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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, 03 August 11
DRY BULK MARKET SINKS TO THREE-MONTH LOWS, BUT CAPESIZES COULD TURN THINGS AROUND - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on falling this week, on the back of slow cargo demand amid the summer season. Yesterday, the BDI (Baltic Dry Index), the i ...
Tuesday, 02 August 11
INDONESIA BECOMES SECOND LARGEST COKING COAL EXPORTER
COALspot.com - Indonesia, the largest thermal coal exporter in the world now becomes second biggest coking coal exporter to Japan. Indonesian’ ...
Tuesday, 02 August 11
5TH ASIA PACIFIC COAL TRADING & INVESTMENT OUTLOOK TO PRESENT LATEST TRENDS
Press Release - Global commodities prices have been staying high since the beginning of 2011, resulting in the “TENSION” in various coun ...
Tuesday, 02 August 11
REALM RESOURCES TO ACQUIRE A 75% INTEREST IN THE KATINGAN RIA COAL PROJECT
COALspot.com - Scoping study at the Katingan Ria Coal Project, Central Kalimantan demonstrates positive technical and financial potential for the pr ...
Tuesday, 02 August 11
COAL INDIA TO INVEST IN GOLDEN ENERGY MINES
COALspot.com - Golden Energy Mines, part of PT Dian Swastatika Sentosa Tbk’s, is still negotiating with several strategic investors to o ...
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- White Energy Company Limited
- GMR Energy Limited - India
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Directorate Of Revenue Intelligence - India
- Medco Energi Mining Internasional
- Indian Oil Corporation Limited
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Maharashtra Electricity Regulatory Commission - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Indika Energy - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Economic Council, Georgia
- MS Steel International - UAE
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Kideco Jaya Agung - Indonesia
- The University of Queensland
- Timah Investasi Mineral - Indoneisa
- Indogreen Group - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Mercuria Energy - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Bhatia International Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Siam City Cement PLC, Thailand
- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Intertek Mineral Services - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Chamber of Mines of South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Ministry of Finance - Indonesia
- Anglo American - United Kingdom
- Salva Resources Pvt Ltd - India
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Formosa Plastics Group - Taiwan
- European Bulk Services B.V. - Netherlands
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Authority, New Zealand
- Metalloyd Limited - United Kingdom
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Central Java Power - Indonesia
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Merrill Lynch Commodities Europe
- Bharathi Cement Corporation - India
- Savvy Resources Ltd - HongKong
- Minerals Council of Australia
- GN Power Mariveles Coal Plant, Philippines
- McConnell Dowell - Australia
- Coalindo Energy - Indonesia
- Independent Power Producers Association of India
- GVK Power & Infra Limited - India
- Latin American Coal - Colombia
- Vedanta Resources Plc - India
- IEA Clean Coal Centre - UK
- Essar Steel Hazira Ltd - India
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- London Commodity Brokers - England
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Kartika Selabumi Mining - Indonesia
- Cement Manufacturers Association - India
- Indonesian Coal Mining Association
- Kobexindo Tractors - Indoneisa
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Oldendorff Carriers - Singapore
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Kalimantan Lumbung Energi - Indonesia
- Madhucon Powers Ltd - India
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Ambuja Cements Ltd - India
- PTC India Limited - India
- Sarangani Energy Corporation, Philippines
- The State Trading Corporation of India Ltd
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Semirara Mining and Power Corporation, Philippines
- Grasim Industreis Ltd - India
- Thai Mozambique Logistica
- Semirara Mining Corp, Philippines
- International Coal Ventures Pvt Ltd - India
- Eastern Coal Council - USA
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Bayan Resources Tbk. - Indonesia
- Banpu Public Company Limited - Thailand
- Vizag Seaport Private Limited - India
- Petron Corporation, Philippines
- Posco Energy - South Korea
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Iligan Light & Power Inc, Philippines
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- AsiaOL BioFuels Corp., Philippines
- India Bulls Power Limited - India
- Eastern Energy - Thailand
- Pendopo Energi Batubara - Indonesia
- Sakthi Sugars Limited - India
- Carbofer General Trading SA - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Electricity Generating Authority of Thailand
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Renaissance Capital - South Africa
- Sical Logistics Limited - India
- Altura Mining Limited, Indonesia
- OPG Power Generation Pvt Ltd - India
- Agrawal Coal Company - India
- Krishnapatnam Port Company Ltd. - India
- Miang Besar Coal Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Riau Bara Harum - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Bhoruka Overseas - Indonesia
- Manunggal Multi Energi - Indonesia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Xindia Steels Limited - India
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bukit Makmur.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Straits Asia Resources Limited - Singapore
- Jaiprakash Power Ventures ltd
- Mintek Dendrill Indonesia
- Edison Trading Spa - Italy
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- IHS Mccloskey Coal Group - USA
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- PNOC Exploration Corporation - Philippines
- Aboitiz Power Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- SMC Global Power, Philippines
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- SMG Consultants - Indonesia
- Star Paper Mills Limited - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Standard Chartered Bank - UAE
- South Luzon Thermal Energy Corporation
- Gujarat Electricity Regulatory Commission - India
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
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