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