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