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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, 20 April 11
TNPL SECURED 160K MT OF COAL WITH CALORIFIC VALUE 6000 GAD AT US$ 93.44 PMT
COALspot.com - Delhi based Knowledge Infrastructure Systems Pvt. Ltd once again offered the lowest price of US$ 93.44 per metric ton for calorific v ...
Wednesday, 20 April 11
TSI LAUNCHES GEO-COAL UPGRADING TECHNOLOGY
Simple yet effective process boosts calorific value of low rank coal to provide lower cost energy across the world.
Press Release - Total Sinergy ...
Wednesday, 20 April 11
ADARO TO PAY OUT RP 970B IN DIVIDENDS - THE JAKARTA POST
The Jakarta Post reported that, the annual shareholders meeting of coal producer PT Adaro Energy on Wednesday agreed on the disbursement of Rp 970.7 ...
Wednesday, 20 April 11
INDIA IMPORTS MORE COAL FROM INDONESIA
COALspot.com - Indonesian coal exports jumped 23.31 percent during March 2011. The world’s largest coal exporter shipped 27, ...
Tuesday, 19 April 11
LONDON COMMODITY BROKERS OPENS JOHANNESBURG OFFICE
COALspot.com - London Commodity Brokers (LCB), a broking house specialising in bulk physical and Over-The-Counter commodities and options (coal ...
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- Kepco SPC Power Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Interocean Group of Companies - India
- IEA Clean Coal Centre - UK
- Pendopo Energi Batubara - Indonesia
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- VISA Power Limited - India
- Tamil Nadu electricity Board
- Banpu Public Company Limited - Thailand
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- Goldman Sachs - Singapore
- Bangladesh Power Developement Board
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- PNOC Exploration Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Lanco Infratech Ltd - India
- GMR Energy Limited - India
- Indo Tambangraya Megah - Indonesia
- Manunggal Multi Energi - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Australian Coal Association
- Eastern Energy - Thailand
- Jindal Steel & Power Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Leighton Contractors Pty Ltd - Australia
- Rio Tinto Coal - Australia
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Bharathi Cement Corporation - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Baramulti Group, Indonesia
- Semirara Mining and Power Corporation, Philippines
- Antam Resourcindo - Indonesia
- Ministry of Transport, Egypt
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Siam City Cement - Thailand
- Star Paper Mills Limited - India
- Siam City Cement PLC, Thailand
- Ministry of Mines - Canada
- Bayan Resources Tbk. - Indonesia
- European Bulk Services B.V. - Netherlands
- Rashtriya Ispat Nigam Limited - India
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sakthi Sugars Limited - India
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- SMC Global Power, Philippines
- Ceylon Electricity Board - Sri Lanka
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Latin American Coal - Colombia
- Energy Development Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PowerSource Philippines DevCo
- The University of Queensland
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Minerals Council of Australia
- ICICI Bank Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Deloitte Consulting - India
- Bhoruka Overseas - Indonesia
- Indonesian Coal Mining Association
- Jaiprakash Power Ventures ltd
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Asmin Koalindo Tuhup - Indonesia
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Power Finance Corporation Ltd., India
- Oldendorff Carriers - Singapore
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Tata Chemicals Ltd - India
- Videocon Industries ltd - India
- Electricity Authority, New Zealand
- White Energy Company Limited
- Kideco Jaya Agung - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Indogreen Group - Indonesia
- GVK Power & Infra Limited - India
- Marubeni Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Wilmar Investment Holdings
- Alfred C Toepfer International GmbH - Germany
- Bulk Trading Sa - Switzerland
- Dalmia Cement Bharat India
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Krishnapatnam Port Company Ltd. - India
- Coastal Gujarat Power Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Global Business Power Corporation, Philippines
- Parry Sugars Refinery, India
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Energy Link Ltd, New Zealand
- Bhushan Steel Limited - India
- Kumho Petrochemical, South Korea
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Malabar Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Straits Asia Resources Limited - Singapore
- Kaltim Prima Coal - Indonesia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Posco Energy - South Korea
- Grasim Industreis Ltd - India
- Edison Trading Spa - Italy
- Singapore Mercantile Exchange
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Directorate Of Revenue Intelligence - India
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- GAC Shipping (India) Pvt Ltd
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Holcim Trading Pte Ltd - Singapore
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Chamber of Mines of South Africa
- Simpson Spence & Young - Indonesia
- Independent Power Producers Association of India
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Sree Jayajothi Cements Limited - India
- Bhatia International Limited - India
- Central Electricity Authority - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- Kobexindo Tractors - Indoneisa
- Trasteel International SA, Italy
- Essar Steel Hazira Ltd - India
- Price Waterhouse Coopers - Russia
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Kartika Selabumi Mining - Indonesia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Petron Corporation, Philippines
- Anglo American - United Kingdom
- Sical Logistics Limited - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Bukit Baiduri Energy - Indonesia
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Aditya Birla Group - India
- London Commodity Brokers - England
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- MS Steel International - UAE
- India Bulls Power Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Carbofer General Trading SA - India
- McConnell Dowell - Australia
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Central Java Power - Indonesia
- Electricity Generating Authority of Thailand
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Coal and Oil Company - UAE
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