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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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Monday, 13 June 11
THE INDONESIAN COAL REFERENCE PRICE HAS JUMPED 1.2 PERCENT IN JUNE
COALspot.com - The Ministry of Energy & Mineral Resources sets coal spot price benchmark for June 2011 at US$ 119.03 per ton, higher than US$ 1. ...
Sunday, 12 June 11
THE FREIGHT MARKET IS LIKELY TO BE SOFT NEXT WEEK - CAPT. REDDY
COALspot.com - The freight market continued to soften this week except for Panamax index. The BDI was down by about 4.77 pct and closed at 1,418 poi ...
Friday, 10 June 11
DRY BULK ON RETREAT MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
This week has offered dry bulk ship owners no real reason to smile, as the industry’s benchmarket, the Baltic Dry Index (BDI) has been steadil ...
Friday, 10 June 11
BUKIT ASAM RECORDED RP1.3 TRILLION PROFIT IN MAY - TEMPO INTERACTIVE
Tempo Interactive reported that, PT PT Tambang Batubara Bukit Asam Tbk (PTBA) made a net profit of Rp 1.3 trillion (approx. US$ 152,779,410) at the ...
Friday, 10 June 11
DRY BULK ON RETREAT MODE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
This week has offered dry bulk ship owners no real reason to smile, as the industry’s benchmarket, the Baltic Dry Index (BDI) has been steadil ...
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- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Global Coal Blending Company Limited - Australia
- Coalindo Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- Minerals Council of Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petron Corporation, Philippines
- Sakthi Sugars Limited - India
- International Coal Ventures Pvt Ltd - India
- Deloitte Consulting - India
- IEA Clean Coal Centre - UK
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Sree Jayajothi Cements Limited - India
- LBH Netherlands Bv - Netherlands
- Wood Mackenzie - Singapore
- Australian Commodity Traders Exchange
- Standard Chartered Bank - UAE
- Salva Resources Pvt Ltd - India
- Ambuja Cements Ltd - India
- Malabar Cements Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- Holcim Trading Pte Ltd - Singapore
- South Luzon Thermal Energy Corporation
- MS Steel International - UAE
- Orica Australia Pty. Ltd.
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Bahari Cakrawala Sebuku - Indonesia
- Iligan Light & Power Inc, Philippines
- Interocean Group of Companies - India
- Power Finance Corporation Ltd., India
- Neyveli Lignite Corporation Ltd, - India
- Directorate Of Revenue Intelligence - India
- Krishnapatnam Port Company Ltd. - India
- Wilmar Investment Holdings
- Kohat Cement Company Ltd. - Pakistan
- Binh Thuan Hamico - Vietnam
- Tata Chemicals Ltd - India
- Jaiprakash Power Ventures ltd
- Kobexindo Tractors - Indoneisa
- Romanian Commodities Exchange
- Posco Energy - South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- Siam City Cement PLC, Thailand
- Africa Commodities Group - South Africa
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Independent Power Producers Association of India
- Meenaskhi Energy Private Limited - India
- Edison Trading Spa - Italy
- Marubeni Corporation - India
- Aditya Birla Group - India
- Miang Besar Coal Terminal - Indonesia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- McConnell Dowell - Australia
- Orica Mining Services - Indonesia
- Parliament of New Zealand
- Eastern Coal Council - USA
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Anglo American - United Kingdom
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Agrawal Coal Company - India
- Thiess Contractors Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Billiton Holdings Pty Ltd - Australia
- GN Power Mariveles Coal Plant, Philippines
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Ceylon Electricity Board - Sri Lanka
- Bukit Makmur.PT - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Leighton Contractors Pty Ltd - Australia
- Ministry of Finance - Indonesia
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Barasentosa Lestari - Indonesia
- Videocon Industries ltd - India
- Bayan Resources Tbk. - Indonesia
- PowerSource Philippines DevCo
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kepco SPC Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Price Waterhouse Coopers - Russia
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- Maheswari Brothers Coal Limited - India
- Sindya Power Generating Company Private Ltd
- Gujarat Mineral Development Corp Ltd - India
- Kaltim Prima Coal - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Formosa Plastics Group - Taiwan
- Indika Energy - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bharathi Cement Corporation - India
- ASAPP Information Group - India
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- Mercuria Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Thai Mozambique Logistica
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- White Energy Company Limited
- Jindal Steel & Power Ltd - India
- Indo Tambangraya Megah - Indonesia
- TeaM Sual Corporation - Philippines
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- The University of Queensland
- Goldman Sachs - Singapore
- Kartika Selabumi Mining - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- TNB Fuel Sdn Bhd - Malaysia
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Mercator Lines Limited - India
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Australian Coal Association
- Central Java Power - Indonesia
- Ministry of Mines - Canada
- Trasteel International SA, Italy
- London Commodity Brokers - England
- Indogreen Group - Indonesia
- Sojitz Corporation - Japan
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Merrill Lynch Commodities Europe
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Altura Mining Limited, Indonesia
- GMR Energy Limited - India
- PTC India Limited - India
- Central Electricity Authority - India
- Global Green Power PLC Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- SMC Global Power, Philippines
- Vizag Seaport Private Limited - India
- ICICI Bank Limited - India
- Essar Steel Hazira Ltd - India
- Port Waratah Coal Services - Australia
- Meralco Power Generation, Philippines
- Bangladesh Power Developement Board
- Maharashtra Electricity Regulatory Commission - India
- SMG Consultants - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- GVK Power & Infra Limited - India
- Georgia Ports Authority, United States
- Semirara Mining and Power Corporation, Philippines
- Bhatia International Limited - India
- Alfred C Toepfer International GmbH - Germany
- European Bulk Services B.V. - Netherlands
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Bukit Asam (Persero) Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- Vedanta Resources Plc - India
- Aboitiz Power Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Bhushan Steel Limited - India
- PNOC Exploration Corporation - Philippines
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