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