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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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Wednesday, 17 August 11
TAVESCO KILLARA ENERGY TO ACQUIRE COAL CONCESSIONS IN EAST KALIMANTAN
COALspot.com - Killara Resources Limited, an Australian listed company has formed PT Tavesco Killara Energy (TKE), a joint company with PT Tavesco I ...
Wednesday, 17 August 11
BUMI'S H1 UNDERLYING OPERATING PROFIT $62 MILLION
COALspot.com - Bumi PLC , posted underlying first-half operating profit of $62 million and production at PT Bumi Resources and PT Berau increased to ...
Wednesday, 17 August 11
SHIP OWNERS COULD FACE PAIN ON THE BACK OF GLOOMY ECONOMYS PREDICTIONS - HELLENIC SHIPPING
The latest market turmoil, coupled with the renewed risk of a global recession could very well signal more troubled times for ship owners of all shi ...
Tuesday, 16 August 11
CHALLENGER ENTERED INTO CSPA WITH PELANGI KERTANEGARA TO ACQUIRE 100% STAKE
COALspot.com - Challenger Deep Resources Corp., through its wholly owned subsidiary, P.T. Bestindo Energy, has exercised its option to purchase an a ...
Monday, 15 August 11
ADARO ENERGYS NET INCOME MORE THAN DOUBLES IN FIRST HALF 2011
COALspot.com - Indonesian’s second largest coal producer, Adaro Energy, booked net profit US$ 268 million in the first half 2011, rose two-fol ...
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- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Larsen & Toubro Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Aditya Birla Group - India
- Global Coal Blending Company Limited - Australia
- Sindya Power Generating Company Private Ltd
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Indogreen Group - Indonesia
- Ministry of Finance - Indonesia
- Eastern Coal Council - USA
- McConnell Dowell - Australia
- Globalindo Alam Lestari - Indonesia
- Bukit Makmur.PT - Indonesia
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- Marubeni Corporation - India
- Indian Energy Exchange, India
- Energy Development Corp, Philippines
- Ambuja Cements Ltd - India
- Makarim & Taira - Indonesia
- ASAPP Information Group - India
- Malabar Cements Ltd - India
- Wilmar Investment Holdings
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Therma Luzon, Inc, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Maheswari Brothers Coal Limited - India
- Bulk Trading Sa - Switzerland
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- Xindia Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- PNOC Exploration Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- South Luzon Thermal Energy Corporation
- Metalloyd Limited - United Kingdom
- Medco Energi Mining Internasional
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- Karbindo Abesyapradhi - Indoneisa
- Port Waratah Coal Services - Australia
- Deloitte Consulting - India
- Thiess Contractors Indonesia
- Economic Council, Georgia
- Directorate Of Revenue Intelligence - India
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Banpu Public Company Limited - Thailand
- Global Business Power Corporation, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Vedanta Resources Plc - India
- Vizag Seaport Private Limited - India
- Salva Resources Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Georgia Ports Authority, United States
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- IEA Clean Coal Centre - UK
- Sarangani Energy Corporation, Philippines
- Standard Chartered Bank - UAE
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- Coalindo Energy - Indonesia
- Mjunction Services Limited - India
- Goldman Sachs - Singapore
- Bayan Resources Tbk. - Indonesia
- Intertek Mineral Services - Indonesia
- Wood Mackenzie - Singapore
- Parry Sugars Refinery, India
- Coal and Oil Company - UAE
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- TNB Fuel Sdn Bhd - Malaysia
- Bangladesh Power Developement Board
- Merrill Lynch Commodities Europe
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- Agrawal Coal Company - India
- SN Aboitiz Power Inc, Philippines
- Independent Power Producers Association of India
- Indian Oil Corporation Limited
- Eastern Energy - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Dalmia Cement Bharat India
- PTC India Limited - India
- Meenaskhi Energy Private Limited - India
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- International Coal Ventures Pvt Ltd - India
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Australian Coal Association
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Romanian Commodities Exchange
- Heidelberg Cement - Germany
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- PetroVietnam Power Coal Import and Supply Company
- Chettinad Cement Corporation Ltd - India
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Krishnapatnam Port Company Ltd. - India
- Ceylon Electricity Board - Sri Lanka
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Electricity Authority, New Zealand
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Timah Investasi Mineral - Indoneisa
- Global Green Power PLC Corporation, Philippines
- GMR Energy Limited - India
- Holcim Trading Pte Ltd - Singapore
- CIMB Investment Bank - Malaysia
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Kumho Petrochemical, South Korea
- Price Waterhouse Coopers - Russia
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Jaiprakash Power Ventures ltd
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Bhoruka Overseas - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Latin American Coal - Colombia
- Australian Commodity Traders Exchange
- MS Steel International - UAE
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- Indika Energy - Indonesia
- Riau Bara Harum - Indonesia
- Aboitiz Power Corporation - Philippines
- The Treasury - Australian Government
- Attock Cement Pakistan Limited
- Singapore Mercantile Exchange
- Indo Tambangraya Megah - Indonesia
- London Commodity Brokers - England
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- European Bulk Services B.V. - Netherlands
- The University of Queensland
- Videocon Industries ltd - India
- Samtan Co., Ltd - South Korea
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- SMC Global Power, Philippines
- Madhucon Powers Ltd - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kohat Cement Company Ltd. - Pakistan
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Indonesian Coal Mining Association
- Alfred C Toepfer International GmbH - Germany
- Bukit Asam (Persero) Tbk - Indonesia
- Iligan Light & Power Inc, Philippines
- Formosa Plastics Group - Taiwan
- Petron Corporation, Philippines
- Planning Commission, India
- Rio Tinto Coal - Australia
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