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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, 05 August 11
RIO TINTO SIGNS MOU WITH JINDAL STEEL AND POWER ON ADVANCING HISMELT TECHNOLOGY
Press Release - Rio Tinto has signed a Memorandum of Understanding (MoU) with Jindal Steel and Power Limited (JSPL) to take the next step in g ...
Friday, 05 August 11
THE WORLDS LARGEST COAL MINER TO INVEST IN INDO MINES
COALspot.com - Golden Energy Mines (GEMS) might go for initial public offering (IPO) by the end of September 2011. The company is planning to off lo ...
Friday, 05 August 11
DRY BULK MARKET FINALLY TAKES A BREATHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market at last caught a break mid-week after a constant fall which saw the industry’s benchmark, the BDI (Baltic Dry Index) falli ...
Thursday, 04 August 11
THE HBA CONTINUES TO FALL IN AUGUST
COALspot.com - Ministry of Energy and Mineral Resources of Indonesia has set the August 2011 coal reference price at US$ 117.21 per ton slightly low ...
Wednesday, 03 August 11
DEWA RETURNS TO US$2.65 MIO NET PROFIT - INSIDER STORIES
Coal mining contractor PT Darma Henwa Tbk (DEWA), that most of its revenue is contributed by Kaltim Prima Coal and Arutmin Indonesia, returned to ne ...
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- IEA Clean Coal Centre - UK
- International Coal Ventures Pvt Ltd - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Bulk Trading Sa - Switzerland
- Videocon Industries ltd - India
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jindal Steel & Power Ltd - India
- Sarangani Energy Corporation, Philippines
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- MS Steel International - UAE
- Asmin Koalindo Tuhup - Indonesia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Port Waratah Coal Services - Australia
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Semirara Mining and Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- Africa Commodities Group - South Africa
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Independent Power Producers Association of India
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Tata Chemicals Ltd - India
- Edison Trading Spa - Italy
- India Bulls Power Limited - India
- Vizag Seaport Private Limited - India
- IHS Mccloskey Coal Group - USA
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMG Consultants - Indonesia
- SN Aboitiz Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Wood Mackenzie - Singapore
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Kohat Cement Company Ltd. - Pakistan
- ASAPP Information Group - India
- Barasentosa Lestari - Indonesia
- Lanco Infratech Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- Planning Commission, India
- GAC Shipping (India) Pvt Ltd
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- Ceylon Electricity Board - Sri Lanka
- Commonwealth Bank - Australia
- Vedanta Resources Plc - India
- Borneo Indobara - Indonesia
- The Treasury - Australian Government
- Electricity Generating Authority of Thailand
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Deloitte Consulting - India
- Kepco SPC Power Corporation, Philippines
- Central Java Power - Indonesia
- Siam City Cement - Thailand
- Makarim & Taira - Indonesia
- Semirara Mining Corp, Philippines
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Krishnapatnam Port Company Ltd. - India
- Mercuria Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- Iligan Light & Power Inc, Philippines
- Goldman Sachs - Singapore
- Coastal Gujarat Power Limited - India
- Karaikal Port Pvt Ltd - India
- McConnell Dowell - Australia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Meenaskhi Energy Private Limited - India
- Indian Oil Corporation Limited
- Ministry of Mines - Canada
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Orica Mining Services - Indonesia
- Mjunction Services Limited - India
- Latin American Coal - Colombia
- Medco Energi Mining Internasional
- Jaiprakash Power Ventures ltd
- Thai Mozambique Logistica
- Chamber of Mines of South Africa
- Rio Tinto Coal - Australia
- ICICI Bank Limited - India
- Samtan Co., Ltd - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- OPG Power Generation Pvt Ltd - India
- Anglo American - United Kingdom
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Alfred C Toepfer International GmbH - Germany
- Ministry of Finance - Indonesia
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Indonesian Coal Mining Association
- Riau Bara Harum - Indonesia
- Petron Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Bahari Cakrawala Sebuku - Indonesia
- London Commodity Brokers - England
- Sindya Power Generating Company Private Ltd
- Carbofer General Trading SA - India
- Australian Commodity Traders Exchange
- Economic Council, Georgia
- Leighton Contractors Pty Ltd - Australia
- Bhatia International Limited - India
- Gujarat Sidhee Cement - India
- Sojitz Corporation - Japan
- San Jose City I Power Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- South Luzon Thermal Energy Corporation
- Kaltim Prima Coal - Indonesia
- Energy Link Ltd, New Zealand
- Bharathi Cement Corporation - India
- Orica Australia Pty. Ltd.
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Dalmia Cement Bharat India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Standard Chartered Bank - UAE
- Malabar Cements Ltd - India
- Australian Coal Association
- Gujarat Electricity Regulatory Commission - India
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Bayan Resources Tbk. - Indonesia
- Aboitiz Power Corporation - Philippines
- Metalloyd Limited - United Kingdom
- Parliament of New Zealand
- New Zealand Coal & Carbon
- Singapore Mercantile Exchange
- Global Green Power PLC Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- CIMB Investment Bank - Malaysia
- Star Paper Mills Limited - India
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Rashtriya Ispat Nigam Limited - India
- European Bulk Services B.V. - Netherlands
- Maharashtra Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Power Finance Corporation Ltd., India
- PTC India Limited - India
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Indo Tambangraya Megah - Indonesia
- Sakthi Sugars Limited - India
- Uttam Galva Steels Limited - India
- Bukit Makmur.PT - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- TNB Fuel Sdn Bhd - Malaysia
- The University of Queensland
- Heidelberg Cement - Germany
- White Energy Company Limited
- TeaM Sual Corporation - Philippines
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Antam Resourcindo - Indonesia
- Posco Energy - South Korea
- Ambuja Cements Ltd - India
- Parry Sugars Refinery, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Mercator Lines Limited - India
- PowerSource Philippines DevCo
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