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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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Thursday, 15 July 21
U.S. FOSSIL FUEL CONSUMPTION FELL BY 9% IN 2020, THE LOWEST LEVEL IN NEARLY 30 YEARS - EIA
U.S. fossil fuel consumption fell by 9% in 2020, the lowest level in nearly 30 years
In 2020, total consumption of fossil fuels in t ...
Thursday, 15 July 21
IN 2020, U.S. COAL PRODUCTION FELL TO ITS LOWEST LEVEL SINCE 1965 - EIA
U.S. coal production totaled 535 million short tons (MMst) in 2020, a 24% decrease from the 706 MMst mined in 2019 and the lowest level of coal pro ...
Wednesday, 14 July 21
MARKET INSIGHT - INTERMODAL
In its latest Global Economic Prospects report, the world bank recorded the strongest post-recession global growth in 80 years, but emerging and de ...
Tuesday, 13 July 21
JAPAN STILL SEEKING TO EXPLOIT COAL POWER LOOPHOLES - IEEFA
JBIC wants to continue burdening developing nations with its expensive coal-fired power technology
Japan is continuing to push its expensive c ...
Sunday, 11 July 21
COAL SHOWS ITS STAYING POWER AS ECONOMIES BOUNCE BACK - THE WALL STREET JOURNAL
Coal use is surging in some of the world’s largest economies as electricity demand rebounds from the pandemic, illustrating the challenges to ...
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- LBH Netherlands Bv - Netherlands
- The State Trading Corporation of India Ltd
- Semirara Mining and Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Ambuja Cements Ltd - India
- Indika Energy - Indonesia
- VISA Power Limited - India
- Mintek Dendrill Indonesia
- Therma Luzon, Inc, Philippines
- SMC Global Power, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- India Bulls Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Karaikal Port Pvt Ltd - India
- Attock Cement Pakistan Limited
- Romanian Commodities Exchange
- Salva Resources Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Bayan Resources Tbk. - Indonesia
- Sical Logistics Limited - India
- International Coal Ventures Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Latin American Coal - Colombia
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- Kumho Petrochemical, South Korea
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Krishnapatnam Port Company Ltd. - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Timah Investasi Mineral - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Baramulti Group, Indonesia
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kapuas Tunggal Persada - Indonesia
- Kepco SPC Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Energy Link Ltd, New Zealand
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- South Luzon Thermal Energy Corporation
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
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- Semirara Mining Corp, Philippines
- Merrill Lynch Commodities Europe
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- Georgia Ports Authority, United States
- Binh Thuan Hamico - Vietnam
- The Treasury - Australian Government
- Directorate General of MIneral and Coal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- PowerSource Philippines DevCo
- Wood Mackenzie - Singapore
- Tata Chemicals Ltd - India
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Intertek Mineral Services - Indonesia
- Parliament of New Zealand
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Indo Tambangraya Megah - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Gujarat Sidhee Cement - India
- AsiaOL BioFuels Corp., Philippines
- Uttam Galva Steels Limited - India
- Altura Mining Limited, Indonesia
- Commonwealth Bank - Australia
- SN Aboitiz Power Inc, Philippines
- Madhucon Powers Ltd - India
- Ministry of Transport, Egypt
- New Zealand Coal & Carbon
- Central Java Power - Indonesia
- ICICI Bank Limited - India
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Sindya Power Generating Company Private Ltd
- Petrochimia International Co. Ltd.- Taiwan
- Medco Energi Mining Internasional
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Africa Commodities Group - South Africa
- GN Power Mariveles Coal Plant, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- Savvy Resources Ltd - HongKong
- Kartika Selabumi Mining - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Edison Trading Spa - Italy
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
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- Bhushan Steel Limited - India
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- Thai Mozambique Logistica
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- Deloitte Consulting - India
- Cigading International Bulk Terminal - Indonesia
- Indogreen Group - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement - Thailand
- Trasteel International SA, Italy
- Aboitiz Power Corporation - Philippines
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- Toyota Tsusho Corporation, Japan
- Simpson Spence & Young - Indonesia
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- Wilmar Investment Holdings
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- Eastern Energy - Thailand
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- Ministry of Finance - Indonesia
- Electricity Authority, New Zealand
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- Cement Manufacturers Association - India
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- Karbindo Abesyapradhi - Indoneisa
- Sarangani Energy Corporation, Philippines
- Bharathi Cement Corporation - India
- Grasim Industreis Ltd - India
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Antam Resourcindo - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Holcim Trading Pte Ltd - Singapore
- Miang Besar Coal Terminal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Tamil Nadu electricity Board
- Jorong Barutama Greston.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Oldendorff Carriers - Singapore
- CNBM International Corporation - China
- Riau Bara Harum - Indonesia
- Larsen & Toubro Limited - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Bukit Asam (Persero) Tbk - Indonesia
- Coastal Gujarat Power Limited - India
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- IHS Mccloskey Coal Group - USA
- Iligan Light & Power Inc, Philippines
- Dalmia Cement Bharat India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- PTC India Limited - India
- Posco Energy - South Korea
- Electricity Generating Authority of Thailand
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Port Waratah Coal Services - Australia
- Gujarat Electricity Regulatory Commission - India
- Xindia Steels Limited - India
- Orica Mining Services - Indonesia
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Jaiprakash Power Ventures ltd
- Banpu Public Company Limited - Thailand
- Coal and Oil Company - UAE
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Petron Corporation, Philippines
- Eastern Coal Council - USA
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- Sojitz Corporation - Japan
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- White Energy Company Limited
- Bangladesh Power Developement Board
- Planning Commission, India
- Malabar Cements Ltd - India
- Anglo American - United Kingdom
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Vedanta Resources Plc - India
- SMG Consultants - Indonesia
- ASAPP Information Group - India
- Parry Sugars Refinery, India
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