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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, 27 July 11
BLACKSTONE TO INVEST INR 5,000 MILLION (APPRX. US$ 111 MILLION) IN VISA POWER
Press Release - The Blackstone Group (NYSE: BX) today announced that it will be investing INR 5,000 million (c. USD 111 million) in VISA Power ...
Tuesday, 26 July 11
UT'S SALES COULD REACH TO 8000 UNITS BY THE END OF 2011
COALspot.com - Sales of Komatsu heavy equipment in the domestic market in the first half of 2011 rose 59 percent to 4333 units compared to the same ...
Monday, 25 July 11
INDONESIA STATE ELECTRICITY COMPANY HAS BURNED 19 MMT OF COAL FOR FIRST HALF OF 2011
COALspot.com - Indonesia's State Electricity Company and other IPPs have burned 19 million tons of coal for first half of this year said,Pamudji Nu ...
Monday, 25 July 11
AKR CORPORINDO TO PRODUCE 0.3 MMT OF COAL BY DECEMBER
COALspot.com - PT AKR Corporindo (AKRA) began producing coal from its mine in Muara Teweh, Central Kalimantan. The company is targeting to pro ...
Sunday, 24 July 11
AN INDIAN PORT SETS A WORLD RECORD FOR CONVENTIONAL COAL DISCHARGE
COALspot.com - Krishnapatnam Port has set a World record for discharging 106,171 tons of steam coal in just 24 hrs using the conventional unloading sy ...
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- Timah Investasi Mineral - Indoneisa
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Global Green Power PLC Corporation, Philippines
- Videocon Industries ltd - India
- Rio Tinto Coal - Australia
- Port Waratah Coal Services - Australia
- Energy Link Ltd, New Zealand
- MS Steel International - UAE
- SMC Global Power, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Meralco Power Generation, Philippines
- Latin American Coal - Colombia
- Merrill Lynch Commodities Europe
- Aboitiz Power Corporation - Philippines
- Sree Jayajothi Cements Limited - India
- Minerals Council of Australia
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Indian Energy Exchange, India
- Bahari Cakrawala Sebuku - Indonesia
- Indonesian Coal Mining Association
- Chettinad Cement Corporation Ltd - India
- Indian Oil Corporation Limited
- Formosa Plastics Group - Taiwan
- Sakthi Sugars Limited - India
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- Energy Development Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement PLC, Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sarangani Energy Corporation, Philippines
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- The State Trading Corporation of India Ltd
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Malabar Cements Ltd - India
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- AsiaOL BioFuels Corp., Philippines
- Planning Commission, India
- Vedanta Resources Plc - India
- Kaltim Prima Coal - Indonesia
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Cement Manufacturers Association - India
- Posco Energy - South Korea
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Larsen & Toubro Limited - India
- Manunggal Multi Energi - Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Lanco Infratech Ltd - India
- Edison Trading Spa - Italy
- International Coal Ventures Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- Baramulti Group, Indonesia
- Chamber of Mines of South Africa
- New Zealand Coal & Carbon
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Samtan Co., Ltd - South Korea
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Renaissance Capital - South Africa
- White Energy Company Limited
- Asmin Koalindo Tuhup - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Vizag Seaport Private Limited - India
- Ministry of Mines - Canada
- Tata Chemicals Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- GMR Energy Limited - India
- Bhoruka Overseas - Indonesia
- Globalindo Alam Lestari - Indonesia
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Bulk Trading Sa - Switzerland
- PTC India Limited - India
- Central Java Power - Indonesia
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Bank of Tokyo Mitsubishi UFJ Ltd
- VISA Power Limited - India
- Coastal Gujarat Power Limited - India
- Trasteel International SA, Italy
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Pipit Mutiara Jaya. PT, Indonesia
- European Bulk Services B.V. - Netherlands
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Toyota Tsusho Corporation, Japan
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bharathi Cement Corporation - India
- Makarim & Taira - Indonesia
- Kumho Petrochemical, South Korea
- Orica Australia Pty. Ltd.
- Central Electricity Authority - India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Economic Council, Georgia
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- SN Aboitiz Power Inc, Philippines
- Mjunction Services Limited - India
- South Luzon Thermal Energy Corporation
- TeaM Sual Corporation - Philippines
- Riau Bara Harum - Indonesia
- Romanian Commodities Exchange
- Independent Power Producers Association of India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Alfred C Toepfer International GmbH - Germany
- OPG Power Generation Pvt Ltd - India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- PowerSource Philippines DevCo
- Aditya Birla Group - India
- Eastern Energy - Thailand
- Jorong Barutama Greston.PT - Indonesia
- Intertek Mineral Services - Indonesia
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Siam City Cement - Thailand
- Coal and Oil Company - UAE
- Medco Energi Mining Internasional
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Orica Mining Services - Indonesia
- Goldman Sachs - Singapore
- Global Coal Blending Company Limited - Australia
- Electricity Generating Authority of Thailand
- Bhushan Steel Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Jindal Steel & Power Ltd - India
- Australian Coal Association
- Indika Energy - Indonesia
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- ASAPP Information Group - India
- Global Business Power Corporation, Philippines
- Parliament of New Zealand
- PNOC Exploration Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- Billiton Holdings Pty Ltd - Australia
- Tamil Nadu electricity Board
- Dalmia Cement Bharat India
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Attock Cement Pakistan Limited
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Wilmar Investment Holdings
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Iligan Light & Power Inc, Philippines
- Bukit Makmur.PT - Indonesia
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