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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, 30 August 11
FAUJI CEMENT CONSUMED MORE THAN 1 MILLION TONS OF LOCAL COAL
Cooper Minerals Inc.based in Vancouver, BC, Canada, is a junior exploration company engaged in the acquisition, exploration and development of miner ...
Sunday, 28 August 11
FREIGHT MARKET COULD BE FIRM NEXT MONTH - VISTAAR
COALspot.com - The freight market continued the upward trend first half of the week . However, towards the end of the week lost momentum and the BDI ...
Saturday, 27 August 11
JAPANESE BULK CARRIER SETS RECORD ON NORTHERN SEA ROUTE - BARENTS OBSERVER
The Northern Sea Route will see its third record in less than a month when the largest ever bulk carrier to take the route leaves Murmansk next week ...
Saturday, 27 August 11
RBCT-INDIA ROUNDS FIXED AT AROUND US$ 12K - FEARNBULK
Handy
Stable but very positional markets across all segments in the Atlantic: the gap between owners and charterers rate ideas is building up as o ...
Friday, 26 August 11
TUAH TURANGGA AGUNG ACQUIRES AN ADDITIONAL 40% SHARES IN BARA PRIMA AGUNG
COALspot.com - PT Tuah Turangga Agung, a subsidiary of PT United Tractors Tbk, has signed an acquisition agreement to acquire 40% of PT Bara Prima A ...
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- CNBM International Corporation - China
- McConnell Dowell - Australia
- Mercator Lines Limited - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Electricity Generating Authority of Thailand
- Ministry of Mines - Canada
- Indo Tambangraya Megah - Indonesia
- SMC Global Power, Philippines
- PTC India Limited - India
- Ministry of Finance - Indonesia
- Simpson Spence & Young - Indonesia
- Africa Commodities Group - South Africa
- IEA Clean Coal Centre - UK
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- Kumho Petrochemical, South Korea
- Merrill Lynch Commodities Europe
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- Parliament of New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- Renaissance Capital - South Africa
- Riau Bara Harum - Indonesia
- The University of Queensland
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Larsen & Toubro Limited - India
- Kideco Jaya Agung - Indonesia
- Siam City Cement PLC, Thailand
- Thai Mozambique Logistica
- GVK Power & Infra Limited - India
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- Bhatia International Limited - India
- Bulk Trading Sa - Switzerland
- Aditya Birla Group - India
- GN Power Mariveles Coal Plant, Philippines
- Baramulti Group, Indonesia
- Ministry of Transport, Egypt
- GMR Energy Limited - India
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- Goldman Sachs - Singapore
- Offshore Bulk Terminal Pte Ltd, Singapore
- ICICI Bank Limited - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- Savvy Resources Ltd - HongKong
- Posco Energy - South Korea
- Vijayanagar Sugar Pvt Ltd - India
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Rio Tinto Coal - Australia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Straits Asia Resources Limited - Singapore
- Kobexindo Tractors - Indoneisa
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Oldendorff Carriers - Singapore
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Maheswari Brothers Coal Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Salva Resources Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Minerals Council of Australia
- Bhushan Steel Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- Heidelberg Cement - Germany
- Meenaskhi Energy Private Limited - India
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- White Energy Company Limited
- Holcim Trading Pte Ltd - Singapore
- Mjunction Services Limited - India
- SN Aboitiz Power Inc, Philippines
- Medco Energi Mining Internasional
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- Sakthi Sugars Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Orica Mining Services - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Coal Blending Company Limited - Australia
- The Treasury - Australian Government
- Parry Sugars Refinery, India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
- Coalindo Energy - Indonesia
- New Zealand Coal & Carbon
- The State Trading Corporation of India Ltd
- Global Green Power PLC Corporation, Philippines
- Siam City Cement - Thailand
- Sindya Power Generating Company Private Ltd
- Jindal Steel & Power Ltd - India
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Chamber of Mines of South Africa
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Timah Investasi Mineral - Indoneisa
- Karaikal Port Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Lanco Infratech Ltd - India
- Anglo American - United Kingdom
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Binh Thuan Hamico - Vietnam
- Aboitiz Power Corporation - Philippines
- Agrawal Coal Company - India
- Malabar Cements Ltd - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Tata Chemicals Ltd - India
- Bukit Makmur.PT - Indonesia
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Bahari Cakrawala Sebuku - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Standard Chartered Bank - UAE
- Interocean Group of Companies - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Bhoruka Overseas - Indonesia
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Iligan Light & Power Inc, Philippines
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Mercuria Energy - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Central Java Power - Indonesia
- Latin American Coal - Colombia
- VISA Power Limited - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- LBH Netherlands Bv - Netherlands
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Indogreen Group - Indonesia
- Wilmar Investment Holdings
- Planning Commission, India
- Energy Development Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Romanian Commodities Exchange
- Bank of Tokyo Mitsubishi UFJ Ltd
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Petron Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Indika Energy - Indonesia
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- SMG Consultants - Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
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