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