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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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- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- Bhushan Steel Limited - India
- ASAPP Information Group - India
- Essar Steel Hazira Ltd - India
- Heidelberg Cement - Germany
- Planning Commission, India
- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Timah Investasi Mineral - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Larsen & Toubro Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Uttam Galva Steels Limited - India
- Rashtriya Ispat Nigam Limited - India
- Ind-Barath Power Infra Limited - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Bayan Resources Tbk. - Indonesia
- Electricity Generating Authority of Thailand
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Indika Energy - Indonesia
- Indian Oil Corporation Limited
- Sree Jayajothi Cements Limited - India
- Coalindo Energy - Indonesia
- Ministry of Finance - Indonesia
- Global Business Power Corporation, Philippines
- ICICI Bank Limited - India
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- Parliament of New Zealand
- GN Power Mariveles Coal Plant, Philippines
- Energy Link Ltd, New Zealand
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- SMC Global Power, Philippines
- IHS Mccloskey Coal Group - USA
- Semirara Mining and Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- Australian Commodity Traders Exchange
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Economic Council, Georgia
- Vedanta Resources Plc - India
- Eastern Energy - Thailand
- Kaltim Prima Coal - Indonesia
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Ministry of Mines - Canada
- London Commodity Brokers - England
- PetroVietnam Power Coal Import and Supply Company
- Star Paper Mills Limited - India
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Medco Energi Mining Internasional
- Bukit Baiduri Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jorong Barutama Greston.PT - Indonesia
- CIMB Investment Bank - Malaysia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Simpson Spence & Young - Indonesia
- Pendopo Energi Batubara - Indonesia
- Mjunction Services Limited - India
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Interocean Group of Companies - India
- Borneo Indobara - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Marubeni Corporation - India
- Anglo American - United Kingdom
- Carbofer General Trading SA - India
- The Treasury - Australian Government
- Aditya Birla Group - India
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- GMR Energy Limited - India
- Central Electricity Authority - India
- Edison Trading Spa - Italy
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Mercator Lines Limited - India
- Karaikal Port Pvt Ltd - India
- Wilmar Investment Holdings
- Pipit Mutiara Jaya. PT, Indonesia
- San Jose City I Power Corp, Philippines
- Merrill Lynch Commodities Europe
- Ministry of Transport, Egypt
- Gujarat Sidhee Cement - India
- Cigading International Bulk Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- The University of Queensland
- Global Coal Blending Company Limited - Australia
- Directorate Of Revenue Intelligence - India
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Chamber of Mines of South Africa
- Formosa Plastics Group - Taiwan
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Sindya Power Generating Company Private Ltd
- Agrawal Coal Company - India
- Electricity Authority, New Zealand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Makarim & Taira - Indonesia
- Price Waterhouse Coopers - Russia
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Eastern Coal Council - USA
- MS Steel International - UAE
- Iligan Light & Power Inc, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- Kepco SPC Power Corporation, Philippines
- Minerals Council of Australia
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Renaissance Capital - South Africa
- Trasteel International SA, Italy
- TeaM Sual Corporation - Philippines
- Port Waratah Coal Services - Australia
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Maheswari Brothers Coal Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Standard Chartered Bank - UAE
- White Energy Company Limited
- Orica Australia Pty. Ltd.
- Meralco Power Generation, Philippines
- Intertek Mineral Services - Indonesia
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Georgia Ports Authority, United States
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Xindia Steels Limited - India
- GAC Shipping (India) Pvt Ltd
- India Bulls Power Limited - India
- SMG Consultants - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- GVK Power & Infra Limited - India
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- Coastal Gujarat Power Limited - India
- Sojitz Corporation - Japan
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- VISA Power Limited - India
- Attock Cement Pakistan Limited
- OPG Power Generation Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- CNBM International Corporation - China
- Globalindo Alam Lestari - Indonesia
- Bangladesh Power Developement Board
- Jaiprakash Power Ventures ltd
- Energy Development Corp, Philippines
- Savvy Resources Ltd - HongKong
- Therma Luzon, Inc, Philippines
- Lanco Infratech Ltd - India
- Thiess Contractors Indonesia
- Thai Mozambique Logistica
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Vizag Seaport Private Limited - India
- IEA Clean Coal Centre - UK
- Malabar Cements Ltd - India
- Posco Energy - South Korea
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Neyveli Lignite Corporation Ltd, - India
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