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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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Tuesday, 19 April 11
TNPL TO CONDUCT E-AUCTION TO SECURE 160,000 MT OF COAL
COALspot.com - Tamil Nadu Newsprint and Papers Limited (TNPL) a state utility of Tamil Nadu, India to conduct reverse auction on 20 April 2011, betw ...
Tuesday, 19 April 11
ADARO TO ALLOT US$100 MIO FOR COKING COAL - INSIDER STORIES
One of Indonesia's largest coal miner PT Adaro Energy Tbk (ADRO) plans to spend US$100 million in coking coal project dubbed IndoMet Coal, a joint ...
Tuesday, 19 April 11
KPCL TO OPEN PRICE BID ON 23 APRIL 2011 TO FINALIZE ITS ONE MILLION MT COAL SUPPLIER
COALspot.com - Karnataka Power Corporation (KPCL) a state utility of Karnataka, India called for open tender for supply of one million tons of 6300 ...
Monday, 18 April 11
INDONESIA HAS SET THE APRIL 2011 COAL REFERENCE PRICE FOR THERMAL COAL AT US$ 122.02 PER TON
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the April 2011 Indonesian Coal Reference Price for thermal coal at ...
Sunday, 17 April 11
THE FREIGHT MARKET APPEARS WILL CONTINUE TO BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - "The freight market continued to soften further with all segments down except for the handy size which was marginally up by 10 p ...
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- Ministry of Finance - Indonesia
- Bangladesh Power Developement Board
- Barasentosa Lestari - Indonesia
- Goldman Sachs - Singapore
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Eastern Coal Council - USA
- Parliament of New Zealand
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- IEA Clean Coal Centre - UK
- Petrochimia International Co. Ltd.- Taiwan
- Aditya Birla Group - India
- Anglo American - United Kingdom
- CNBM International Corporation - China
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Central Java Power - Indonesia
- The Treasury - Australian Government
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Indian Energy Exchange, India
- Economic Council, Georgia
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- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Edison Trading Spa - Italy
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Madhucon Powers Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Intertek Mineral Services - Indonesia
- Ind-Barath Power Infra Limited - India
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Larsen & Toubro Limited - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Leighton Contractors Pty Ltd - Australia
- Coal and Oil Company - UAE
- Semirara Mining Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Price Waterhouse Coopers - Russia
- Oldendorff Carriers - Singapore
- Energy Development Corp, Philippines
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Kalimantan Lumbung Energi - Indonesia
- Power Finance Corporation Ltd., India
- Sindya Power Generating Company Private Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kideco Jaya Agung - Indonesia
- SN Aboitiz Power Inc, Philippines
- Semirara Mining and Power Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indonesian Coal Mining Association
- SMC Global Power, Philippines
- Videocon Industries ltd - India
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Merrill Lynch Commodities Europe
- Iligan Light & Power Inc, Philippines
- Malabar Cements Ltd - India
- Planning Commission, India
- Agrawal Coal Company - India
- SMG Consultants - Indonesia
- Salva Resources Pvt Ltd - India
- Tamil Nadu electricity Board
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Marubeni Corporation - India
- Gujarat Sidhee Cement - India
- Coastal Gujarat Power Limited - India
- Renaissance Capital - South Africa
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Global Coal Blending Company Limited - Australia
- PTC India Limited - India
- Ceylon Electricity Board - Sri Lanka
- Star Paper Mills Limited - India
- Sinarmas Energy and Mining - Indonesia
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Chamber of Mines of South Africa
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Straits Asia Resources Limited - Singapore
- Grasim Industreis Ltd - India
- Tata Chemicals Ltd - India
- Global Green Power PLC Corporation, Philippines
- Georgia Ports Authority, United States
- Siam City Cement - Thailand
- Gujarat Electricity Regulatory Commission - India
- The University of Queensland
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Energy Link Ltd, New Zealand
- Metalloyd Limited - United Kingdom
- Karbindo Abesyapradhi - Indoneisa
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Gujarat Mineral Development Corp Ltd - India
- VISA Power Limited - India
- New Zealand Coal & Carbon
- European Bulk Services B.V. - Netherlands
- Directorate General of MIneral and Coal - Indonesia
- Mercuria Energy - Indonesia
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Makarim & Taira - Indonesia
- Indika Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Romanian Commodities Exchange
- Maharashtra Electricity Regulatory Commission - India
- PowerSource Philippines DevCo
- Antam Resourcindo - Indonesia
- Wood Mackenzie - Singapore
- Manunggal Multi Energi - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Mjunction Services Limited - India
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- Vedanta Resources Plc - India
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Bukit Makmur.PT - Indonesia
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Kumho Petrochemical, South Korea
- Riau Bara Harum - Indonesia
- Central Electricity Authority - India
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Sical Logistics Limited - India
- OPG Power Generation Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sree Jayajothi Cements Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Formosa Plastics Group - Taiwan
- Singapore Mercantile Exchange
- Bayan Resources Tbk. - Indonesia
- GMR Energy Limited - India
- Xindia Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jaiprakash Power Ventures ltd
- Posco Energy - South Korea
- Kaltim Prima Coal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Krishnapatnam Port Company Ltd. - India
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Aboitiz Power Corporation - Philippines
- Attock Cement Pakistan Limited
- Miang Besar Coal Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- MS Steel International - UAE
- Parry Sugars Refinery, India
- India Bulls Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Vizag Seaport Private Limited - India
- Karaikal Port Pvt Ltd - India
- PNOC Exploration Corporation - Philippines
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- Trasteel International SA, Italy
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
- Chettinad Cement Corporation Ltd - India
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