reven ...
Saturday, 30 April 11
BUKIT ASAM PROFIT HAS JUMPS 108 PERCENT IN Q1, 2011
The Indonesian state-controlled coal miner PT Bukit Asam Tbk (PTBA) reported a 108.07 percent jump in net profit during the first three months of 20 ...
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- CIMB Investment Bank - Malaysia
- Timah Investasi Mineral - Indoneisa
- Vizag Seaport Private Limited - India
- European Bulk Services B.V. - Netherlands
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Parry Sugars Refinery, India
- Coalindo Energy - Indonesia
- Wilmar Investment Holdings
- Petrochimia International Co. Ltd.- Taiwan
- Bukit Makmur.PT - Indonesia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Interocean Group of Companies - India
- PTC India Limited - India
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Posco Energy - South Korea
- Directorate General of MIneral and Coal - Indonesia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- Pendopo Energi Batubara - Indonesia
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kepco SPC Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Latin American Coal - Colombia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Carbofer General Trading SA - India
- Alfred C Toepfer International GmbH - Germany
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Jorong Barutama Greston.PT - Indonesia
- Altura Mining Limited, Indonesia
- Karaikal Port Pvt Ltd - India
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- Ind-Barath Power Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Kumho Petrochemical, South Korea
- Xindia Steels Limited - India
- Malabar Cements Ltd - India
- Port Waratah Coal Services - Australia
- Orica Mining Services - Indonesia
- Lanco Infratech Ltd - India
- Bangladesh Power Developement Board
- Iligan Light & Power Inc, Philippines
- Bhoruka Overseas - Indonesia
- Indika Energy - Indonesia
- Makarim & Taira - Indonesia
- Cement Manufacturers Association - India
- Planning Commission, India
- Manunggal Multi Energi - Indonesia
- PowerSource Philippines DevCo
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Kideco Jaya Agung - Indonesia
- Global Green Power PLC Corporation, Philippines
- London Commodity Brokers - England
- SN Aboitiz Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Kapuas Tunggal Persada - Indonesia
- Bharathi Cement Corporation - India
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Meenaskhi Energy Private Limited - India
- Jindal Steel & Power Ltd - India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Wood Mackenzie - Singapore
- Indian Energy Exchange, India
- The University of Queensland
- SMG Consultants - Indonesia
- South Luzon Thermal Energy Corporation
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Chettinad Cement Corporation Ltd - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Miang Besar Coal Terminal - Indonesia
- SMC Global Power, Philippines
- Therma Luzon, Inc, Philippines
- Thiess Contractors Indonesia
- Parliament of New Zealand
- Star Paper Mills Limited - India
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Straits Asia Resources Limited - Singapore
- Central Java Power - Indonesia
- Metalloyd Limited - United Kingdom
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Banpu Public Company Limited - Thailand
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Thai Mozambique Logistica
- Energy Development Corp, Philippines
- Trasteel International SA, Italy
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- ICICI Bank Limited - India
- Gujarat Sidhee Cement - India
- India Bulls Power Limited - India
- CNBM International Corporation - China
- PetroVietnam Power Coal Import and Supply Company
- Savvy Resources Ltd - HongKong
- Renaissance Capital - South Africa
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Goldman Sachs - Singapore
- Meralco Power Generation, Philippines
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- Africa Commodities Group - South Africa
- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Marubeni Corporation - India
- Ministry of Mines - Canada
- Billiton Holdings Pty Ltd - Australia
- White Energy Company Limited
- Merrill Lynch Commodities Europe
- Samtan Co., Ltd - South Korea
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Bhatia International Limited - India
- Central Electricity Authority - India
- Bayan Resources Tbk. - Indonesia
- Aditya Birla Group - India
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Medco Energi Mining Internasional
- Price Waterhouse Coopers - Russia
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