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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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Wednesday, 22 June 11
BOOMING INDONESIAN COAL EXPORTS - BLEEDING INDIAN POWER INDUSTRY
COALspot.com - Indonesia shipped 28.962 Million tons of coal in May 2011, up by 15.86 percent compared to April export of about 24.995 m ...
Tuesday, 21 June 11
SURGE IN PRODUCTION AND PRICES TO PUSH BUKIT ASAMS NET PROFITS ABOVE RP 3T - THE JAKARTA GLOBE
State-owned coal company Perusahaan Tambang Batubara Bukit Asam expects its net income to increase about 50 percent this year on the back of rising ...
Tuesday, 21 June 11
COURT BATTLE PUTS MASSIVE COAL PROJECT IN JEOPARDY - KOREA JOONGANG DAILY
As Korean companies race to exploit Indonesia’s abundant natural resources, two companies have been locked in a court case that has become so ...
Tuesday, 21 June 11
DRY BULK MARKET TURNS RED AGAIN ON VESSEL OVERSUPPLY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk entered this week on a negative turn, with the industry’s benchmark the Baltic Dry Index (BDI) retreating by 0.35% to end the ses ...
Monday, 20 June 11
KPCL SETS ALL INDIA & POSSIBLY A WORLD RECORD FOR COAL DISCHARGING
COALspot.com - Krishnapatnam Port has set an all India record for discharging 95,528 tons of steam coal in just 24 hrs using the conventional unload ...
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- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Eastern Coal Council - USA
- Bukit Baiduri Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Kaltim Prima Coal - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bukit Makmur.PT - Indonesia
- Larsen & Toubro Limited - India
- Coal and Oil Company - UAE
- Vedanta Resources Plc - India
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Electricity Authority, New Zealand
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Chettinad Cement Corporation Ltd - India
- Gujarat Sidhee Cement - India
- TNB Fuel Sdn Bhd - Malaysia
- Essar Steel Hazira Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Sojitz Corporation - Japan
- Renaissance Capital - South Africa
- Holcim Trading Pte Ltd - Singapore
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Malabar Cements Ltd - India
- Petron Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Kepco SPC Power Corporation, Philippines
- New Zealand Coal & Carbon
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Mercuria Energy - Indonesia
- Bulk Trading Sa - Switzerland
- Latin American Coal - Colombia
- Samtan Co., Ltd - South Korea
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- TeaM Sual Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Borneo Indobara - Indonesia
- Sical Logistics Limited - India
- South Luzon Thermal Energy Corporation
- Ministry of Transport, Egypt
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Kartika Selabumi Mining - Indonesia
- Indika Energy - Indonesia
- Wood Mackenzie - Singapore
- Alfred C Toepfer International GmbH - Germany
- Manunggal Multi Energi - Indonesia
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Baramulti Group, Indonesia
- Wilmar Investment Holdings
- Semirara Mining and Power Corporation, Philippines
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Coalindo Energy - Indonesia
- Global Business Power Corporation, Philippines
- Port Waratah Coal Services - Australia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- Goldman Sachs - Singapore
- London Commodity Brokers - England
- Binh Thuan Hamico - Vietnam
- Aditya Birla Group - India
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- Savvy Resources Ltd - HongKong
- Indogreen Group - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Meralco Power Generation, Philippines
- Videocon Industries ltd - India
- Mercator Lines Limited - India
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- Planning Commission, India
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Bhoruka Overseas - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- Price Waterhouse Coopers - Russia
- Kalimantan Lumbung Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bhatia International Limited - India
- Mintek Dendrill Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Merrill Lynch Commodities Europe
- Parliament of New Zealand
- Asmin Koalindo Tuhup - Indonesia
- GVK Power & Infra Limited - India
- Iligan Light & Power Inc, Philippines
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- GN Power Mariveles Coal Plant, Philippines
- Riau Bara Harum - Indonesia
- ICICI Bank Limited - India
- Orica Mining Services - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Finance - Indonesia
- IHS Mccloskey Coal Group - USA
- Australian Commodity Traders Exchange
- Maharashtra Electricity Regulatory Commission - India
- The Treasury - Australian Government
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Petrochimia International Co. Ltd.- Taiwan
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Orica Australia Pty. Ltd.
- White Energy Company Limited
- Energy Link Ltd, New Zealand
- Simpson Spence & Young - Indonesia
- Dalmia Cement Bharat India
- Deloitte Consulting - India
- Central Java Power - Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Salva Resources Pvt Ltd - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- ASAPP Information Group - India
- India Bulls Power Limited - India
- Therma Luzon, Inc, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Meenaskhi Energy Private Limited - India
- Carbofer General Trading SA - India
- Heidelberg Cement - Germany
- Bhushan Steel Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Barasentosa Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Rashtriya Ispat Nigam Limited - India
- VISA Power Limited - India
- Eastern Energy - Thailand
- Interocean Group of Companies - India
- Thai Mozambique Logistica
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- PowerSource Philippines DevCo
- Central Electricity Authority - India
- McConnell Dowell - Australia
- Billiton Holdings Pty Ltd - Australia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Edison Trading Spa - Italy
- Commonwealth Bank - Australia
- Parry Sugars Refinery, India
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- GMR Energy Limited - India
- Aboitiz Power Corporation - Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Tata Chemicals Ltd - India
- Posco Energy - South Korea
- Banpu Public Company Limited - Thailand
- Anglo American - United Kingdom
- Indo Tambangraya Megah - Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Ministry of Mines - Canada
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Power Finance Corporation Ltd., India
- International Coal Ventures Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- LBH Netherlands Bv - Netherlands
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Trasteel International SA, Italy
- Thiess Contractors Indonesia
- Directorate Of Revenue Intelligence - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
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