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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, 19 August 11
AUSTRALIAS' ATH TO ACQUIRE 60% OF APUAH COAL MINE IN INDONESIA
COALspot.com - Australian listed company, Atech Holdings Limited (ATH) has entered into a conditional binding term sheet to acquire 60 percent stake ...
Friday, 19 August 11
INDIA IMPORTS LESS INDONESIAN COAL THAN CHINA IN JULY
COALspot.com - Indonesia shipped 31.30 Million tons of coal in July 2011, up by 10.69 percent compared to June's export of about 28.27 ...
Thursday, 18 August 11
INDONESIAS PROPOSED LOW GRADE COAL EXPORT BAN WILL NOT HAVE A SIGNIFICANT IMPACT ON INDIA - MISWIN MAHESH
COALspot.com - The Indonesian government is currently in the process of drafting a new regulation that could ban the export of low-grade coal by Jan ...
Thursday, 18 August 11
MARUBENI ACQUIRED 42.86% OF YTL JAWA POWER
COALspot.com - Marubeni Corporation (Marubeni) has completed the acquisition of 42.86 percent of the shares of YTL Jawa Power Holdings BV from YTL P ...
Wednesday, 17 August 11
CME LAUNCHES ARGUS COKING COAL SWAP FUTURES
COALspot.com - Argus media reported that, leading exchange CME Group will list an Australian coking coal swap futures contract for trading on the Ny ...
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- Eastern Coal Council - USA
- Essar Steel Hazira Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhatia International Limited - India
- Aditya Birla Group - India
- Bukit Asam (Persero) Tbk - Indonesia
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Wilmar Investment Holdings
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Baiduri Energy - Indonesia
- SN Aboitiz Power Inc, Philippines
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- San Jose City I Power Corp, Philippines
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Borneo Indobara - Indonesia
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Bhushan Steel Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coalindo Energy - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Dalmia Cement Bharat India
- Planning Commission, India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Merrill Lynch Commodities Europe
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Kobexindo Tractors - Indoneisa
- TeaM Sual Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Latin American Coal - Colombia
- Trasteel International SA, Italy
- Meralco Power Generation, Philippines
- Iligan Light & Power Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Carbofer General Trading SA - India
- Aboitiz Power Corporation - Philippines
- Bulk Trading Sa - Switzerland
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Sakthi Sugars Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Marubeni Corporation - India
- MS Steel International - UAE
- Bayan Resources Tbk. - Indonesia
- Thiess Contractors Indonesia
- Chamber of Mines of South Africa
- Georgia Ports Authority, United States
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Chettinad Cement Corporation Ltd - India
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Electricity Authority, New Zealand
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- Wood Mackenzie - Singapore
- Mjunction Services Limited - India
- Standard Chartered Bank - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Pendopo Energi Batubara - Indonesia
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Simpson Spence & Young - Indonesia
- Bhoruka Overseas - Indonesia
- Lanco Infratech Ltd - India
- Global Green Power PLC Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Medco Energi Mining Internasional
- AsiaOL BioFuels Corp., Philippines
- Salva Resources Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- New Zealand Coal & Carbon
- Agrawal Coal Company - India
- London Commodity Brokers - England
- Uttam Galva Steels Limited - India
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Madhucon Powers Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Therma Luzon, Inc, Philippines
- South Luzon Thermal Energy Corporation
- Ceylon Electricity Board - Sri Lanka
- ASAPP Information Group - India
- Makarim & Taira - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kaltim Prima Coal - Indonesia
- SMC Global Power, Philippines
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- International Coal Ventures Pvt Ltd - India
- GMR Energy Limited - India
- Toyota Tsusho Corporation, Japan
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- The State Trading Corporation of India Ltd
- Independent Power Producers Association of India
- Karaikal Port Pvt Ltd - India
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- CNBM International Corporation - China
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Cement Manufacturers Association - India
- Ministry of Transport, Egypt
- Semirara Mining and Power Corporation, Philippines
- Mercuria Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- The University of Queensland
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- Sree Jayajothi Cements Limited - India
- Parliament of New Zealand
- Videocon Industries ltd - India
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Coal and Oil Company - UAE
- CIMB Investment Bank - Malaysia
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Indian Energy Exchange, India
- Riau Bara Harum - Indonesia
- PTC India Limited - India
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Price Waterhouse Coopers - Russia
- OPG Power Generation Pvt Ltd - India
- Kepco SPC Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Renaissance Capital - South Africa
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Indian Oil Corporation Limited
- Bahari Cakrawala Sebuku - Indonesia
- Timah Investasi Mineral - Indoneisa
- Alfred C Toepfer International GmbH - Germany
- Global Business Power Corporation, Philippines
- Vedanta Resources Plc - India
- Grasim Industreis Ltd - India
- Energy Development Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- IEA Clean Coal Centre - UK
- Meenaskhi Energy Private Limited - India
- Anglo American - United Kingdom
- Africa Commodities Group - South Africa
- The Treasury - Australian Government
- GVK Power & Infra Limited - India
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Deloitte Consulting - India
- Attock Cement Pakistan Limited
- Banpu Public Company Limited - Thailand
- ICICI Bank Limited - India
- Vizag Seaport Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Central Electricity Authority - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
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