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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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Wednesday, 27 April 11
KEWESPO CALLS FOR 765KT OF THERMAL COAL
COALspot.com - South Korea's East-West Power Co's (KEWESPO) has issued a tender to buy total 765,000 tonnes of thermal coal for delivery between J ...
Wednesday, 27 April 11
HARUM ENERGY TO PAY RP 659.1B IN DIVIDENDS - THE JAKARTA POST
The Jakarta Post reported that, Indonesian coal miner Harum Energy is planning to pay out Rp 659.1 billion (US$76.46 million) in dividends this year ...
Wednesday, 27 April 11
TSIS $5 MILLION PLANT TO START PRODUCING UPGRADED COAL - THE JAKARTA POST
The Jakartapost reported that, PT Total Sinergy International (TSI), in association with Agritrade Resources Limited of Hong Kong, will upgrade its ...
Wednesday, 27 April 11
RAIN CONSIDERS COAL MINES TAKEOVER - INSIDER STORIES
Indonesian's tenth largest coal miner in term of coal concession, PT Resource Alam Indonesia Tbk (KKGI), is considering to acquire several coalmine ...
Wednesday, 27 April 11
DRY BULK MARKET LACKS ACTIVITY, RATES KEEP RETREATING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
With the Easter Holidays for a large of the world now behind, the dry bulk market kept lacking activity on Tuesday, which led the Baltic Dry Index ( ...
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- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMG Consultants - Indonesia
- TeaM Sual Corporation - Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Aboitiz Power Corporation - Philippines
- Meralco Power Generation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- Baramulti Group, Indonesia
- Grasim Industreis Ltd - India
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parliament of New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Kartika Selabumi Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Ambuja Cements Ltd - India
- Semirara Mining Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- South Luzon Thermal Energy Corporation
- Jorong Barutama Greston.PT - Indonesia
- Independent Power Producers Association of India
- Salva Resources Pvt Ltd - India
- Latin American Coal - Colombia
- Port Waratah Coal Services - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Timah Investasi Mineral - Indoneisa
- Manunggal Multi Energi - Indonesia
- Australian Coal Association
- Simpson Spence & Young - Indonesia
- Medco Energi Mining Internasional
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Coalindo Energy - Indonesia
- Sarangani Energy Corporation, Philippines
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- The University of Queensland
- GAC Shipping (India) Pvt Ltd
- Interocean Group of Companies - India
- Ministry of Mines - Canada
- Mercuria Energy - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- ICICI Bank Limited - India
- Miang Besar Coal Terminal - Indonesia
- MS Steel International - UAE
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Banpu Public Company Limited - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Sindya Power Generating Company Private Ltd
- PNOC Exploration Corporation - Philippines
- Kumho Petrochemical, South Korea
- Oldendorff Carriers - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Thiess Contractors Indonesia
- Electricity Generating Authority of Thailand
- Borneo Indobara - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Goldman Sachs - Singapore
- Mercator Lines Limited - India
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Tata Chemicals Ltd - India
- Indogreen Group - Indonesia
- Heidelberg Cement - Germany
- Bangladesh Power Developement Board
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- Parry Sugars Refinery, India
- Makarim & Taira - Indonesia
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Jindal Steel & Power Ltd - India
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Georgia Ports Authority, United States
- Central Electricity Authority - India
- Maheswari Brothers Coal Limited - India
- Deloitte Consulting - India
- New Zealand Coal & Carbon
- Kapuas Tunggal Persada - Indonesia
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Directorate Of Revenue Intelligence - India
- Barasentosa Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Maharashtra Electricity Regulatory Commission - India
- Kepco SPC Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- LBH Netherlands Bv - Netherlands
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Rio Tinto Coal - Australia
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- GN Power Mariveles Coal Plant, Philippines
- GVK Power & Infra Limited - India
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Antam Resourcindo - Indonesia
- Ind-Barath Power Infra Limited - India
- Star Paper Mills Limited - India
- Planning Commission, India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Singapore Mercantile Exchange
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Leighton Contractors Pty Ltd - Australia
- London Commodity Brokers - England
- Sojitz Corporation - Japan
- VISA Power Limited - India
- Cement Manufacturers Association - India
- Therma Luzon, Inc, Philippines
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Bhatia International Limited - India
- SMC Global Power, Philippines
- Indian Oil Corporation Limited
- Malabar Cements Ltd - India
- Madhucon Powers Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Coastal Gujarat Power Limited - India
- Power Finance Corporation Ltd., India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Romanian Commodities Exchange
- The Treasury - Australian Government
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- PTC India Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Tamil Nadu electricity Board
- Jaiprakash Power Ventures ltd
- Binh Thuan Hamico - Vietnam
- Iligan Light & Power Inc, Philippines
- Metalloyd Limited - United Kingdom
- Kohat Cement Company Ltd. - Pakistan
- Commonwealth Bank - Australia
- GMR Energy Limited - India
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Marubeni Corporation - India
- TNB Fuel Sdn Bhd - Malaysia
- Vizag Seaport Private Limited - India
- Price Waterhouse Coopers - Russia
- Central Java Power - Indonesia
- Posco Energy - South Korea
- Eastern Energy - Thailand
- Renaissance Capital - South Africa
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- ASAPP Information Group - India
- International Coal Ventures Pvt Ltd - India
- White Energy Company Limited
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- Kideco Jaya Agung - Indonesia
- Karaikal Port Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Sakthi Sugars Limited - India
- India Bulls Power Limited - India
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Mjunction Services Limited - India
- Edison Trading Spa - Italy
- Holcim Trading Pte Ltd - Singapore
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