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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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- PNOC Exploration Corporation - Philippines
- Aditya Birla Group - India
- Cigading International Bulk Terminal - Indonesia
- GVK Power & Infra Limited - India
- Madhucon Powers Ltd - India
- Global Coal Blending Company Limited - Australia
- Essar Steel Hazira Ltd - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Orica Australia Pty. Ltd.
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Bayan Resources Tbk. - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Renaissance Capital - South Africa
- Indonesian Coal Mining Association
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Indo Tambangraya Megah - Indonesia
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bhatia International Limited - India
- Ministry of Finance - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- The University of Queensland
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Indian Oil Corporation Limited
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- Sarangani Energy Corporation, Philippines
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Australian Coal Association
- Lanco Infratech Ltd - India
- Gujarat Sidhee Cement - India
- Deloitte Consulting - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Iligan Light & Power Inc, Philippines
- Tata Chemicals Ltd - India
- Merrill Lynch Commodities Europe
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Gujarat Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Aboitiz Power Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bahari Cakrawala Sebuku - Indonesia
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Romanian Commodities Exchange
- Planning Commission, India
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Banpu Public Company Limited - Thailand
- McConnell Dowell - Australia
- GMR Energy Limited - India
- Eastern Energy - Thailand
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Australian Commodity Traders Exchange
- Timah Investasi Mineral - Indoneisa
- ASAPP Information Group - India
- Power Finance Corporation Ltd., India
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Chettinad Cement Corporation Ltd - India
- Standard Chartered Bank - UAE
- IEA Clean Coal Centre - UK
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- ICICI Bank Limited - India
- Vedanta Resources Plc - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Meenaskhi Energy Private Limited - India
- OPG Power Generation Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- San Jose City I Power Corp, Philippines
- Edison Trading Spa - Italy
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Marubeni Corporation - India
- Electricity Authority, New Zealand
- Antam Resourcindo - Indonesia
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Larsen & Toubro Limited - India
- Parry Sugars Refinery, India
- Dalmia Cement Bharat India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Baiduri Energy - Indonesia
- PowerSource Philippines DevCo
- Coal and Oil Company - UAE
- Formosa Plastics Group - Taiwan
- Vizag Seaport Private Limited - India
- Intertek Mineral Services - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- TeaM Sual Corporation - Philippines
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Posco Energy - South Korea
- Heidelberg Cement - Germany
- Karaikal Port Pvt Ltd - India
- CNBM International Corporation - China
- Interocean Group of Companies - India
- Bukit Makmur.PT - Indonesia
- Anglo American - United Kingdom
- Ind-Barath Power Infra Limited - India
- Global Green Power PLC Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Grasim Industreis Ltd - India
- Manunggal Multi Energi - Indonesia
- Kartika Selabumi Mining - Indonesia
- IHS Mccloskey Coal Group - USA
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- Mercuria Energy - Indonesia
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Kumho Petrochemical, South Korea
- Savvy Resources Ltd - HongKong
- Uttam Galva Steels Limited - India
- Sree Jayajothi Cements Limited - India
- Sindya Power Generating Company Private Ltd
- Attock Cement Pakistan Limited
- Riau Bara Harum - Indonesia
- CIMB Investment Bank - Malaysia
- GAC Shipping (India) Pvt Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ceylon Electricity Board - Sri Lanka
- Trasteel International SA, Italy
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Bangladesh Power Developement Board
- Energy Link Ltd, New Zealand
- International Coal Ventures Pvt Ltd - India
- VISA Power Limited - India
- Semirara Mining Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Thai Mozambique Logistica
- Medco Energi Mining Internasional
- Petrochimia International Co. Ltd.- Taiwan
- Ambuja Cements Ltd - India
- Therma Luzon, Inc, Philippines
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Xindia Steels Limited - India
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Orica Mining Services - Indonesia
- Borneo Indobara - Indonesia
- Metalloyd Limited - United Kingdom
- Wilmar Investment Holdings
- Global Business Power Corporation, Philippines
- Economic Council, Georgia
- The Treasury - Australian Government
- Rashtriya Ispat Nigam Limited - India
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