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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, 09 August 11
INDONESIAS COAL PRODUCTION GREW BY 19.4% LAST YEAR - BP
COALspot.com - Indonesia’s coal production grew by 19.4% last year to 305.879 million tonnes from 256.181 million tonnes in 2009, the fastest ...
Tuesday, 09 August 11
DRY BULK MARKET UNABLE TO FIND UPWARD MOMENTUM, SLUMPS AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
They same that what goes up must come down and nobody seems to have found a better application of this expression, than the beleguered dry bulk mark ...
Monday, 08 August 11
OIL PRICES ARE SOFTENING, WILL IT INFLUENCE COAL PRICES?
COALspot.com - The current global economic condition is in volatility after a little chance of optimism for economic recovery.
Oil price at ...
Monday, 08 August 11
A SUPRAMAX VESSEL WAS REPORTED FIXED AT $ 12K - VISTAAR
COALspot.com - The BDI was slightly up by about 4 points closed at 1268 points which was supported by cape index which was up 3.14 pct and closed at ...
Saturday, 06 August 11
NTPC IS CONSIDERING TO ENTER INTO 25 YEARS COAL PURCHASE AGREEMENT
Indian, State-run power producer NTPC's present annual consumption is 164 million tonnes, and company is considering long-term agreements abroad to ...
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- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- VISA Power Limited - India
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Thiess Contractors Indonesia
- Miang Besar Coal Terminal - Indonesia
- Therma Luzon, Inc, Philippines
- White Energy Company Limited
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Baramulti Group, Indonesia
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Latin American Coal - Colombia
- Leighton Contractors Pty Ltd - Australia
- Globalindo Alam Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Orica Australia Pty. Ltd.
- Iligan Light & Power Inc, Philippines
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- New Zealand Coal & Carbon
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Heidelberg Cement - Germany
- CIMB Investment Bank - Malaysia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Savvy Resources Ltd - HongKong
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Mjunction Services Limited - India
- Meenaskhi Energy Private Limited - India
- Toyota Tsusho Corporation, Japan
- Asmin Koalindo Tuhup - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Energy Exchange, India
- Kideco Jaya Agung - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sical Logistics Limited - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- GAC Shipping (India) Pvt Ltd
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Meralco Power Generation, Philippines
- GMR Energy Limited - India
- MS Steel International - UAE
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Agrawal Coal Company - India
- Binh Thuan Hamico - Vietnam
- Energy Link Ltd, New Zealand
- Bukit Baiduri Energy - Indonesia
- Bulk Trading Sa - Switzerland
- McConnell Dowell - Australia
- Bhoruka Overseas - Indonesia
- Aboitiz Power Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Bayan Resources Tbk. - Indonesia
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- India Bulls Power Limited - India
- Grasim Industreis Ltd - India
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Ind-Barath Power Infra Limited - India
- Bukit Makmur.PT - Indonesia
- Kaltim Prima Coal - Indonesia
- Indika Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- Uttam Galva Steels Limited - India
- Bangladesh Power Developement Board
- Attock Cement Pakistan Limited
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- TeaM Sual Corporation - Philippines
- The University of Queensland
- Formosa Plastics Group - Taiwan
- Manunggal Multi Energi - Indonesia
- Deloitte Consulting - India
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Bhushan Steel Limited - India
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Power Finance Corporation Ltd., India
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Maharashtra Electricity Regulatory Commission - India
- Eastern Coal Council - USA
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- IHS Mccloskey Coal Group - USA
- Georgia Ports Authority, United States
- Krishnapatnam Port Company Ltd. - India
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Lanco Infratech Ltd - India
- Kepco SPC Power Corporation, Philippines
- Vedanta Resources Plc - India
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indo Tambangraya Megah - Indonesia
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Oldendorff Carriers - Singapore
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Salva Resources Pvt Ltd - India
- Ministry of Mines - Canada
- Marubeni Corporation - India
- Romanian Commodities Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Petron Corporation, Philippines
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Planning Commission, India
- Independent Power Producers Association of India
- Antam Resourcindo - Indonesia
- GVK Power & Infra Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Pendopo Energi Batubara - Indonesia
- Minerals Council of Australia
- Neyveli Lignite Corporation Ltd, - India
- South Luzon Thermal Energy Corporation
- Sakthi Sugars Limited - India
- Parliament of New Zealand
- Anglo American - United Kingdom
- Interocean Group of Companies - India
- Videocon Industries ltd - India
- Banpu Public Company Limited - Thailand
- Merrill Lynch Commodities Europe
- Indian Oil Corporation Limited
- Bhatia International Limited - India
- Parry Sugars Refinery, India
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- PTC India Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- LBH Netherlands Bv - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Global Coal Blending Company Limited - Australia
- Borneo Indobara - Indonesia
- Bharathi Cement Corporation - India
- Trasteel International SA, Italy
- Jorong Barutama Greston.PT - Indonesia
- Simpson Spence & Young - Indonesia
- Madhucon Powers Ltd - India
- Kumho Petrochemical, South Korea
- PNOC Exploration Corporation - Philippines
- Semirara Mining Corp, Philippines
- Economic Council, Georgia
- San Jose City I Power Corp, Philippines
- Kartika Selabumi Mining - Indonesia
- Barasentosa Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Global Green Power PLC Corporation, Philippines
- PowerSource Philippines DevCo
- Singapore Mercantile Exchange
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Straits Asia Resources Limited - Singapore
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