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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, 23 August 11
COAL DEMAND IS REMAINED STRONG IN SPITE OF CURRENT GLOBAL ECONOMIC UNCERTAINTY - BUMI
COALspot.com - Indonesia's largest coal producer, PT Bumi Resources, Tbk (BUMI)'s sales revenue has increased to US$1.79 billion (compared with US ...
Tuesday, 23 August 11
PENRHYN COAL USING EVERGREEN ENERGYS COAL UPGRADING PROCESS
Evergreen Energy Inc has announced the successful testing results of the initial batches of Penrhyn coal using Evergreen Energy’s coal upgradi ...
Tuesday, 23 August 11
A SHARP INCREASE IN THE BDI - BRS
A sharp increase in the BDI this week, driven by the rise in Capesize rates. Overall the BDI was up 13.5% to 1,462 points on the back of a 20% surge ...
Monday, 22 August 11
INDONESIA TO BAN BELOW 5700 KCAL/KG COAL FOR EXPORT
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia is in the process of drafting a regulation which is requiring mine owners ...
Monday, 22 August 11
JATENERGY AGREED TO FORM JV WITH AN INDONESIAN COAL MINING COMPANY
COALspot.com - Australian’s listed company, Jatenergy Limited has entered conditional agreement to form joint venture with Indonesia’s c ...
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- GVK Power & Infra Limited - India
- Standard Chartered Bank - UAE
- Australian Commodity Traders Exchange
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Samtan Co., Ltd - South Korea
- Electricity Generating Authority of Thailand
- Heidelberg Cement - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Alfred C Toepfer International GmbH - Germany
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Parliament of New Zealand
- Billiton Holdings Pty Ltd - Australia
- Indika Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Kartika Selabumi Mining - Indonesia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Xindia Steels Limited - India
- Parry Sugars Refinery, India
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- Pipit Mutiara Jaya. PT, Indonesia
- Star Paper Mills Limited - India
- Wilmar Investment Holdings
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Karaikal Port Pvt Ltd - India
- Kumho Petrochemical, South Korea
- Siam City Cement PLC, Thailand
- Simpson Spence & Young - Indonesia
- Edison Trading Spa - Italy
- VISA Power Limited - India
- The University of Queensland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Asmin Koalindo Tuhup - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Tata Chemicals Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Coal and Oil Company - UAE
- OPG Power Generation Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Orica Australia Pty. Ltd.
- South Luzon Thermal Energy Corporation
- Independent Power Producers Association of India
- Ambuja Cements Ltd - India
- Binh Thuan Hamico - Vietnam
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Banpu Public Company Limited - Thailand
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Sical Logistics Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- GN Power Mariveles Coal Plant, Philippines
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Thiess Contractors Indonesia
- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- McConnell Dowell - Australia
- Gujarat Electricity Regulatory Commission - India
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- PTC India Limited - India
- Borneo Indobara - Indonesia
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Gujarat Mineral Development Corp Ltd - India
- Barasentosa Lestari - Indonesia
- Petron Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Riau Bara Harum - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Latin American Coal - Colombia
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Rio Tinto Coal - Australia
- Maharashtra Electricity Regulatory Commission - India
- Kobexindo Tractors - Indoneisa
- Global Business Power Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Ministry of Finance - Indonesia
- Antam Resourcindo - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Minerals Council of Australia
- Bharathi Cement Corporation - India
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Orica Mining Services - Indonesia
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Directorate Of Revenue Intelligence - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- White Energy Company Limited
- Toyota Tsusho Corporation, Japan
- Energy Development Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- India Bulls Power Limited - India
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Vizag Seaport Private Limited - India
- Altura Mining Limited, Indonesia
- Electricity Authority, New Zealand
- Mercuria Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Petrochimia International Co. Ltd.- Taiwan
- Deloitte Consulting - India
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Merrill Lynch Commodities Europe
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indo Tambangraya Megah - Indonesia
- Bukit Makmur.PT - Indonesia
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Grasim Industreis Ltd - India
- Eastern Energy - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Carbofer General Trading SA - India
- Straits Asia Resources Limited - Singapore
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Chamber of Mines of South Africa
- Medco Energi Mining Internasional
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Sarangani Energy Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Central Electricity Authority - India
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Larsen & Toubro Limited - India
- MS Steel International - UAE
- Ministry of Transport, Egypt
- Wood Mackenzie - Singapore
- Africa Commodities Group - South Africa
- Australian Coal Association
- PowerSource Philippines DevCo
- AsiaOL BioFuels Corp., Philippines
- Renaissance Capital - South Africa
- Baramulti Group, Indonesia
- International Coal Ventures Pvt Ltd - India
- Thai Mozambique Logistica
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