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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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Sunday, 10 April 11
SOFT FREIGHT MARKET TREND LIKELY TO BE CONTINUED - VISTAAR SHIPPING
COALspot.com - The freight market continued to soften further with the BDI breaking the 1,500 points and closing at 1376 points down by almost 10 pc ...
Thursday, 07 April 11
HANDY RATES SLIDING NOW - FEARNBULK
Handy
Slowly softening rates as more tonnage is accumulating in the Atlantic basin.The trans-Atlantic round is around $15k pd with trips to ...
Thursday, 07 April 11
DRY BULK MARKET PLUNGING EVEN FURTHER ON LOW CARGO DEMAND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market has continued its falling pattern this week, with every day proving to be painful for ship owners, especially those of the large ...
Thursday, 07 April 11
INDIKA BUYS MITRABAHTERA AT US$ 0.183
PT Indika Energy Tbk (INDY), integrated energy company, today has exercised an option agreement to acquire 51% shareholding in newly listed coal tug ...
Wednesday, 06 April 11
FORBES & MANHATTAN COAL ANNOUNCES SIGNIFICANT OFF TAKE AGREEMENT
Steady Cash Flow Will Fund Production Ramp Up
Forbes & Manhattan Coal Corp., ("Forbes Coal" or the "Company") is a produc ...
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- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Aditya Birla Group - India
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- IEA Clean Coal Centre - UK
- Lanco Infratech Ltd - India
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Miang Besar Coal Terminal - Indonesia
- European Bulk Services B.V. - Netherlands
- White Energy Company Limited
- Bhushan Steel Limited - India
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Coastal Gujarat Power Limited - India
- The University of Queensland
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Africa Commodities Group - South Africa
- Binh Thuan Hamico - Vietnam
- Holcim Trading Pte Ltd - Singapore
- Sojitz Corporation - Japan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Merrill Lynch Commodities Europe
- Karbindo Abesyapradhi - Indoneisa
- Toyota Tsusho Corporation, Japan
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Ind-Barath Power Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Tata Chemicals Ltd - India
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Videocon Industries ltd - India
- Straits Asia Resources Limited - Singapore
- Indian Energy Exchange, India
- Sinarmas Energy and Mining - Indonesia
- PTC India Limited - India
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- The State Trading Corporation of India Ltd
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Standard Chartered Bank - UAE
- Savvy Resources Ltd - HongKong
- Commonwealth Bank - Australia
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Heidelberg Cement - Germany
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Intertek Mineral Services - Indonesia
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Therma Luzon, Inc, Philippines
- Global Green Power PLC Corporation, Philippines
- SMC Global Power, Philippines
- Cement Manufacturers Association - India
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Neyveli Lignite Corporation Ltd, - India
- Sree Jayajothi Cements Limited - India
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Manunggal Multi Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Economic Council, Georgia
- VISA Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Eastern Coal Council - USA
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Electricity Authority, New Zealand
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- Grasim Industreis Ltd - India
- Bangladesh Power Developement Board
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- ICICI Bank Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Global Business Power Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- LBH Netherlands Bv - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Thai Mozambique Logistica
- Edison Trading Spa - Italy
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Energy Development Corp, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Borneo Indobara - Indonesia
- Planning Commission, India
- Bulk Trading Sa - Switzerland
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Wood Mackenzie - Singapore
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- ASAPP Information Group - India
- Agrawal Coal Company - India
- Pendopo Energi Batubara - Indonesia
- Coal and Oil Company - UAE
- Anglo American - United Kingdom
- McConnell Dowell - Australia
- Singapore Mercantile Exchange
- Ambuja Cements Ltd - India
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- GMR Energy Limited - India
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Posco Energy - South Korea
- Cigading International Bulk Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- AsiaOL BioFuels Corp., Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Mjunction Services Limited - India
- Australian Coal Association
- Petrochimia International Co. Ltd.- Taiwan
- Orica Mining Services - Indonesia
- Petron Corporation, Philippines
- CIMB Investment Bank - Malaysia
- Essar Steel Hazira Ltd - India
- Directorate Of Revenue Intelligence - India
- The Treasury - Australian Government
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Thiess Contractors Indonesia
- Leighton Contractors Pty Ltd - Australia
- Goldman Sachs - Singapore
- Kobexindo Tractors - Indoneisa
- Renaissance Capital - South Africa
- Siam City Cement PLC, Thailand
- Star Paper Mills Limited - India
- Chamber of Mines of South Africa
- Billiton Holdings Pty Ltd - Australia
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Port Waratah Coal Services - Australia
- IHS Mccloskey Coal Group - USA
- Romanian Commodities Exchange
- International Coal Ventures Pvt Ltd - India
- PowerSource Philippines DevCo
- San Jose City I Power Corp, Philippines
- New Zealand Coal & Carbon
- Gujarat Mineral Development Corp Ltd - India
- Rio Tinto Coal - Australia
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Bharathi Cement Corporation - India
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Kideco Jaya Agung - Indonesia
- Gujarat Sidhee Cement - India
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Barasentosa Lestari - Indonesia
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Kaltim Prima Coal - Indonesia
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Globalindo Alam Lestari - Indonesia
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