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