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