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