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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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Monday, 09 August 21
CHINA COAL INVENTORY THINS AMID PEAK POWER DEMAND- STATE MEDIA : REUTERS
China’s coal inventories have dropped to near historic lows since August due to peak summer electricity demand and transportation bottlenecks ...
Wednesday, 04 August 21
THE INDONESIAN COAL PRICE REFERENCE SURGED TO A FRESH RECORD HIGH OF USD 130.99 A TON IN AUGUST 2021
COALspot.com: The Indonesian Coal Price Reference ( HBA) surged to a fresh record high of USD 130.99 a ton in August 2021.
The ...
Wednesday, 04 August 21
MARKET INSIGHT - INTERMODAL
Unlike the Dry Bulk and Container sectors where freight rates have surged into 2021, the tankers market continues to experience lackluster earnings ...
Sunday, 01 August 21
SEABORNE HARD COAL TRADE IN 2020 DECREASED BY 149 MILLION MT, OR 12.1%, TO 1,083 MILLION MT - GERMAN COAL IMPORTERS ASSOCIATION
- Reduced coal-fired power plant fleet secures Germany’s power supply in severe winter of 2020/2021; little wind availability and hence stron ...
Wednesday, 28 July 21
IN THE PHILIPPINES, COAL’S DEMISE MAKES WAY FOR A RENEWABLE ENERGY BOOM - IEEFA
Imported gas lock-in could undermine the economic benefits of a clean energy transition
The Philippines’ energy sector is on t ...
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- Interocean Group of Companies - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sojitz Corporation - Japan
- Bangladesh Power Developement Board
- Carbofer General Trading SA - India
- Manunggal Multi Energi - Indonesia
- Ambuja Cements Ltd - India
- IEA Clean Coal Centre - UK
- The University of Queensland
- Lanco Infratech Ltd - India
- Kumho Petrochemical, South Korea
- Sical Logistics Limited - India
- MS Steel International - UAE
- Singapore Mercantile Exchange
- Deloitte Consulting - India
- Timah Investasi Mineral - Indoneisa
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Simpson Spence & Young - Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Meralco Power Generation, Philippines
- Malabar Cements Ltd - India
- London Commodity Brokers - England
- Semirara Mining Corp, Philippines
- Bhushan Steel Limited - India
- Krishnapatnam Port Company Ltd. - India
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Metalloyd Limited - United Kingdom
- Pipit Mutiara Jaya. PT, Indonesia
- Central Electricity Authority - India
- GMR Energy Limited - India
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Kaltim Prima Coal - Indonesia
- Mercuria Energy - Indonesia
- Orica Australia Pty. Ltd.
- Coastal Gujarat Power Limited - India
- Thai Mozambique Logistica
- Economic Council, Georgia
- The Treasury - Australian Government
- Globalindo Alam Lestari - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Riau Bara Harum - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Siam City Cement PLC, Thailand
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- European Bulk Services B.V. - Netherlands
- Petrochimia International Co. Ltd.- Taiwan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Ind-Barath Power Infra Limited - India
- SMG Consultants - Indonesia
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Agrawal Coal Company - India
- The State Trading Corporation of India Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Mining Services - Indonesia
- GVK Power & Infra Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Petron Corporation, Philippines
- Makarim & Taira - Indonesia
- Commonwealth Bank - Australia
- San Jose City I Power Corp, Philippines
- Miang Besar Coal Terminal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Global Coal Blending Company Limited - Australia
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Standard Chartered Bank - UAE
- Banpu Public Company Limited - Thailand
- Wilmar Investment Holdings
- Samtan Co., Ltd - South Korea
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Attock Cement Pakistan Limited
- Edison Trading Spa - Italy
- Siam City Cement - Thailand
- Bhoruka Overseas - Indonesia
- Meenaskhi Energy Private Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Larsen & Toubro Limited - India
- Australian Coal Association
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- Central Java Power - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Indian Energy Exchange, India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Eastern Coal Council - USA
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Uttam Galva Steels Limited - India
- Oldendorff Carriers - Singapore
- Sree Jayajothi Cements Limited - India
- Formosa Plastics Group - Taiwan
- Xindia Steels Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- ICICI Bank Limited - India
- White Energy Company Limited
- Global Business Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Port Waratah Coal Services - Australia
- Aboitiz Power Corporation - Philippines
- Gujarat Sidhee Cement - India
- Leighton Contractors Pty Ltd - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Parry Sugars Refinery, India
- Maharashtra Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- Star Paper Mills Limited - India
- Videocon Industries ltd - India
- Barasentosa Lestari - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- SMC Global Power, Philippines
- Ministry of Finance - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Pendopo Energi Batubara - Indonesia
- Indogreen Group - Indonesia
- Indika Energy - Indonesia
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- Salva Resources Pvt Ltd - India
- Marubeni Corporation - India
- Dalmia Cement Bharat India
- Trasteel International SA, Italy
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- Mjunction Services Limited - India
- Planning Commission, India
- Bharathi Cement Corporation - India
- McConnell Dowell - Australia
- Altura Mining Limited, Indonesia
- Indian Oil Corporation Limited
- International Coal Ventures Pvt Ltd - India
- Sinarmas Energy and Mining - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Mintek Dendrill Indonesia
- Maheswari Brothers Coal Limited - India
- Aditya Birla Group - India
- CNBM International Corporation - China
- South Luzon Thermal Energy Corporation
- Tamil Nadu electricity Board
- ASAPP Information Group - India
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Minerals Council of Australia
- Wood Mackenzie - Singapore
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- Cement Manufacturers Association - India
- TeaM Sual Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Vizag Seaport Private Limited - India
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- Energy Link Ltd, New Zealand
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- Romanian Commodities Exchange
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- VISA Power Limited - India
- SN Aboitiz Power Inc, Philippines
- Essar Steel Hazira Ltd - India
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