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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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Thursday, 11 August 11
INDO TAMBANGRAYA 1H NET PROFIT SOARS 53.09%
Coal miner PT Indo Tambangraya Megah Tbk (ITMG) today reported a 53.09% jump in net profit for the first 6 months of this year on the back of higher ...
Wednesday, 10 August 11
KILLARA RESOURCES TO ACQUIRE SIX COAL CONCESSIONS OF TASON HOLDINGS
COALspot.com - Killara Resources Limited, an Australian listed company has formed PT Tavesco Killara Energy (TKE), a joint company with PT Tavesco I ...
Wednesday, 10 August 11
RESOURCE NATIONALISM IS MAIN BUSINESS RISK FOR MINING SECTORS, E&Y SURVEY
Resource nationalism is top of the business risk list for mining and metals companies around the world, while supply capacity constraint issues cont ...
Wednesday, 10 August 11
INDONESIAN COAL MINING ASSOCIATION OPPOSES LOW-GRADE COAL EXPORT BAN
COALspot.com - The Indonesian Coal Mining Association (ICMA) frowns on and challenges the government plan to ban the low-grade coal export inf ...
Wednesday, 10 August 11
ABM INVESTAMA TO OFFLOAD 20% IPO
Integrated coal mining PT ABM Investama, affiliated company of Tiara Marga Trakindo Group, aims to dispose 20% stake during an initial public offeri ...
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- Toyota Tsusho Corporation, Japan
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- Minerals Council of Australia
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- Energy Development Corp, Philippines
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- Global Green Power PLC Corporation, Philippines
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- Larsen & Toubro Limited - India
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- Heidelberg Cement - Germany
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- Indian Oil Corporation Limited
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- European Bulk Services B.V. - Netherlands
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- Orica Australia Pty. Ltd.
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- Power Finance Corporation Ltd., India
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
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- Electricity Authority, New Zealand
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- AsiaOL BioFuels Corp., Philippines
- Sinarmas Energy and Mining - Indonesia
- GMR Energy Limited - India
- Vedanta Resources Plc - India
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- Metalloyd Limited - United Kingdom
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- Vizag Seaport Private Limited - India
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- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
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- Planning Commission, India
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- Bukit Makmur.PT - Indonesia
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- CNBM International Corporation - China
- Mjunction Services Limited - India
- Timah Investasi Mineral - Indoneisa
- Jaiprakash Power Ventures ltd
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- Pendopo Energi Batubara - Indonesia
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- IEA Clean Coal Centre - UK
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
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- GAC Shipping (India) Pvt Ltd
- Tata Chemicals Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Coalindo Energy - Indonesia
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- Binh Thuan Hamico - Vietnam
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- Holcim Trading Pte Ltd - Singapore
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- Chamber of Mines of South Africa
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- The University of Queensland
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- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Agrawal Coal Company - India
- MS Steel International - UAE
- Sakthi Sugars Limited - India
- Merrill Lynch Commodities Europe
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Riau Bara Harum - Indonesia
- Orica Mining Services - Indonesia
- Bangladesh Power Developement Board
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Eastern Coal Council - USA
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- PowerSource Philippines DevCo
- Globalindo Alam Lestari - Indonesia
- Parliament of New Zealand
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- Kobexindo Tractors - Indoneisa
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- McConnell Dowell - Australia
- Romanian Commodities Exchange
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Global Business Power Corporation, Philippines
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Economic Council, Georgia
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- Aboitiz Power Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
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- Tamil Nadu electricity Board
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- Carbofer General Trading SA - India
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- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Cement Manufacturers Association - India
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- Xindia Steels Limited - India
- Iligan Light & Power Inc, Philippines
- Kohat Cement Company Ltd. - Pakistan
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- Global Coal Blending Company Limited - Australia
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- Formosa Plastics Group - Taiwan
- Directorate Of Revenue Intelligence - India
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- Attock Cement Pakistan Limited
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- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Samtan Co., Ltd - South Korea
- Coal and Oil Company - UAE
- SN Aboitiz Power Inc, Philippines
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
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