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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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Monday, 22 August 11
NTPC TO IMPORT 16 MILLION TON OF COAL TO BRIDGE THE GAP
COALspot.com - NTPC to import 16 million tons of imported coal, which is equivalent to 23-24 million tons of Indian coal to bridge the gap.
" ...
Monday, 22 August 11
MACRO ECONOMICS - PETER SAND BIMCO / HELLENIC SHIPPING
The US is jeopardising the global recovery as job creation remains top challenge across the board.
Global economy: While growth in most emerging ...
Sunday, 21 August 11
SUPRAMAX AVAILABILITY WAS TIGHT DUE TO UPCOMING RAMADAN HOLIDAYS
COALspot.com - The financial markets have been in turmoil with all major stock exchanges down and uncertainty prevails. However the shipping market ...
Sunday, 21 August 11
TUAH TURANGGA ACQUIRES DUTA NURCAHYA
Coal miner PT Tuah Turangga Agung, a wholly owned subsidiary of PT United Tractors Tbk (UNTR) via PT Pamapersada Nusantara), has agreed to acquire 6 ...
Friday, 19 August 11
INDIAS CICTL HAS ACHIEVED ONE MILLION TONS OF DISCHARGE
COALspot.com - Chettinad International Coal Terminal (CICTL) in Ennore port, a state of the art mechanized coal terminal, which was inaugurated on 28t ...
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- Kumho Petrochemical, South Korea
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Agrawal Coal Company - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- The Treasury - Australian Government
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Electricity Authority, New Zealand
- Tata Chemicals Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Indian Energy Exchange, India
- Standard Chartered Bank - UAE
- Sarangani Energy Corporation, Philippines
- SMG Consultants - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Timah Investasi Mineral - Indoneisa
- Interocean Group of Companies - India
- London Commodity Brokers - England
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Alfred C Toepfer International GmbH - Germany
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Ind-Barath Power Infra Limited - India
- ASAPP Information Group - India
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Eastern Energy - Thailand
- European Bulk Services B.V. - Netherlands
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Deloitte Consulting - India
- Australian Commodity Traders Exchange
- Vedanta Resources Plc - India
- Pipit Mutiara Jaya. PT, Indonesia
- Metalloyd Limited - United Kingdom
- Ministry of Mines - Canada
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bharathi Cement Corporation - India
- Economic Council, Georgia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- SMC Global Power, Philippines
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Grasim Industreis Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- White Energy Company Limited
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Borneo Indobara - Indonesia
- Vizag Seaport Private Limited - India
- GAC Shipping (India) Pvt Ltd
- Bhatia International Limited - India
- Globalindo Alam Lestari - Indonesia
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Electricity Generating Authority of Thailand
- Makarim & Taira - Indonesia
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- CIMB Investment Bank - Malaysia
- Uttam Galva Steels Limited - India
- Kideco Jaya Agung - Indonesia
- Energy Link Ltd, New Zealand
- Chamber of Mines of South Africa
- Attock Cement Pakistan Limited
- PowerSource Philippines DevCo
- Kapuas Tunggal Persada - Indonesia
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Star Paper Mills Limited - India
- Intertek Mineral Services - Indonesia
- Kartika Selabumi Mining - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Singapore Mercantile Exchange
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Karaikal Port Pvt Ltd - India
- Coalindo Energy - Indonesia
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Altura Mining Limited, Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Petrochimia International Co. Ltd.- Taiwan
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- International Coal Ventures Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- IEA Clean Coal Centre - UK
- McConnell Dowell - Australia
- Kobexindo Tractors - Indoneisa
- Bhushan Steel Limited - India
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- PNOC Exploration Corporation - Philippines
- PTC India Limited - India
- Posco Energy - South Korea
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Parry Sugars Refinery, India
- Global Green Power PLC Corporation, Philippines
- Aditya Birla Group - India
- Jaiprakash Power Ventures ltd
- The University of Queensland
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Simpson Spence & Young - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Madhucon Powers Ltd - India
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Miang Besar Coal Terminal - Indonesia
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Sakthi Sugars Limited - India
- Banpu Public Company Limited - Thailand
- Sojitz Corporation - Japan
- Minerals Council of Australia
- Ministry of Finance - Indonesia
- Chettinad Cement Corporation Ltd - India
- Energy Development Corp, Philippines
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- Straits Asia Resources Limited - Singapore
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Malabar Cements Ltd - India
- Samtan Co., Ltd - South Korea
- Barasentosa Lestari - Indonesia
- Mjunction Services Limited - India
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- TeaM Sual Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Thiess Contractors Indonesia
- Anglo American - United Kingdom
- Directorate General of MIneral and Coal - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Antam Resourcindo - Indonesia
- Thai Mozambique Logistica
- Meralco Power Generation, Philippines
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Billiton Holdings Pty Ltd - Australia
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Aboitiz Power Corporation - Philippines
- Port Waratah Coal Services - Australia
- Toyota Tsusho Corporation, Japan
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Mercator Lines Limited - India
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vijayanagar Sugar Pvt Ltd - India
- SN Aboitiz Power Inc, Philippines
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