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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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Sunday, 10 July 11
DRY BULK MARKET SHOWING SIGNS OF IMPROVEMENT - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Stronger Capesize demand has helped propel the dry bulk market forward this week, with the Baltic Dry Index (BDI) ending yesterday’s session u ...
Sunday, 10 July 11
INDONESIAN BAYAN RESOURCES TO SUPPLY 100 MILLION TONS OF COAL TO INDIAN UNIVERSAL SUCCESS ENTERPRISES LIMITED
Coal miner PT Bayan Resources Tbk (BYAN), that is owned by Dato' Low Tuck Kwong, has entered into a conditional sales and purchase agreement to sup ...
Thursday, 07 July 11
BELOW 5100 COAL WILL BE BANNED FOR EXPORT BY 12 JANUARY 2014
COALspot.com - Indonesian government is in the process of drafting an amendment for government regulation 23/ 2010.
GR 23/2010 has issued to sup ...
Wednesday, 06 July 11
ATLAS RESOURCES TO OFFLOAD 17 PERCENT IPO - INSIDER STORIES
Coking and thermal coal miner PT Atlas Energi Resources aims to offload 17percent new shares of its enlarged capital after Eid-Fitri holidays, as qu ...
Tuesday, 05 July 11
UNTR REVISES UP SALES TO 7,500 UNITS - INSIDER STORIES
PT United Tractors Tbk (UNTR), distributor of Komatsu heavy equipment and parent of PT Pamapersada Nusantara, has revised up its equipment sales tar ...
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- Parliament of New Zealand
- Simpson Spence & Young - Indonesia
- Formosa Plastics Group - Taiwan
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Holcim Trading Pte Ltd - Singapore
- Georgia Ports Authority, United States
- India Bulls Power Limited - India
- Kartika Selabumi Mining - Indonesia
- PowerSource Philippines DevCo
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Ministry of Mines - Canada
- Sarangani Energy Corporation, Philippines
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Eastern Energy - Thailand
- Xindia Steels Limited - India
- Central Java Power - Indonesia
- Kaltim Prima Coal - Indonesia
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GN Power Mariveles Coal Plant, Philippines
- Jaiprakash Power Ventures ltd
- Trasteel International SA, Italy
- Orica Australia Pty. Ltd.
- Mercuria Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Baramulti Group, Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Salva Resources Pvt Ltd - India
- Siam City Cement PLC, Thailand
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Thiess Contractors Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- SMG Consultants - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Rashtriya Ispat Nigam Limited - India
- Mjunction Services Limited - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Australian Commodity Traders Exchange
- Sical Logistics Limited - India
- Vedanta Resources Plc - India
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Bahari Cakrawala Sebuku - Indonesia
- Metalloyd Limited - United Kingdom
- SN Aboitiz Power Inc, Philippines
- Tamil Nadu electricity Board
- European Bulk Services B.V. - Netherlands
- Merrill Lynch Commodities Europe
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Transport, Egypt
- Kalimantan Lumbung Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- IHS Mccloskey Coal Group - USA
- Bukit Makmur.PT - Indonesia
- Vizag Seaport Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Sakthi Sugars Limited - India
- Posco Energy - South Korea
- Indika Energy - Indonesia
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Medco Energi Mining Internasional
- Antam Resourcindo - Indonesia
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Economic Council, Georgia
- Lanco Infratech Ltd - India
- Madhucon Powers Ltd - India
- New Zealand Coal & Carbon
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Commonwealth Bank - Australia
- Tata Chemicals Ltd - India
- MS Steel International - UAE
- Indian Oil Corporation Limited
- Offshore Bulk Terminal Pte Ltd, Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Parry Sugars Refinery, India
- Kobexindo Tractors - Indoneisa
- Petron Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Bangladesh Power Developement Board
- Bukit Baiduri Energy - Indonesia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- Goldman Sachs - Singapore
- Alfred C Toepfer International GmbH - Germany
- Billiton Holdings Pty Ltd - Australia
- Star Paper Mills Limited - India
- Iligan Light & Power Inc, Philippines
- Singapore Mercantile Exchange
- Interocean Group of Companies - India
- Essar Steel Hazira Ltd - India
- Therma Luzon, Inc, Philippines
- Power Finance Corporation Ltd., India
- Kepco SPC Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- GVK Power & Infra Limited - India
- Cement Manufacturers Association - India
- Coalindo Energy - Indonesia
- International Coal Ventures Pvt Ltd - India
- Ministry of Finance - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- GMR Energy Limited - India
- Banpu Public Company Limited - Thailand
- Sinarmas Energy and Mining - Indonesia
- Carbofer General Trading SA - India
- Sindya Power Generating Company Private Ltd
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- GAC Shipping (India) Pvt Ltd
- Krishnapatnam Port Company Ltd. - India
- Chettinad Cement Corporation Ltd - India
- Chamber of Mines of South Africa
- Electricity Authority, New Zealand
- Minerals Council of Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Straits Asia Resources Limited - Singapore
- Uttam Galva Steels Limited - India
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Heidelberg Cement - Germany
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Wilmar Investment Holdings
- Indogreen Group - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- OPG Power Generation Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- Grasim Industreis Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Ceylon Electricity Board - Sri Lanka
- Semirara Mining and Power Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Borneo Indobara - Indonesia
- Jindal Steel & Power Ltd - India
- Central Electricity Authority - India
- Deloitte Consulting - India
- SMC Global Power, Philippines
- Romanian Commodities Exchange
- Directorate Of Revenue Intelligence - India
- Global Business Power Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Mercator Lines Limited - India
- LBH Netherlands Bv - Netherlands
- Coal and Oil Company - UAE
- White Energy Company Limited
- Vijayanagar Sugar Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Aditya Birla Group - India
- Planning Commission, India
- Bhatia International Limited - India
- The State Trading Corporation of India Ltd
- Globalindo Alam Lestari - Indonesia
- Coastal Gujarat Power Limited - India
- Miang Besar Coal Terminal - Indonesia
- Orica Mining Services - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- London Commodity Brokers - England
- Energy Link Ltd, New Zealand
- Sree Jayajothi Cements Limited - India
- Edison Trading Spa - Italy
- Global Green Power PLC Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Makarim & Taira - Indonesia
- Toyota Tsusho Corporation, Japan
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
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