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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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Sunday, 11 July 21
ROBUST CHINA COAL DEMAND AMID AUSTRALIA IMPORT BAN FUELS PRICE RALLY - REUTERS
Seaborne coal has become a quiet winner among energy commodities, lacking the attention of higher-profile crude oil and liquefied natural gas (LNG) ...
Saturday, 10 July 21
OVERESTIMATED LCOES OF COAL-FIRED POWER PLANTS CREATE A FINANCIAL BUBBLE - IEEFA
Massive stranded asset risk detrimentally affects the financial and power distribution
India’s future coal-fired power project pipeline ...
Friday, 09 July 21
EIA FORECASTS COAL’S GENERATION SHARE IN U.S TO RISE FROM 20% IN 2020 TO 24% THIS YEAR BUT TO FALL TO 22% NEXT YEAR
The July Short-Term Energy Outlook (STEO) of EIA remains subject to heightened levels of uncertainty related to the ongoing economic recovery from ...
Friday, 09 July 21
KOREA SOUTH-EAST POWER CO., LTD. INVITES BIDS FOR 1.86 MILLION TONS OF COAL OF 5600 & 4000 NCV COAL FOR THREE YEARS
COALspot.com: South Korea’s KOREA SOUTH-EAST POWER CO., LTD. (KOEN) has issued an international tender for 280,000 – 300,000 MT of Min. ...
Friday, 09 July 21
CAN WE EXPECT AFFORDABLE POWER SUPPLY BY REPLACING COAL BASED POWER WITH LNG? - FINANCIAL EXPRESS
Bangladesh government’s recent decision to cancel the contracts for 10 coal fired power plants in late June 2021 has invited interest in the ...
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- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Central Electricity Authority - India
- Renaissance Capital - South Africa
- Gujarat Mineral Development Corp Ltd - India
- Altura Mining Limited, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bangladesh Power Developement Board
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Carbofer General Trading SA - India
- Simpson Spence & Young - Indonesia
- Salva Resources Pvt Ltd - India
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Kalimantan Lumbung Energi - Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Minerals Council of Australia
- Economic Council, Georgia
- Price Waterhouse Coopers - Russia
- Offshore Bulk Terminal Pte Ltd, Singapore
- MS Steel International - UAE
- Billiton Holdings Pty Ltd - Australia
- Energy Development Corp, Philippines
- Meralco Power Generation, Philippines
- Riau Bara Harum - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karaikal Port Pvt Ltd - India
- Thiess Contractors Indonesia
- Marubeni Corporation - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Pendopo Energi Batubara - Indonesia
- SMC Global Power, Philippines
- CNBM International Corporation - China
- Videocon Industries ltd - India
- Gujarat Sidhee Cement - India
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Xindia Steels Limited - India
- Kohat Cement Company Ltd. - Pakistan
- LBH Netherlands Bv - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Intertek Mineral Services - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Coalindo Energy - Indonesia
- Medco Energi Mining Internasional
- Kaltim Prima Coal - Indonesia
- Malabar Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Vijayanagar Sugar Pvt Ltd - India
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Semirara Mining and Power Corporation, Philippines
- New Zealand Coal & Carbon
- Ministry of Finance - Indonesia
- Chamber of Mines of South Africa
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Planning Commission, India
- Siam City Cement PLC, Thailand
- Kepco SPC Power Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Aditya Birla Group - India
- Australian Coal Association
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Ministry of Transport, Egypt
- Bukit Baiduri Energy - Indonesia
- White Energy Company Limited
- Jaiprakash Power Ventures ltd
- PTC India Limited - India
- London Commodity Brokers - England
- Jindal Steel & Power Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Sarangani Energy Corporation, Philippines
- Orica Australia Pty. Ltd.
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- PNOC Exploration Corporation - Philippines
- Holcim Trading Pte Ltd - Singapore
- Binh Thuan Hamico - Vietnam
- Tamil Nadu electricity Board
- Larsen & Toubro Limited - India
- Rashtriya Ispat Nigam Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Electricity Generating Authority of Thailand
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Toyota Tsusho Corporation, Japan
- VISA Power Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Attock Cement Pakistan Limited
- GAC Shipping (India) Pvt Ltd
- PetroVietnam Power Coal Import and Supply Company
- Latin American Coal - Colombia
- Miang Besar Coal Terminal - Indonesia
- Meenaskhi Energy Private Limited - India
- Manunggal Multi Energi - Indonesia
- Uttam Galva Steels Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Straits Asia Resources Limited - Singapore
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- The University of Queensland
- Mercuria Energy - Indonesia
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Antam Resourcindo - Indonesia
- Chettinad Cement Corporation Ltd - India
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- Sojitz Corporation - Japan
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- CIMB Investment Bank - Malaysia
- Agrawal Coal Company - India
- Kideco Jaya Agung - Indonesia
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parliament of New Zealand
- Baramulti Group, Indonesia
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Kobexindo Tractors - Indoneisa
- Aboitiz Power Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Eastern Coal Council - USA
- Central Java Power - Indonesia
- Petron Corporation, Philippines
- The Treasury - Australian Government
- Deloitte Consulting - India
- Independent Power Producers Association of India
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SMG Consultants - Indonesia
- IEA Clean Coal Centre - UK
- Ambuja Cements Ltd - India
- The State Trading Corporation of India Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Parry Sugars Refinery, India
- Wilmar Investment Holdings
- Rio Tinto Coal - Australia
- Mjunction Services Limited - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Power Finance Corporation Ltd., India
- Indian Energy Exchange, India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- Eastern Energy - Thailand
- Sical Logistics Limited - India
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Star Paper Mills Limited - India
- ASAPP Information Group - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Electricity Authority, New Zealand
- Karbindo Abesyapradhi - Indoneisa
- Coal and Oil Company - UAE
- GMR Energy Limited - India
- Maheswari Brothers Coal Limited - India
- Georgia Ports Authority, United States
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Standard Chartered Bank - UAE
- Heidelberg Cement - Germany
- ICICI Bank Limited - India
- Kapuas Tunggal Persada - Indonesia
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