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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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Thursday, 16 June 11
FREIGHT MARKET FAILS TO RECOVER - DREWRY / HELLENIC SHIPPING
With demand failing to improve enough to contain the colossal increases in supply, the dry bulk freight market stayed near the dreadfully low levels ...
Thursday, 16 June 11
VALLAR CONTROLS 84.7 PERCENT STAKE IN BERAU COAL - INSIDER STORIES
Insider Stories reported that, London-based investment company Vallar Plc, via its subsidiary dubbed Vallar Investments UK Limited, today announced ...
Wednesday, 15 June 11
INDONESIA NEW COAL POLICY WORRIES INDIA POWER FIRMS - MYDIGITALFC
Tata Power, Adani group, Lanco Infratech and Reliance Power, among other Indian coal importers, are waiting to assess the impact of the Indonesian g ...
Wednesday, 15 June 11
BAYAN RESOURCES OWNS 56 PERCENT KANGAROO - INSIDER STORIES
Australia-listed coal miner Kangaroo Resources Limited (KRL) has obtained final approval from its shareholders to complete its US$277 million acquis ...
Wednesday, 15 June 11
DRY BULK MARKET WEAKENS AGAIN - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
Despite this time of year traditionally being one of the busiest for the dry bulk market, it seems that in the post-crisis era trade patterns are co ...
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- Tamil Nadu electricity Board
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- Bahari Cakrawala Sebuku - Indonesia
- Sojitz Corporation - Japan
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- Aditya Birla Group - India
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
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- Central Java Power - Indonesia
- The Treasury - Australian Government
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- Renaissance Capital - South Africa
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- Wilmar Investment Holdings
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- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- AsiaOL BioFuels Corp., Philippines
- Globalindo Alam Lestari - Indonesia
- SMC Global Power, Philippines
- Eastern Energy - Thailand
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- Economic Council, Georgia
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- Australian Coal Association
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- Samtan Co., Ltd - South Korea
- Mercator Lines Limited - India
- The University of Queensland
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- Maharashtra Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Petrochimia International Co. Ltd.- Taiwan
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- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- The State Trading Corporation of India Ltd
- Vedanta Resources Plc - India
- Mjunction Services Limited - India
- IHS Mccloskey Coal Group - USA
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- VISA Power Limited - India
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- Coastal Gujarat Power Limited - India
- Madhucon Powers Ltd - India
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Eastern Coal Council - USA
- Global Green Power PLC Corporation, Philippines
- Australian Commodity Traders Exchange
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- PNOC Exploration Corporation - Philippines
- Energy Development Corp, Philippines
- Therma Luzon, Inc, Philippines
- Meralco Power Generation, Philippines
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Thiess Contractors Indonesia
- Alfred C Toepfer International GmbH - Germany
- IEA Clean Coal Centre - UK
- Chamber of Mines of South Africa
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Riau Bara Harum - Indonesia
- Electricity Generating Authority of Thailand
- MS Steel International - UAE
- Energy Link Ltd, New Zealand
- Dalmia Cement Bharat India
- Kaltim Prima Coal - Indonesia
- CNBM International Corporation - China
- Indian Energy Exchange, India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bhoruka Overseas - Indonesia
- Uttam Galva Steels Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sree Jayajothi Cements Limited - India
- SMG Consultants - Indonesia
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Planning Commission, India
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Altura Mining Limited, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Baiduri Energy - Indonesia
- Georgia Ports Authority, United States
- Carbofer General Trading SA - India
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Kalimantan Lumbung Energi - Indonesia
- Agrawal Coal Company - India
- Merrill Lynch Commodities Europe
- Barasentosa Lestari - Indonesia
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- London Commodity Brokers - England
- Ministry of Finance - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- Lanco Infratech Ltd - India
- Banpu Public Company Limited - Thailand
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- CIMB Investment Bank - Malaysia
- GMR Energy Limited - India
- Medco Energi Mining Internasional
- Anglo American - United Kingdom
- Asmin Koalindo Tuhup - Indonesia
- Sical Logistics Limited - India
- Miang Besar Coal Terminal - Indonesia
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Kapuas Tunggal Persada - Indonesia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Deloitte Consulting - India
- PowerSource Philippines DevCo
- Billiton Holdings Pty Ltd - Australia
- Intertek Mineral Services - Indonesia
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Binh Thuan Hamico - Vietnam
- Sinarmas Energy and Mining - Indonesia
- Indian Oil Corporation Limited
- Kumho Petrochemical, South Korea
- Holcim Trading Pte Ltd - Singapore
- Mercuria Energy - Indonesia
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- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Salva Resources Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Grasim Industreis Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ambuja Cements Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Baramulti Group, Indonesia
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bharathi Cement Corporation - India
- Minerals Council of Australia
- Vijayanagar Sugar Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Maheswari Brothers Coal Limited - India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- India Bulls Power Limited - India
- Power Finance Corporation Ltd., India
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
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