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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, 15 July 11
BUKIT ASAM 1H COAL SALES UP 44 PERCENT
The state-controlled PT Tambang Batubara Bukit Asam Tbk (PTBA) is estimated to post 6.5 million tons of coal sales in the first half of this year, a ...
Thursday, 14 July 11
INDO GOVT. SETS JULY COAL REFERENCE PRICE AT US$ 118.24 PER TON
COALspot.com - The Ministry of Energy & Mineral Resources of Indonesia sets coal spot price benchmark for July 2011 at US$ 118.24 per ton, US$ 0 ...
Thursday, 14 July 11
DRY BULK MARKET KEEPS FALLING ON WEAK CAPESIZE SENTIMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market kept on retreating on Wednesday, with the Baltic Dry Index (BDI) falling to 1,383 points, from 1,411 of the previous day. Capesi ...
Thursday, 14 July 11
UNITED TRACTORS BUYS DUTA SEJAHTERA - INSIDER STORIES
Insider Stories reported that, PT United Tractors Tbk (UNTR), via a wholly-owned subsidiary PT Tuah Turangga Agung, will acquire PT Duta Sejahtera a ...
Wednesday, 13 July 11
ANOTHER FIRMER WEEK FOR THE CAPES - BRS
Barry Rogliano Salles reported that, there were mixed results for the dry bulk market this week: the Capesize and Panamax markets performed well gai ...
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- Timah Investasi Mineral - Indoneisa
- San Jose City I Power Corp, Philippines
- Interocean Group of Companies - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jorong Barutama Greston.PT - Indonesia
- Posco Energy - South Korea
- Asmin Koalindo Tuhup - Indonesia
- Metalloyd Limited - United Kingdom
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- PTC India Limited - India
- Eastern Energy - Thailand
- Malabar Cements Ltd - India
- PNOC Exploration Corporation - Philippines
- Cement Manufacturers Association - India
- Global Green Power PLC Corporation, Philippines
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Bukit Makmur.PT - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Rio Tinto Coal - Australia
- Makarim & Taira - Indonesia
- Essar Steel Hazira Ltd - India
- Energy Link Ltd, New Zealand
- Uttam Galva Steels Limited - India
- Electricity Generating Authority of Thailand
- GVK Power & Infra Limited - India
- Sical Logistics Limited - India
- Merrill Lynch Commodities Europe
- Toyota Tsusho Corporation, Japan
- Bhatia International Limited - India
- Minerals Council of Australia
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Rashtriya Ispat Nigam Limited - India
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Petron Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Cigading International Bulk Terminal - Indonesia
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Romanian Commodities Exchange
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Star Paper Mills Limited - India
- Price Waterhouse Coopers - Russia
- Mjunction Services Limited - India
- Gujarat Electricity Regulatory Commission - India
- Mercuria Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- McConnell Dowell - Australia
- Planning Commission, India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Coal Blending Company Limited - Australia
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Kumho Petrochemical, South Korea
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- ICICI Bank Limited - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
- Baramulti Group, Indonesia
- Barasentosa Lestari - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Oldendorff Carriers - Singapore
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Globalindo Alam Lestari - Indonesia
- Ministry of Mines - Canada
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Australian Commodity Traders Exchange
- Gujarat Sidhee Cement - India
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- Independent Power Producers Association of India
- Semirara Mining Corp, Philippines
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Grasim Industreis Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Chettinad Cement Corporation Ltd - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thai Mozambique Logistica
- VISA Power Limited - India
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- Mintek Dendrill Indonesia
- GMR Energy Limited - India
- IHS Mccloskey Coal Group - USA
- Power Finance Corporation Ltd., India
- The University of Queensland
- The State Trading Corporation of India Ltd
- Carbofer General Trading SA - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indogreen Group - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- OPG Power Generation Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Pendopo Energi Batubara - Indonesia
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Ind-Barath Power Infra Limited - India
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Altura Mining Limited, Indonesia
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Electricity Authority, New Zealand
- Riau Bara Harum - Indonesia
- Thiess Contractors Indonesia
- New Zealand Coal & Carbon
- Indo Tambangraya Megah - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Latin American Coal - Colombia
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- AsiaOL BioFuels Corp., Philippines
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Bhoruka Overseas - Indonesia
- European Bulk Services B.V. - Netherlands
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Salva Resources Pvt Ltd - India
- Bangladesh Power Developement Board
- Bahari Cakrawala Sebuku - Indonesia
- India Bulls Power Limited - India
- Agrawal Coal Company - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- Ministry of Transport, Egypt
- Energy Development Corp, Philippines
- Anglo American - United Kingdom
- Maheswari Brothers Coal Limited - India
- Aboitiz Power Corporation - Philippines
- Medco Energi Mining Internasional
- Parliament of New Zealand
- Kaltim Prima Coal - Indonesia
- ASAPP Information Group - India
- Sakthi Sugars Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ministry of Finance - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Global Business Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Miang Besar Coal Terminal - Indonesia
- Siam City Cement - Thailand
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- Xindia Steels Limited - India
- Vedanta Resources Plc - India
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