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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, 03 September 11
FEW SHIPS REPORTED FIXED FROM INDONESIA TO INDIA - VISTAAR
COALspot.com - The freight market continued the upward trend during last week with BDI up by about 13 pct closing at 1,740 points and cape index up ...
Saturday, 03 September 11
TNPL TO BUY 240K MT OF NON-COKING COAL
COALspot.com - Tamil Nadu Newsprint and Papers Limited (TNPL), is seeking to procure 240,000 MT +/- 5 percent of non-coking imported coal with ...
Friday, 02 September 11
CAPESIZE DEMAND LIFTS DRY BULK MARKET ONCE AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In what proves to be the best week of the year for Capesize owners, strong demand has helped propel the dry bulk market to new highs yesterday. The ...
Thursday, 01 September 11
EWP TO BUY 195KT OF VIETNAM COAL
COALspot.com - Korea Midland Power (KOMIPO) has issued an International open bidding for 490kt of sub bituminous coal, according to a bid invitation ...
Thursday, 01 September 11
DRY BULK MARKET TAKES GREAT LEAP FORWARD - NIKOS ROUSSANOGLOU
In what turned out to be a rather hopeful ending of the month, the last day of August saw the dry bulk market’s benchmark, the BDI (Baltic Dry ...
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- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- Latin American Coal - Colombia
- Bukit Makmur.PT - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Thiess Contractors Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- ASAPP Information Group - India
- Kobexindo Tractors - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Georgia Ports Authority, United States
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Banpu Public Company Limited - Thailand
- Australian Coal Association
- Renaissance Capital - South Africa
- Timah Investasi Mineral - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- GAC Shipping (India) Pvt Ltd
- PNOC Exploration Corporation - Philippines
- South Luzon Thermal Energy Corporation
- Attock Cement Pakistan Limited
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Romanian Commodities Exchange
- Trasteel International SA, Italy
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Antam Resourcindo - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Bulk Trading Sa - Switzerland
- Chamber of Mines of South Africa
- Jaiprakash Power Ventures ltd
- Global Business Power Corporation, Philippines
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- The State Trading Corporation of India Ltd
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Energy Link Ltd, New Zealand
- Lanco Infratech Ltd - India
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Samtan Co., Ltd - South Korea
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The University of Queensland
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Eastern Energy - Thailand
- IHS Mccloskey Coal Group - USA
- Ind-Barath Power Infra Limited - India
- CIMB Investment Bank - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Metalloyd Limited - United Kingdom
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- GMR Energy Limited - India
- Posco Energy - South Korea
- Sarangani Energy Corporation, Philippines
- Ministry of Transport, Egypt
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Global Coal Blending Company Limited - Australia
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- PetroVietnam Power Coal Import and Supply Company
- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Indian Oil Corporation Limited
- Coastal Gujarat Power Limited - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Central Electricity Authority - India
- Cement Manufacturers Association - India
- Parliament of New Zealand
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- PTC India Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Aditya Birla Group - India
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Formosa Plastics Group - Taiwan
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Krishnapatnam Port Company Ltd. - India
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- London Commodity Brokers - England
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- San Jose City I Power Corp, Philippines
- Tata Chemicals Ltd - India
- Interocean Group of Companies - India
- Alfred C Toepfer International GmbH - Germany
- Mercator Lines Limited - India
- Deloitte Consulting - India
- Coal and Oil Company - UAE
- Port Waratah Coal Services - Australia
- Directorate Of Revenue Intelligence - India
- Central Java Power - Indonesia
- Merrill Lynch Commodities Europe
- Sical Logistics Limited - India
- Sojitz Corporation - Japan
- Singapore Mercantile Exchange
- Bharathi Cement Corporation - India
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Anglo American - United Kingdom
- LBH Netherlands Bv - Netherlands
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Wood Mackenzie - Singapore
- India Bulls Power Limited - India
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- Riau Bara Harum - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Kartika Selabumi Mining - Indonesia
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Grasim Industreis Ltd - India
- Salva Resources Pvt Ltd - India
- Bhushan Steel Limited - India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Bayan Resources Tbk. - Indonesia
- Agrawal Coal Company - India
- Intertek Mineral Services - Indonesia
- Planning Commission, India
- CNBM International Corporation - China
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Edison Trading Spa - Italy
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
- The Treasury - Australian Government
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ambuja Cements Ltd - India
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