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