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