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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, 09 June 11
INDIKA AIMS TO PRODUCE 31 MILLION TONS OF COAL IN 2011 - THE JAKARTA POST
The Jakarta Post, a leading English news paper in Indonesia reported that, PT Indika Energy Tbk, an integrated energy company, is targeting to incre ...
Wednesday, 08 June 11
BAYAN TO DISTRIBUTE RP. 80 ( APPROX. US$ 0.00939850) PER SHARE DIVIDEND
Coal miner PT Bayan Resources Tbk (BYAN), that is controlled by business Dato' Low Tuck Kwong, will distribute Rp80 a share dividend or Rp266.7 bil ...
Wednesday, 08 June 11
CBM PRODUCTION FROM AUSTRALIA, CHINA, INDIA, AND INDONESIA IS EXPECTED TO WITNESS A SIGNIFICANT INCREASE BY 2015
Press Release - According to Global Data (December 2010), CBM production in Australia, China, India, and Indonesia is expected to witness a signific ...
Sunday, 05 June 11
COAL IMPORTS BY CHINA IS LIKELY TO INCREASE - VISTAAR SINGAPORE
COALspot.com - The freight market softened this week except for the BDI and Cape index was up, but even in these sectors the momentum was compared t ...
Friday, 03 June 11
DRY BULK MARKETS RESURGENCE APPEARS TO BE LOSING SOME STEAM - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING
The dry bulk market’s seems to be losing some steam, despite reports of growing Chinese demand for commodities, especially coal, on the back o ...
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- Gujarat Electricity Regulatory Commission - India
- Ambuja Cements Ltd - India
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Renaissance Capital - South Africa
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Coalindo Energy - Indonesia
- India Bulls Power Limited - India
- Videocon Industries ltd - India
- Semirara Mining Corp, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Borneo Indobara - Indonesia
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- Africa Commodities Group - South Africa
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- CNBM International Corporation - China
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- TeaM Sual Corporation - Philippines
- Global Green Power PLC Corporation, Philippines
- Bukit Makmur.PT - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Salva Resources Pvt Ltd - India
- Attock Cement Pakistan Limited
- Central Java Power - Indonesia
- White Energy Company Limited
- GMR Energy Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Posco Energy - South Korea
- Malabar Cements Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Romanian Commodities Exchange
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Banpu Public Company Limited - Thailand
- Bhatia International Limited - India
- Parliament of New Zealand
- Bhoruka Overseas - Indonesia
- Commonwealth Bank - Australia
- Australian Commodity Traders Exchange
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Gujarat Sidhee Cement - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Altura Mining Limited, Indonesia
- Energy Development Corp, Philippines
- Iligan Light & Power Inc, Philippines
- IHS Mccloskey Coal Group - USA
- Larsen & Toubro Limited - India
- Thiess Contractors Indonesia
- Latin American Coal - Colombia
- Timah Investasi Mineral - Indoneisa
- Maharashtra Electricity Regulatory Commission - India
- SN Aboitiz Power Inc, Philippines
- Antam Resourcindo - Indonesia
- Jaiprakash Power Ventures ltd
- Manunggal Multi Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Karaikal Port Pvt Ltd - India
- Billiton Holdings Pty Ltd - Australia
- ICICI Bank Limited - India
- Deloitte Consulting - India
- Baramulti Group, Indonesia
- Port Waratah Coal Services - Australia
- Maheswari Brothers Coal Limited - India
- Independent Power Producers Association of India
- Oldendorff Carriers - Singapore
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Chettinad Cement Corporation Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Simpson Spence & Young - Indonesia
- Sakthi Sugars Limited - India
- OPG Power Generation Pvt Ltd - India
- Electricity Authority, New Zealand
- Grasim Industreis Ltd - India
- Kobexindo Tractors - Indoneisa
- Jindal Steel & Power Ltd - India
- Tata Chemicals Ltd - India
- European Bulk Services B.V. - Netherlands
- Sical Logistics Limited - India
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- International Coal Ventures Pvt Ltd - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Indogreen Group - Indonesia
- Pendopo Energi Batubara - Indonesia
- Tamil Nadu electricity Board
- VISA Power Limited - India
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- GAC Shipping (India) Pvt Ltd
- Global Coal Blending Company Limited - Australia
- ASAPP Information Group - India
- CIMB Investment Bank - Malaysia
- GVK Power & Infra Limited - India
- Dalmia Cement Bharat India
- Ministry of Transport, Egypt
- The University of Queensland
- Barasentosa Lestari - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Jorong Barutama Greston.PT - Indonesia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Star Paper Mills Limited - India
- Eastern Energy - Thailand
- TNB Fuel Sdn Bhd - Malaysia
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Essar Steel Hazira Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- Formosa Plastics Group - Taiwan
- Makarim & Taira - Indonesia
- Lanco Infratech Ltd - India
- Ceylon Electricity Board - Sri Lanka
- SMC Global Power, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- The State Trading Corporation of India Ltd
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Thai Mozambique Logistica
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Eastern Coal Council - USA
- Holcim Trading Pte Ltd - Singapore
- Bangladesh Power Developement Board
- Directorate General of MIneral and Coal - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Therma Luzon, Inc, Philippines
- Vizag Seaport Private Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Intertek Mineral Services - Indonesia
- Edison Trading Spa - Italy
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Sojitz Corporation - Japan
- Central Electricity Authority - India
- Anglo American - United Kingdom
- Power Finance Corporation Ltd., India
- SMG Consultants - Indonesia
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Xindia Steels Limited - India
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- The Treasury - Australian Government
- Goldman Sachs - Singapore
- Sarangani Energy Corporation, Philippines
- Indian Energy Exchange, India
- Karbindo Abesyapradhi - Indoneisa
- Bharathi Cement Corporation - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Metalloyd Limited - United Kingdom
- Kaltim Prima Coal - Indonesia
- Singapore Mercantile Exchange
- MS Steel International - UAE
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Australian Coal Association
- Georgia Ports Authority, United States
- PTC India Limited - India
- Global Business Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- McConnell Dowell - Australia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
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