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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, 23 August 21
CHINESE COAL PRODUCTION RISES 4.9 PCT IN 1ST 7 MONTHS OF 2021 - NBS
Official figures demonstrated that the Chinese raw coal production surged 4.9 percent annually to 2.26 billion tonnes in the January-July period of ...
Friday, 20 August 21
ARE WE LOOKING AT THE NEXT DRY BULK SUPER CYCLE? IS IT EVEN A CYCLE? - BIMCO
Throughout the first half of the year, talk of a new dry bulk super cycle has been on many lips as commodity prices have soared to multi-year highs ...
Friday, 20 August 21
BIMCO'S SHIPPING NUMBER OF THE WEEK: CHINESE IRON ORE IMPORTS FALL TO 14-MONTH LOW IN JULY - PETER SAND
Chinese iron ore imports fell to 88.5 million tonnes in July, the lowest level since May 2020. The fall in July means that accumulated imports are ...
Friday, 20 August 21
SOARING DEMAND FOR THE WORLD’S LEAST-LIKED COMMODITY SEES THERMAL COAL PRICES JUMP 106% THIS YEAR - CNBC
Soaring electricity demand, infrastructure woes and a surge in global gas prices have triggered an extraordinary rally for the world’s least ...
Friday, 20 August 21
CHINA’S IRON ORE IMPORTS CONTRACTED YEAR-ON-YEAR BY 2% IN 2018 AND GREW YEAR-ON-YEAR BY ONLY 1% IN 2019 - COMMODORE RESEARCH
Examining the last ten years of China’s crude steel output and iron ore imports shows that China’s iron ore imports have stayed r ...
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Showing 501 to 505 news of total 6871 |
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- Kumho Petrochemical, South Korea
- European Bulk Services B.V. - Netherlands
- Sree Jayajothi Cements Limited - India
- Cigading International Bulk Terminal - Indonesia
- Bhushan Steel Limited - India
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Central Electricity Authority - India
- Pendopo Energi Batubara - Indonesia
- Parry Sugars Refinery, India
- Bayan Resources Tbk. - Indonesia
- Bukit Baiduri Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Semirara Mining Corp, Philippines
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- GMR Energy Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- ASAPP Information Group - India
- Jorong Barutama Greston.PT - Indonesia
- Romanian Commodities Exchange
- Toyota Tsusho Corporation, Japan
- Dalmia Cement Bharat India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Sakthi Sugars Limited - India
- PNOC Exploration Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Power Finance Corporation Ltd., India
- IHS Mccloskey Coal Group - USA
- Anglo American - United Kingdom
- Antam Resourcindo - Indonesia
- Australian Commodity Traders Exchange
- Kohat Cement Company Ltd. - Pakistan
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Edison Trading Spa - Italy
- MS Steel International - UAE
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- India Bulls Power Limited - India
- The State Trading Corporation of India Ltd
- Coal and Oil Company - UAE
- Australian Coal Association
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Medco Energi Mining Internasional
- Altura Mining Limited, Indonesia
- Indogreen Group - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Parliament of New Zealand
- OPG Power Generation Pvt Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Mercator Lines Limited - India
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Kobexindo Tractors - Indoneisa
- Marubeni Corporation - India
- Billiton Holdings Pty Ltd - Australia
- Sojitz Corporation - Japan
- Kepco SPC Power Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Aboitiz Power Corporation - Philippines
- Rio Tinto Coal - Australia
- Ministry of Finance - Indonesia
- Larsen & Toubro Limited - India
- Commonwealth Bank - Australia
- Energy Development Corp, Philippines
- Grasim Industreis Ltd - India
- PTC India Limited - India
- Savvy Resources Ltd - HongKong
- Coalindo Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- White Energy Company Limited
- San Jose City I Power Corp, Philippines
- AsiaOL BioFuels Corp., Philippines
- Ceylon Electricity Board - Sri Lanka
- Jaiprakash Power Ventures ltd
- Kapuas Tunggal Persada - Indonesia
- Bukit Makmur.PT - Indonesia
- Cement Manufacturers Association - India
- Tamil Nadu electricity Board
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Directorate Of Revenue Intelligence - India
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Standard Chartered Bank - UAE
- Merrill Lynch Commodities Europe
- Ministry of Mines - Canada
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Orica Mining Services - Indonesia
- Port Waratah Coal Services - Australia
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- Indika Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Rashtriya Ispat Nigam Limited - India
- International Coal Ventures Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Global Green Power PLC Corporation, Philippines
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Planning Commission, India
- Heidelberg Cement - Germany
- Neyveli Lignite Corporation Ltd, - India
- Gujarat Electricity Regulatory Commission - India
- Siam City Cement PLC, Thailand
- Semirara Mining and Power Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Siam City Cement - Thailand
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Asmin Koalindo Tuhup - Indonesia
- Carbofer General Trading SA - India
- Madhucon Powers Ltd - India
- Baramulti Group, Indonesia
- Mintek Dendrill Indonesia
- Goldman Sachs - Singapore
- Mercuria Energy - Indonesia
- Wilmar Investment Holdings
- Sinarmas Energy and Mining - Indonesia
- Lanco Infratech Ltd - India
- ICICI Bank Limited - India
- Petron Corporation, Philippines
- CNBM International Corporation - China
- Economic Council, Georgia
- Thai Mozambique Logistica
- Sical Logistics Limited - India
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Africa Commodities Group - South Africa
- SMG Consultants - Indonesia
- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Posco Energy - South Korea
- TNB Fuel Sdn Bhd - Malaysia
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Coastal Gujarat Power Limited - India
- Independent Power Producers Association of India
- Simpson Spence & Young - Indonesia
- Bharathi Cement Corporation - India
- Borneo Indobara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Kartika Selabumi Mining - Indonesia
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Energy Link Ltd, New Zealand
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Minerals Council of Australia
- Agrawal Coal Company - India
- Banpu Public Company Limited - Thailand
- Bangladesh Power Developement Board
- Interocean Group of Companies - India
- Maharashtra Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Videocon Industries ltd - India
- Eastern Coal Council - USA
- Oldendorff Carriers - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Sarangani Energy Corporation, Philippines
- Indian Oil Corporation Limited
- Karbindo Abesyapradhi - Indoneisa
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- The University of Queensland
- Orica Australia Pty. Ltd.
- Leighton Contractors Pty Ltd - Australia
- Makarim & Taira - Indonesia
- Tata Chemicals Ltd - India
- Ambuja Cements Ltd - India
- Meralco Power Generation, Philippines
- Kaltim Prima Coal - Indonesia
- Riau Bara Harum - Indonesia
- Vizag Seaport Private Limited - India
- Aditya Birla Group - India
- Indonesian Coal Mining Association
- Directorate General of MIneral and Coal - Indonesia
- Eastern Energy - Thailand
- SN Aboitiz Power Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Price Waterhouse Coopers - Russia
- Chettinad Cement Corporation Ltd - India
- SMC Global Power, Philippines
- Bulk Trading Sa - Switzerland
- Georgia Ports Authority, United States
- Thiess Contractors Indonesia
- Therma Luzon, Inc, Philippines
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
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