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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, 20 July 11
DRY BULK MARKET KEEPS ON FALLING ON SOFTENING CONDITIONS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market retreated to lower ground on Tuesday, as the industry’s benchmark, the BDI (Baltic Dry Index) fell to 1,330 points, down b ...
Tuesday, 19 July 11
82 MIO TONS OF COAL TO BE SUPPLIED FOR DOMESTIC MARKET
Indonesian Coal miners were required to supply 82 million tons of coal to Domestic market in this year. This is a 2.53 percent higher than last year ...
Monday, 18 July 11
IMFA BUYS A INDONESIAN COAL MINE FOR USD 8.7 M
Indian Metals and Ferro Alloys (IMFA), the largest producer of ferro chrome in the country, today said it has acquired 70 per cent stake in an Indones ...
Sunday, 17 July 11
THE COAL PRICES ARE SOFTENING DUE TO LESS DEMAND - VISTAAR
COALspot.com: The markets were down last week with BDI down by 6.63 points and closing at 1,353 points. The most affected was Cape index which was d ...
Friday, 15 July 11
DRY BULK MARKET SUFFERS NEW BLOW, RETREATS EVEN FURTHER - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market fell even lower yesterday on the back of lower demand for larger vessels, like Capesizes and Panamaxes. The industry’s ben ...
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- Kumho Petrochemical, South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- ICICI Bank Limited - India
- PTC India Limited - India
- Indika Energy - Indonesia
- GMR Energy Limited - India
- Bayan Resources Tbk. - Indonesia
- Global Coal Blending Company Limited - Australia
- CNBM International Corporation - China
- Gujarat Mineral Development Corp Ltd - India
- Lanco Infratech Ltd - India
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Uttam Galva Steels Limited - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Malabar Cements Ltd - India
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Simpson Spence & Young - Indonesia
- Kepco SPC Power Corporation, Philippines
- Coal and Oil Company - UAE
- Metalloyd Limited - United Kingdom
- Savvy Resources Ltd - HongKong
- Bukit Baiduri Energy - Indonesia
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Tamil Nadu electricity Board
- Videocon Industries ltd - India
- IHS Mccloskey Coal Group - USA
- Kartika Selabumi Mining - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Meralco Power Generation, Philippines
- Goldman Sachs - Singapore
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- Sindya Power Generating Company Private Ltd
- London Commodity Brokers - England
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Aditya Birla Group - India
- Toyota Tsusho Corporation, Japan
- Kideco Jaya Agung - Indonesia
- Bhoruka Overseas - Indonesia
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Power Finance Corporation Ltd., India
- Salva Resources Pvt Ltd - India
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Interocean Group of Companies - India
- Manunggal Multi Energi - Indonesia
- Borneo Indobara - Indonesia
- Siam City Cement PLC, Thailand
- Bukit Makmur.PT - Indonesia
- MS Steel International - UAE
- White Energy Company Limited
- Jorong Barutama Greston.PT - Indonesia
- Mintek Dendrill Indonesia
- Bharathi Cement Corporation - India
- GN Power Mariveles Coal Plant, Philippines
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Bahari Cakrawala Sebuku - Indonesia
- Parliament of New Zealand
- Indonesian Coal Mining Association
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Kaltim Prima Coal - Indonesia
- Petron Corporation, Philippines
- Kobexindo Tractors - Indoneisa
- Maheswari Brothers Coal Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Pendopo Energi Batubara - Indonesia
- Siam City Cement - Thailand
- Eastern Energy - Thailand
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Madhucon Powers Ltd - India
- Vizag Seaport Private Limited - India
- Medco Energi Mining Internasional
- Grasim Industreis Ltd - India
- European Bulk Services B.V. - Netherlands
- Eastern Coal Council - USA
- Bulk Trading Sa - Switzerland
- Energy Development Corp, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Oldendorff Carriers - Singapore
- The Treasury - Australian Government
- Kohat Cement Company Ltd. - Pakistan
- SN Aboitiz Power Inc, Philippines
- San Jose City I Power Corp, Philippines
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Price Waterhouse Coopers - Russia
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Romanian Commodities Exchange
- Binh Thuan Hamico - Vietnam
- Krishnapatnam Port Company Ltd. - India
- Anglo American - United Kingdom
- Edison Trading Spa - Italy
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Transport, Egypt
- Standard Chartered Bank - UAE
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Indo Tambangraya Megah - Indonesia
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- Samtan Co., Ltd - South Korea
- Altura Mining Limited, Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Electricity Authority, New Zealand
- TeaM Sual Corporation - Philippines
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Georgia Ports Authority, United States
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Aboitiz Power Corporation - Philippines
- SMC Global Power, Philippines
- Economic Council, Georgia
- Africa Commodities Group - South Africa
- Global Business Power Corporation, Philippines
- Ministry of Mines - Canada
- Indian Oil Corporation Limited
- Wilmar Investment Holdings
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Sakthi Sugars Limited - India
- Minerals Council of Australia
- Directorate Of Revenue Intelligence - India
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Deloitte Consulting - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Sree Jayajothi Cements Limited - India
- OPG Power Generation Pvt Ltd - India
- PowerSource Philippines DevCo
- Energy Link Ltd, New Zealand
- Rashtriya Ispat Nigam Limited - India
- Central Electricity Authority - India
- Gujarat Electricity Regulatory Commission - India
- McConnell Dowell - Australia
- India Bulls Power Limited - India
- Straits Asia Resources Limited - Singapore
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Makarim & Taira - Indonesia
- Rio Tinto Coal - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Australian Coal Association
- Mercator Lines Limited - India
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Intertek Mineral Services - Indonesia
- Mercuria Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Iligan Light & Power Inc, Philippines
- Merrill Lynch Commodities Europe
- The University of Queensland
- Karaikal Port Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Indogreen Group - Indonesia
- The State Trading Corporation of India Ltd
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- GAC Shipping (India) Pvt Ltd
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Sarangani Energy Corporation, Philippines
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