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