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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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Tuesday, 12 July 11
INDONESIAN MINERS PLAN $70M INVESTMENT TO UPGRADE QUALITY OF COAL - THE JAKARTA GLOBE
One of the leading english language news paper in indonesia, the Jakarta globe reported that, as the government implements a ban on the export of po ...
Tuesday, 12 July 11
DRY BULK MARKET BEGINS WEEK ON RETREAT MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
As was evident by the end of the previous week, the dry bulk market’s growth momentum was about to lose steam, something proven yesterday, whe ...
Sunday, 10 July 11
UNTR PROVIDES US$100 MIO TO TTA - INSIDER STORIES
PT United Tractors Tbk (UNTR) agreed to allocate US$100 million to its coal subsidiary dubbed PT Tuah Turangga Agung (TTA).The US$100 million was pa ...
Sunday, 10 July 11
HARDLY ANY CARGO FROM WC INDIA UNTIL END OF MONSOONS - VISTAAR
COALspot.com - The BDI continued to hold last week and firmed up by 27 points with cape and panama index supporting the BDI.
The BDI closed at 1, ...
Sunday, 10 July 11
PTBA INCREASES SHARES IN COAL TRAIN PROJECT - TEMPO INTERACTIVE
TEMPO Interactive reported that, PT Tambang Batubara Bukit Asam (PTBA) is still studying the plan to buy 20 percent of shares in the PT Bukit Asam T ...
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- Holcim Trading Pte Ltd - Singapore
- Power Finance Corporation Ltd., India
- Grasim Industreis Ltd - India
- Latin American Coal - Colombia
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Tata Chemicals Ltd - India
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Star Paper Mills Limited - India
- SN Aboitiz Power Inc, Philippines
- Wood Mackenzie - Singapore
- South Luzon Thermal Energy Corporation
- Dalmia Cement Bharat India
- Chamber of Mines of South Africa
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- Anglo American - United Kingdom
- Energy Link Ltd, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Africa Commodities Group - South Africa
- Sarangani Energy Corporation, Philippines
- Binh Thuan Hamico - Vietnam
- Salva Resources Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- Agrawal Coal Company - India
- Kalimantan Lumbung Energi - Indonesia
- New Zealand Coal & Carbon
- Antam Resourcindo - Indonesia
- London Commodity Brokers - England
- Billiton Holdings Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- White Energy Company Limited
- Energy Development Corp, Philippines
- Ministry of Mines - Canada
- Independent Power Producers Association of India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vizag Seaport Private Limited - India
- Kobexindo Tractors - Indoneisa
- Meralco Power Generation, Philippines
- Orica Australia Pty. Ltd.
- Goldman Sachs - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Coastal Gujarat Power Limited - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Alfred C Toepfer International GmbH - Germany
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement - Thailand
- Bharathi Cement Corporation - India
- Uttam Galva Steels Limited - India
- Siam City Cement PLC, Thailand
- Wilmar Investment Holdings
- Therma Luzon, Inc, Philippines
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Heidelberg Cement - Germany
- Indika Energy - Indonesia
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Georgia Ports Authority, United States
- Maharashtra Electricity Regulatory Commission - India
- Karbindo Abesyapradhi - Indoneisa
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- Parliament of New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining and Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Larsen & Toubro Limited - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Interocean Group of Companies - India
- Straits Asia Resources Limited - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mercuria Energy - Indonesia
- India Bulls Power Limited - India
- GMR Energy Limited - India
- Sinarmas Energy and Mining - Indonesia
- Petron Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Bhushan Steel Limited - India
- SMG Consultants - Indonesia
- Bhoruka Overseas - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Economic Council, Georgia
- Australian Coal Association
- LBH Netherlands Bv - Netherlands
- Leighton Contractors Pty Ltd - Australia
- Altura Mining Limited, Indonesia
- Global Business Power Corporation, Philippines
- Orica Mining Services - Indonesia
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Madhucon Powers Ltd - India
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Romanian Commodities Exchange
- Simpson Spence & Young - Indonesia
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Formosa Plastics Group - Taiwan
- Ministry of Finance - Indonesia
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Cigading International Bulk Terminal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- IEA Clean Coal Centre - UK
- Bukit Baiduri Energy - Indonesia
- Global Coal Blending Company Limited - Australia
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- ICICI Bank Limited - India
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- Parry Sugars Refinery, India
- Xindia Steels Limited - India
- Coalindo Energy - Indonesia
- The University of Queensland
- Vedanta Resources Plc - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Kideco Jaya Agung - Indonesia
- Sojitz Corporation - Japan
- Posco Energy - South Korea
- Attock Cement Pakistan Limited
- Indian Oil Corporation Limited
- Indian Energy Exchange, India
- Jindal Steel & Power Ltd - India
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Central Java Power - Indonesia
- Singapore Mercantile Exchange
- Sakthi Sugars Limited - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Tamil Nadu electricity Board
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Manunggal Multi Energi - Indonesia
- OPG Power Generation Pvt Ltd - India
- MS Steel International - UAE
- VISA Power Limited - India
- Kartika Selabumi Mining - Indonesia
- Electricity Authority, New Zealand
- San Jose City I Power Corp, Philippines
- Bulk Trading Sa - Switzerland
- Directorate Of Revenue Intelligence - India
- Sical Logistics Limited - India
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- IHS Mccloskey Coal Group - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Edison Trading Spa - Italy
- Price Waterhouse Coopers - Russia
- PetroVietnam Power Coal Import and Supply Company
- Ceylon Electricity Board - Sri Lanka
- Thiess Contractors Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- The State Trading Corporation of India Ltd
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- GAC Shipping (India) Pvt Ltd
- Essar Steel Hazira Ltd - India
- Ministry of Transport, Egypt
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- CIMB Investment Bank - Malaysia
- Savvy Resources Ltd - HongKong
- Baramulti Group, Indonesia
- SMC Global Power, Philippines
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