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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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Friday, 26 August 11
INTRACO EYES US$200 MIO COAL TAKEOVER - INSIDER STORIES
Heavy equipment distributor PT Intraco Penta Tbk, that was founded by Halex Halim, is scouting a coal acquisition with the valuation above US$200 mi ...
Thursday, 25 August 11
OPG EXPECTS COAL PRICES TO REMAIN FIRM IN THE SHORT TERM
COALspot.com - Revenue of OPG, the developer and operator of Group Captive power plants in India up 188% to £33.15m and Income from continuing ...
Thursday, 25 August 11
PAITON POWER LOOKING FOR 3.96 MILLION TONS OF COAL
COALspot.com - PT Pembangkit Jawa Bali (PJB) is looking for 3.96 million tons coal with calorific value 4,800 kcal/kg on as received basis. Accordin ...
Tuesday, 23 August 11
ICMA CALLS GOVERNMENT TO REVIEW EXPORT BAN REGULATION
COALspot.com - Chairman of the Indonesian Coal Mining Association (ICMA) Bob Kamandanu asks the government to review the regulation that being draft ...
Tuesday, 23 August 11
ADARO ENERGY ACQUIRES 75% STAKE OF PT MUSTIKA INDAH PERMAI FOR US$ 222.5 MILLION
COALspot.com - PT Alam Tri Abadi, a wholly owned subsidiary of PT Adaro Energy Tbk, signed a share purchase agreement to acquire a 75% stake of PT M ...
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- Bahari Cakrawala Sebuku - Indonesia
- Minerals Council of Australia
- Madhucon Powers Ltd - India
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Borneo Indobara - Indonesia
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- Binh Thuan Hamico - Vietnam
- Intertek Mineral Services - Indonesia
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Energy Development Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Wilmar Investment Holdings
- GAC Shipping (India) Pvt Ltd
- Sical Logistics Limited - India
- Anglo American - United Kingdom
- Petron Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Meralco Power Generation, Philippines
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Carbofer General Trading SA - India
- Latin American Coal - Colombia
- Jindal Steel & Power Ltd - India
- New Zealand Coal & Carbon
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vijayanagar Sugar Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Kideco Jaya Agung - Indonesia
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- McConnell Dowell - Australia
- Orica Australia Pty. Ltd.
- Ministry of Transport, Egypt
- Billiton Holdings Pty Ltd - Australia
- Riau Bara Harum - Indonesia
- Tamil Nadu electricity Board
- Commonwealth Bank - Australia
- Ceylon Electricity Board - Sri Lanka
- Australian Coal Association
- Ministry of Mines - Canada
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- CIMB Investment Bank - Malaysia
- Directorate General of MIneral and Coal - Indonesia
- PowerSource Philippines DevCo
- Chamber of Mines of South Africa
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Romanian Commodities Exchange
- PTC India Limited - India
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Barasentosa Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Mjunction Services Limited - India
- PNOC Exploration Corporation - Philippines
- Krishnapatnam Port Company Ltd. - India
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Bhoruka Overseas - Indonesia
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Jaiprakash Power Ventures ltd
- Sinarmas Energy and Mining - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Deloitte Consulting - India
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Bhatia International Limited - India
- CNBM International Corporation - China
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Mintek Dendrill Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Parry Sugars Refinery, India
- Antam Resourcindo - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Metalloyd Limited - United Kingdom
- SMG Consultants - Indonesia
- Therma Luzon, Inc, Philippines
- The University of Queensland
- Pipit Mutiara Jaya. PT, Indonesia
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- Agrawal Coal Company - India
- Bayan Resources Tbk. - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Holcim Trading Pte Ltd - Singapore
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- OPG Power Generation Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
- SMC Global Power, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- Pendopo Energi Batubara - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- London Commodity Brokers - England
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Renaissance Capital - South Africa
- Australian Commodity Traders Exchange
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Ind-Barath Power Infra Limited - India
- Edison Trading Spa - Italy
- Kumho Petrochemical, South Korea
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Asmin Koalindo Tuhup - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- ASAPP Information Group - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Semirara Mining and Power Corporation, Philippines
- Toyota Tsusho Corporation, Japan
- Coastal Gujarat Power Limited - India
- Goldman Sachs - Singapore
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Kapuas Tunggal Persada - Indonesia
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Kohat Cement Company Ltd. - Pakistan
- IEA Clean Coal Centre - UK
- Medco Energi Mining Internasional
- Karaikal Port Pvt Ltd - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Makarim & Taira - Indonesia
- Timah Investasi Mineral - Indoneisa
- Coalindo Energy - Indonesia
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Parliament of New Zealand
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Directorate Of Revenue Intelligence - India
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- White Energy Company Limited
- Thiess Contractors Indonesia
- Central Java Power - Indonesia
- Electricity Authority, New Zealand
- Bangladesh Power Developement Board
- Simpson Spence & Young - Indonesia
- Electricity Generating Authority of Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Standard Chartered Bank - UAE
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ICICI Bank Limited - India
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Ministry of Finance - Indonesia
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Neyveli Lignite Corporation Ltd, - India
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
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