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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, 30 April 11
THE PANAMAX WAS THE BIGGEST GAINER
COALspot.com - The freight market appeared to recover slightly after the Easter holidays. However they market may not move up much and likely to mai ...
Friday, 29 April 11
KOMIPO ISSUES TENDER FOR 710,000 MT OF LCV & HCV COAL
COALspot.com - Korea Midland Power Co. Ltd (KOMIPO) has issued a spot supply tender for supply of total 710,000 MT of thermal coal for delivery betw ...
Friday, 29 April 11
HARUM EYES IDR 2.58 TRILLION COAL TAKEOVER
PT Harum Energy Tbk (HRUM), that is controlled by Indonesian tycoon Kiki Barki, is poised to spend Rp 2.58 trillion (approximately US$ 301.296 mln) ...
Friday, 29 April 11
CHINA'S IMPORTS 27 PERCENT LESS COAL IN Q1 2011 - ICAP SHIPPING
ICAP Shipping reported that, China's coal imports in the first quarter were some 27% down on a year ago at 32.3 Mt (2010: 44.4 Mt). Part of the rea ...
Thursday, 28 April 11
BALTIC DRY INDEX NUDGES UP AFTER DAYS OF LOSSES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
After consecutive falls, the dry bulk freight market, as followed through the Baltic Dry Index, finally caught a breather yesterday, with the BDI ma ...
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- Manunggal Multi Energi - Indonesia
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Borneo Indobara - Indonesia
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- McConnell Dowell - Australia
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Australian Commodity Traders Exchange
- Africa Commodities Group - South Africa
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Altura Mining Limited, Indonesia
- Bayan Resources Tbk. - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Timah Investasi Mineral - Indoneisa
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- GMR Energy Limited - India
- Savvy Resources Ltd - HongKong
- ASAPP Information Group - India
- Central Java Power - Indonesia
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Therma Luzon, Inc, Philippines
- Indogreen Group - Indonesia
- Planning Commission, India
- Indika Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- India Bulls Power Limited - India
- Siam City Cement - Thailand
- Dalmia Cement Bharat India
- New Zealand Coal & Carbon
- Renaissance Capital - South Africa
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Port Waratah Coal Services - Australia
- Interocean Group of Companies - India
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Malabar Cements Ltd - India
- Coastal Gujarat Power Limited - India
- Videocon Industries ltd - India
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Kideco Jaya Agung - Indonesia
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- Attock Cement Pakistan Limited
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Samtan Co., Ltd - South Korea
- Parry Sugars Refinery, India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Bangladesh Power Developement Board
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Iligan Light & Power Inc, Philippines
- Makarim & Taira - Indonesia
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Baramulti Group, Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining Corp, Philippines
- PTC India Limited - India
- Minerals Council of Australia
- Meralco Power Generation, Philippines
- Ministry of Mines - Canada
- Leighton Contractors Pty Ltd - Australia
- Directorate Of Revenue Intelligence - India
- Deloitte Consulting - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Coalindo Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Wilmar Investment Holdings
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- VISA Power Limited - India
- South Luzon Thermal Energy Corporation
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Uttam Galva Steels Limited - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Economic Council, Georgia
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Straits Asia Resources Limited - Singapore
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- The Treasury - Australian Government
- Kalimantan Lumbung Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- San Jose City I Power Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Price Waterhouse Coopers - Russia
- SMG Consultants - Indonesia
- MS Steel International - UAE
- Directorate General of MIneral and Coal - Indonesia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Energy Link Ltd, New Zealand
- Parliament of New Zealand
- Ambuja Cements Ltd - India
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Carbofer General Trading SA - India
- Aditya Birla Group - India
- The University of Queensland
- Metalloyd Limited - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Indian Energy Exchange, India
- Bhatia International Limited - India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Formosa Plastics Group - Taiwan
- Australian Coal Association
- Sakthi Sugars Limited - India
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Kartika Selabumi Mining - Indonesia
- Jaiprakash Power Ventures ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Goldman Sachs - Singapore
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Cement Manufacturers Association - India
- Bhoruka Overseas - Indonesia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- TeaM Sual Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Singapore Mercantile Exchange
- ICICI Bank Limited - India
- PNOC Exploration Corporation - Philippines
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Lanco Infratech Ltd - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Trasteel International SA, Italy
- Independent Power Producers Association of India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Anglo American - United Kingdom
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- CIMB Investment Bank - Malaysia
- Bharathi Cement Corporation - India
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