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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, 08 July 21
STRONGEST HALF YEAR FOR SHIPPING MARKETS SINCE 2008 - CLARKSONS
A year on from peak trade disruption, we update our half year report for the shipping industry profiling a strong recovery and some exceptional ind ...
Tuesday, 06 July 21
INDONESIA COAL PRICE REFERENCE RISES TO 112 MONTHS HIGH IN JULY 2021; 121.15% HIGHER COMPARED TO THAT IN JULY 2020 PRICE
COALspot.com: The Indonesia coal price reference for July 2021 fixed at US$ 115.35 per ton FOB vessel.
The Indonesia coal price referenc ...
Tuesday, 06 July 21
INDONESIAN COAL EXPORTS FELL BY 37% YOY IN 1Q21 DUE TO ADVERSE WEATHER CONDITIONS - FITCH RATINGS
Chinese coal imports declined by 25% yoy in 5M21as a result of both restrictions on Australian coal and the high base in 2020. Import volume in Jan ...
Tuesday, 06 July 21
INDONESIAN 4,200 INDEX HAS ALSO INCREASED TO OVER USD50 PER TONNE SINCE MAY THIS YEAR REFLECTING STRONG CHINESE IMPORT DEMAND - FITCH RATINGS
Price Surge Since March
APAC thermal coal has resumed its price surge since March this year. The benchmark Newcastle 6,000kcal/kg grade c ...
Thursday, 01 July 21
WHY INDIA’S SOLAR POWER TARIFFS ARE CLIMBING AFTER HITTING RECORD LOWS LAST YEAR - IEEFA
What’s behind the recent increase?
Solar tariffs are deflationary. Prices have fallen by 75% in seven years in India, and in 2 ...
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- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- McConnell Dowell - Australia
- Malabar Cements Ltd - India
- Karaikal Port Pvt Ltd - India
- Indogreen Group - Indonesia
- Videocon Industries ltd - India
- Lanco Infratech Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Sinarmas Energy and Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Chamber of Mines of South Africa
- The Treasury - Australian Government
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- PNOC Exploration Corporation - Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Kumho Petrochemical, South Korea
- Jorong Barutama Greston.PT - Indonesia
- Indika Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
- VISA Power Limited - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- London Commodity Brokers - England
- Ambuja Cements Ltd - India
- Timah Investasi Mineral - Indoneisa
- Bhushan Steel Limited - India
- Siam City Cement - Thailand
- TeaM Sual Corporation - Philippines
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- IHS Mccloskey Coal Group - USA
- Antam Resourcindo - Indonesia
- Meenaskhi Energy Private Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Parry Sugars Refinery, India
- Globalindo Alam Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Xindia Steels Limited - India
- Africa Commodities Group - South Africa
- PTC India Limited - India
- Australian Coal Association
- Banpu Public Company Limited - Thailand
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Riau Bara Harum - Indonesia
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Holcim Trading Pte Ltd - Singapore
- Aditya Birla Group - India
- Ministry of Mines - Canada
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Iligan Light & Power Inc, Philippines
- White Energy Company Limited
- The University of Queensland
- ASAPP Information Group - India
- Bukit Baiduri Energy - Indonesia
- Vedanta Resources Plc - India
- SMC Global Power, Philippines
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Eastern Coal Council - USA
- Leighton Contractors Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Madhucon Powers Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Parliament of New Zealand
- Mintek Dendrill Indonesia
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Mercator Lines Limited - India
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- Pendopo Energi Batubara - Indonesia
- International Coal Ventures Pvt Ltd - India
- Carbofer General Trading SA - India
- Directorate General of MIneral and Coal - Indonesia
- Ministry of Transport, Egypt
- Binh Thuan Hamico - Vietnam
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Sree Jayajothi Cements Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Aboitiz Power Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Metalloyd Limited - United Kingdom
- San Jose City I Power Corp, Philippines
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Petron Corporation, Philippines
- Attock Cement Pakistan Limited
- Vizag Seaport Private Limited - India
- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Larsen & Toubro Limited - India
- Makarim & Taira - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Kobexindo Tractors - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Sindya Power Generating Company Private Ltd
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- Krishnapatnam Port Company Ltd. - India
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Bhatia International Limited - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kideco Jaya Agung - Indonesia
- Salva Resources Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Minerals Council of Australia
- Kartika Selabumi Mining - Indonesia
- Mercuria Energy - Indonesia
- Mjunction Services Limited - India
- Economic Council, Georgia
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Pipit Mutiara Jaya. PT, Indonesia
- India Bulls Power Limited - India
- Energy Link Ltd, New Zealand
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Power Finance Corporation Ltd., India
- Samtan Co., Ltd - South Korea
- Posco Energy - South Korea
- Central Java Power - Indonesia
- GMR Energy Limited - India
- IEA Clean Coal Centre - UK
- Orica Mining Services - Indonesia
- Planning Commission, India
- Electricity Authority, New Zealand
- Sakthi Sugars Limited - India
- Independent Power Producers Association of India
- Rio Tinto Coal - Australia
- Straits Asia Resources Limited - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Directorate Of Revenue Intelligence - India
- Jaiprakash Power Ventures ltd
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Tamil Nadu electricity Board
- Edison Trading Spa - Italy
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Toyota Tsusho Corporation, Japan
- Ministry of Finance - Indonesia
- Energy Development Corp, Philippines
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Kapuas Tunggal Persada - Indonesia
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Dalmia Cement Bharat India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Siam City Cement PLC, Thailand
- Barasentosa Lestari - Indonesia
- Marubeni Corporation - India
- Alfred C Toepfer International GmbH - Germany
- Cigading International Bulk Terminal - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Maheswari Brothers Coal Limited - India
- Latin American Coal - Colombia
- Global Coal Blending Company Limited - Australia
- Bangladesh Power Developement Board
- Thai Mozambique Logistica
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Altura Mining Limited, Indonesia
- Tata Chemicals Ltd - India
- Sarangani Energy Corporation, Philippines
- Port Waratah Coal Services - Australia
- Petrochimia International Co. Ltd.- Taiwan
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