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Thursday, 12 August 21
ONLY 3 VLCCS SOLD FOR DEMOLITION IN 2021 AS SECONDHAND PRICES TEMPT - BIMCO
 During the first seven months of 2021, only three actively trading Very Large Crude Carriers (VLCCs) have been sold for demolition. The current market for seaborne transportation of crude oil is weak and has caused freight rates to drop to multi-year lows. Despite this, crude oil tanker shipowners are not seizing the opportunity to reduce capacity and send less efficient units to the demolition yards.
The subdued demolition activity is seen at a time when steel prices offered in Bangladesh, India, and Pakistan – the world’s top ship demolition locations – are at an all-time high. The price of steel from ship demolition is supported by high steel prices in general as well as the limited number of ships heading for demolition.
In addition to the three actively trading VLCCs demolished in the first seven months of the year, five retired VLCCs working as Floating Storage and Offloading units (FSOs) in recent years have been demolished.
However, as they are not actively trading, the demolition of these five VLCC (FSO)s does not affect the demand-supply imbalance, i.e., the freight rates. The average age of the scrapped VLCCs used as FSOs is 24 years while the average age for the three actively trading VLCCs is 22 years.
Owners take advantage of an attractive secondhand market
The lethargic pace of VLCC demolition is also explained by attractive prices for older ships in the secondhand market. According to VesselsValue, 69 VLCCs have changed hands in the Jan-July 2021 period, compared with 91 for the full year of 2020.
To some extent, what we see now is like what we saw in the period that followed the six quarters of high oil tanker earnings from Q4 2014 through Q1 2016. Following this it was not until Q3 2017 that we began to see a pick-up in demolition for VLCCs.
Time has proven that it takes time for shipowners’ demolition decision to mature, and that a weak market right in the wake of a strong one is not enough to take the final step and go for demolition.
“The low demolition level seen in the first seven months of the year for crude oil tankers surely takes some by surprise. Some are wondering why shipowners are not demolishing the excess fleet when freight rates have been sluggish for the past year,” says Peter Sand, BIMCO’s Chief Shipping Analyst.
“The reason behind this is two-fold. Firstly, the strong earnings enjoyed by everyone in the crude oil tanker shipping sector last year leaves no owner short of cash. Secondly, as secondhand prices exceed even the record-high prices offered for demolition steel, shipowners are more inclined to keep their tankers afloat and changing hands, rather than sending them to the demolition yards,” says Sand, adding:
“Yet, nothing is straightforward as oil product tankers, on the other hand are heading for a record-high level of fleet demolition in 2021.”
Source: BIMCO, By Peter Sand, Chief Shipping Analyst
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Friday, 13 August 21
INDONESIA’S COAL EXPORTS TO JAPAN DECLINED BY -26.3% YOY TO 11.9 MLN TONNES IN THE FIRST 7 MONTHS OF 2021; STILL THE SECOND LARGEST SOURCE FOR JAPAN’S COAL IMPORTS IS INDONESIA - BANCHERO COSTA
2020 proved to be a truly terrible year for global seaborne coal trade. Total global loadings in the 12 months of 2020 were down -12.7% year-on-yea ...
Wednesday, 11 August 21
U.S: EIA EXPECTS COAL EXPORTS TO TOTAL 90 MMST IN 2021, 30% INCREASE FROM 2020
Coal production in EIA's forecast totals 607 million short tons (MMst) in 2021, an increase of 13% over 2020.
EIA is also ...
Wednesday, 11 August 21
MARKET INSIGHT - INTERMODAL
Energy is at the core of the global climate dialogue as the climate challenge is essentially an energy challenge. Policy experts around the world a ...
Tuesday, 10 August 21
34 INDONESIAN COAL COMPANIES TEMPORARILY BANNED FOR COAL EXPORTS
The Ministry of Energy and Mineral Resources (ESDM) has imposed sanctions in the form of a coal export ban for 34 coal companies as reported by CNB ...
Monday, 09 August 21
AIIB MAY OFFICIALLY END COAL FINANCING IN 2022 - CHINA DAILY
The Asian Infrastructure Investment Bank may officially rule out coal projects if it updates its energy strategy next year, after shunning funding ...
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- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- Bharathi Cement Corporation - India
- GVK Power & Infra Limited - India
- Orica Australia Pty. Ltd.
- Kalimantan Lumbung Energi - Indonesia
- Merrill Lynch Commodities Europe
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- The State Trading Corporation of India Ltd
- Mintek Dendrill Indonesia
- Parliament of New Zealand
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Cigading International Bulk Terminal - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- ICICI Bank Limited - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Formosa Plastics Group - Taiwan
- Ind-Barath Power Infra Limited - India
- Siam City Cement - Thailand
- European Bulk Services B.V. - Netherlands
- Riau Bara Harum - Indonesia
- Singapore Mercantile Exchange
- Star Paper Mills Limited - India
- Sindya Power Generating Company Private Ltd
- Bukit Baiduri Energy - Indonesia
- Cement Manufacturers Association - India
- GN Power Mariveles Coal Plant, Philippines
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Billiton Holdings Pty Ltd - Australia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- McConnell Dowell - Australia
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Pipit Mutiara Jaya. PT, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Georgia Ports Authority, United States
- Petrochimia International Co. Ltd.- Taiwan
- Rio Tinto Coal - Australia
- Romanian Commodities Exchange
- Metalloyd Limited - United Kingdom
- Vizag Seaport Private Limited - India
- Madhucon Powers Ltd - India
- Oldendorff Carriers - Singapore
- Antam Resourcindo - Indonesia
- Coalindo Energy - Indonesia
- Attock Cement Pakistan Limited
- Ministry of Transport, Egypt
- Karbindo Abesyapradhi - Indoneisa
- Therma Luzon, Inc, Philippines
- Samtan Co., Ltd - South Korea
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- Minerals Council of Australia
- Port Waratah Coal Services - Australia
- Indonesian Coal Mining Association
- Bayan Resources Tbk. - Indonesia
- Grasim Industreis Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Bhushan Steel Limited - India
- Energy Link Ltd, New Zealand
- Pendopo Energi Batubara - Indonesia
- Global Business Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kepco SPC Power Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sojitz Corporation - Japan
- Planning Commission, India
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Rashtriya Ispat Nigam Limited - India
- Globalindo Alam Lestari - Indonesia
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Lanco Infratech Ltd - India
- Larsen & Toubro Limited - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Malabar Cements Ltd - India
- Indo Tambangraya Megah - Indonesia
- Intertek Mineral Services - Indonesia
- South Luzon Thermal Energy Corporation
- Marubeni Corporation - India
- Holcim Trading Pte Ltd - Singapore
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Kideco Jaya Agung - Indonesia
- Renaissance Capital - South Africa
- Sinarmas Energy and Mining - Indonesia
- Aditya Birla Group - India
- Posco Energy - South Korea
- Essar Steel Hazira Ltd - India
- Baramulti Group, Indonesia
- TeaM Sual Corporation - Philippines
- Goldman Sachs - Singapore
- Kohat Cement Company Ltd. - Pakistan
- GMR Energy Limited - India
- VISA Power Limited - India
- Indian Oil Corporation Limited
- Kartika Selabumi Mining - Indonesia
- IEA Clean Coal Centre - UK
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Agrawal Coal Company - India
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Global Green Power PLC Corporation, Philippines
- Edison Trading Spa - Italy
- Electricity Generating Authority of Thailand
- Tata Chemicals Ltd - India
- Coastal Gujarat Power Limited - India
- AsiaOL BioFuels Corp., Philippines
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Interocean Group of Companies - India
- Neyveli Lignite Corporation Ltd, - India
- White Energy Company Limited
- Independent Power Producers Association of India
- Standard Chartered Bank - UAE
- Vijayanagar Sugar Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- San Jose City I Power Corp, Philippines
- Anglo American - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Iligan Light & Power Inc, Philippines
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Bhoruka Overseas - Indonesia
- Straits Asia Resources Limited - Singapore
- Kumho Petrochemical, South Korea
- Mercator Lines Limited - India
- Parry Sugars Refinery, India
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Kaltim Prima Coal - Indonesia
- The University of Queensland
- Sical Logistics Limited - India
- IHS Mccloskey Coal Group - USA
- Dalmia Cement Bharat India
- OPG Power Generation Pvt Ltd - India
- Bhatia International Limited - India
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- PowerSource Philippines DevCo
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Vedanta Resources Plc - India
- Africa Commodities Group - South Africa
- Eastern Energy - Thailand
- Semirara Mining and Power Corporation, Philippines
- CNBM International Corporation - China
- Eastern Coal Council - USA
- Kobexindo Tractors - Indoneisa
- Ministry of Mines - Canada
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- GAC Shipping (India) Pvt Ltd
- Mercuria Energy - Indonesia
- PTC India Limited - India
- CIMB Investment Bank - Malaysia
- Sree Jayajothi Cements Limited - India
- New Zealand Coal & Carbon
- Orica Mining Services - Indonesia
- Barasentosa Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Carbofer General Trading SA - India
- Price Waterhouse Coopers - Russia
- Borneo Indobara - Indonesia
- Aboitiz Power Corporation - Philippines
- Salva Resources Pvt Ltd - India
- Manunggal Multi Energi - Indonesia
- Petron Corporation, Philippines
- Wood Mackenzie - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Central Electricity Authority - India
- Indian Energy Exchange, India
- Deloitte Consulting - India
- ASAPP Information Group - India
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
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