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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, 03 July 11
INDONESIAN GOVERNMENT HAS CLEARED 1509 COAL IUP'S AS CLEAR AND CLEAN
COALspot.com - The Directorate general of mineral & coal of Indonesia has cleared around 1,509 IUP holders (coal mining companies) as "clea ...
Sunday, 03 July 11
MONSOON IN INDIA PUSHED FREIGHTS UP FROM INDONESIA TO WC INDIA - VISTAAR
COALspot.com - The BDI continued to hold closing just 2 points below last week at 1,422 points which was supported by Cape index which was up by 71 ...
Friday, 01 July 11
BEN LINE OPENS A NEW OFFICE IN BERAU
COALspot.com - Ben Line Agencies has announced that it has opened a new office in the busy coal loading port of Berau in East Kalimantan increasing ...
Friday, 01 July 11
CAPESIZE RATES TO REMAIN DEPRESSED IN COMING MONTHS SAYS SHIPPING ORGANIZATION - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
In a recent report, BIMCO reassessed that Capesize freight rates will remain in depressed territory in the coming months. Capesize Time Charter Aver ...
Thursday, 30 June 11
DRY BULK MARKET SHOWS SIGNS OF FURTHER WEAKENING - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market seems to be unable to shake off the additional supply of vessels, an oversupply issue of grave concern that would have occured e ...
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- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- CIMB Investment Bank - Malaysia
- Cigading International Bulk Terminal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Sindya Power Generating Company Private Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Chamber of Mines of South Africa
- Indogreen Group - Indonesia
- Bulk Trading Sa - Switzerland
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Sical Logistics Limited - India
- Minerals Council of Australia
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- LBH Netherlands Bv - Netherlands
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- The Treasury - Australian Government
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Marubeni Corporation - India
- Bhatia International Limited - India
- Planning Commission, India
- Energy Development Corp, Philippines
- Straits Asia Resources Limited - Singapore
- Independent Power Producers Association of India
- Borneo Indobara - Indonesia
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Karbindo Abesyapradhi - Indoneisa
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Mjunction Services Limited - India
- Petron Corporation, Philippines
- Uttam Galva Steels Limited - India
- Indian Energy Exchange, India
- Bukit Asam (Persero) Tbk - Indonesia
- Port Waratah Coal Services - Australia
- Electricity Generating Authority of Thailand
- Madhucon Powers Ltd - India
- Bangladesh Power Developement Board
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Global Coal Blending Company Limited - Australia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- ICICI Bank Limited - India
- IHS Mccloskey Coal Group - USA
- Standard Chartered Bank - UAE
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Intertek Mineral Services - Indonesia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- Electricity Authority, New Zealand
- Iligan Light & Power Inc, Philippines
- Billiton Holdings Pty Ltd - Australia
- Malabar Cements Ltd - India
- Agrawal Coal Company - India
- Posco Energy - South Korea
- Kumho Petrochemical, South Korea
- Larsen & Toubro Limited - India
- Kobexindo Tractors - Indoneisa
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Orica Australia Pty. Ltd.
- Tamil Nadu electricity Board
- Aditya Birla Group - India
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Alfred C Toepfer International GmbH - Germany
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Edison Trading Spa - Italy
- Thiess Contractors Indonesia
- Jindal Steel & Power Ltd - India
- Dalmia Cement Bharat India
- Attock Cement Pakistan Limited
- MS Steel International - UAE
- International Coal Ventures Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Anglo American - United Kingdom
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- SMC Global Power, Philippines
- Miang Besar Coal Terminal - Indonesia
- Sree Jayajothi Cements Limited - India
- Central Java Power - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Indonesian Coal Mining Association
- Toyota Tsusho Corporation, Japan
- Leighton Contractors Pty Ltd - Australia
- Neyveli Lignite Corporation Ltd, - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Sarangani Energy Corporation, Philippines
- Lanco Infratech Ltd - India
- Parry Sugars Refinery, India
- McConnell Dowell - Australia
- Central Electricity Authority - India
- Goldman Sachs - Singapore
- Energy Link Ltd, New Zealand
- Wilmar Investment Holdings
- TeaM Sual Corporation - Philippines
- San Jose City I Power Corp, Philippines
- Simpson Spence & Young - Indonesia
- Eastern Energy - Thailand
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- PTC India Limited - India
- Coal and Oil Company - UAE
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Wood Mackenzie - Singapore
- Makarim & Taira - Indonesia
- Ambuja Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Carbofer General Trading SA - India
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Mercator Lines Limited - India
- Samtan Co., Ltd - South Korea
- European Bulk Services B.V. - Netherlands
- Africa Commodities Group - South Africa
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Global Business Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Kideco Jaya Agung - Indonesia
- Bukit Makmur.PT - Indonesia
- Formosa Plastics Group - Taiwan
- Vijayanagar Sugar Pvt Ltd - India
- GAC Shipping (India) Pvt Ltd
- SMG Consultants - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- PowerSource Philippines DevCo
- Thai Mozambique Logistica
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Ministry of Mines - Canada
- Deloitte Consulting - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Indian Oil Corporation Limited
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ind-Barath Power Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- The University of Queensland
- Star Paper Mills Limited - India
- Manunggal Multi Energi - Indonesia
- Vedanta Resources Plc - India
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Mercuria Energy - Indonesia
- Medco Energi Mining Internasional
- The State Trading Corporation of India Ltd
- Barasentosa Lestari - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Eastern Coal Council - USA
- Gujarat Mineral Development Corp Ltd - India
- Bayan Resources Tbk. - Indonesia
- White Energy Company Limited
- Romanian Commodities Exchange
- Sojitz Corporation - Japan
- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Kalimantan Lumbung Energi - Indonesia
- GMR Energy Limited - India
- Renaissance Capital - South Africa
- Ministry of Finance - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- Siam City Cement - Thailand
- Interocean Group of Companies - India
- Gujarat Sidhee Cement - India
- Karaikal Port Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- Mintek Dendrill Indonesia
- Cement Manufacturers Association - India
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