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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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Wednesday, 24 November 21
WHY THIS MINING ANALYST IS UPBEAT ON THE IRON ORE PRICE FORECAST - MOTLEY FOOL
In many ways, 2021 can be called the year of the iron ore price. Much of the talk of the ASX town this year has revolved around this key economic m ...
Wednesday, 24 November 21
PRICE OF CHINA’S COAL FUTURE DROPS BY 60% AS NATIONWIDE DAILY OUTPUT REACHES OVER 12 MILLION TONS: NDRC - GLOBAL TIMES
China’s daily coal output has now stabilized after reaching over 12 million tons and the price of coal futures has declined to 800 yuan ($125 ...
Friday, 19 November 21
CHINA: COAL SUPPLIES TO STABILIZE FOR COMING COLD SEASON
China is capable of ensuring stable coal supplies this winter and next spring with the increase in coal production and the rising stockpiles at pow ...
Wednesday, 17 November 21
MARKET INSIGHT - INTERMODAL
It has been another declining week for the dry bulk market and evidently, we are seeing asset values gradually losing momentum as well. Following a ...
Tuesday, 16 November 21
EARNINGS RECOVERY IN INDONESIAN COAL TO CONTINUE THROUGH 2021, BUT SLOW IN 2022 - FITCH RATINGS
The recovery in the operating and financial performance of Indonesian coal miners and coal contractors is likely to slow in 2022, but coal prices s ...
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- Ministry of Mines - Canada
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Bhatia International Limited - India
- Indika Energy - Indonesia
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- Aditya Birla Group - India
- Sical Logistics Limited - India
- VISA Power Limited - India
- Therma Luzon, Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- IEA Clean Coal Centre - UK
- Commonwealth Bank - Australia
- Grasim Industreis Ltd - India
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- London Commodity Brokers - England
- Antam Resourcindo - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Renaissance Capital - South Africa
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Georgia Ports Authority, United States
- Sarangani Energy Corporation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Economic Council, Georgia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- White Energy Company Limited
- Agrawal Coal Company - India
- Latin American Coal - Colombia
- Deloitte Consulting - India
- Orica Mining Services - Indonesia
- Sakthi Sugars Limited - India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- SMC Global Power, Philippines
- PNOC Exploration Corporation - Philippines
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- Rio Tinto Coal - Australia
- Videocon Industries ltd - India
- Toyota Tsusho Corporation, Japan
- Price Waterhouse Coopers - Russia
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Straits Asia Resources Limited - Singapore
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- GAC Shipping (India) Pvt Ltd
- Malabar Cements Ltd - India
- Lanco Infratech Ltd - India
- Vizag Seaport Private Limited - India
- Wood Mackenzie - Singapore
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Australian Coal Association
- Trasteel International SA, Italy
- Banpu Public Company Limited - Thailand
- Eastern Energy - Thailand
- Mercuria Energy - Indonesia
- Kumho Petrochemical, South Korea
- ICICI Bank Limited - India
- Coalindo Energy - Indonesia
- The Treasury - Australian Government
- Merrill Lynch Commodities Europe
- Vijayanagar Sugar Pvt Ltd - India
- Africa Commodities Group - South Africa
- Siam City Cement - Thailand
- Leighton Contractors Pty Ltd - Australia
- Sree Jayajothi Cements Limited - India
- AsiaOL BioFuels Corp., Philippines
- Directorate Of Revenue Intelligence - India
- Standard Chartered Bank - UAE
- Carbofer General Trading SA - India
- Edison Trading Spa - Italy
- Sojitz Corporation - Japan
- Ministry of Transport, Egypt
- Electricity Authority, New Zealand
- Parry Sugars Refinery, India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Ind-Barath Power Infra Limited - India
- Central Electricity Authority - India
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Dalmia Cement Bharat India
- Bukit Makmur.PT - Indonesia
- Romanian Commodities Exchange
- Indian Energy Exchange, India
- Power Finance Corporation Ltd., India
- Ceylon Electricity Board - Sri Lanka
- Wilmar Investment Holdings
- PowerSource Philippines DevCo
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Chamber of Mines of South Africa
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- CNBM International Corporation - China
- Xindia Steels Limited - India
- Australian Commodity Traders Exchange
- Coastal Gujarat Power Limited - India
- Anglo American - United Kingdom
- Posco Energy - South Korea
- Iligan Light & Power Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Kaltim Prima Coal - Indonesia
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kepco SPC Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- ASAPP Information Group - India
- Port Waratah Coal Services - Australia
- Attock Cement Pakistan Limited
- The State Trading Corporation of India Ltd
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Indo Tambangraya Megah - Indonesia
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- PTC India Limited - India
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Indonesian Coal Mining Association
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Sindya Power Generating Company Private Ltd
- SN Aboitiz Power Inc, Philippines
- McConnell Dowell - Australia
- Bangladesh Power Developement Board
- India Bulls Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- LBH Netherlands Bv - Netherlands
- Marubeni Corporation - India
- Larsen & Toubro Limited - India
- Singapore Mercantile Exchange
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Maheswari Brothers Coal Limited - India
- Indogreen Group - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Ambuja Cements Ltd - India
- Energy Development Corp, Philippines
- Jindal Steel & Power Ltd - India
- Kobexindo Tractors - Indoneisa
- Orica Australia Pty. Ltd.
- Bhushan Steel Limited - India
- European Bulk Services B.V. - Netherlands
- Planning Commission, India
- South Luzon Thermal Energy Corporation
- Vedanta Resources Plc - India
- Kideco Jaya Agung - Indonesia
- GVK Power & Infra Limited - India
- Eastern Coal Council - USA
- Simpson Spence & Young - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Jorong Barutama Greston.PT - Indonesia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Aboitiz Power Corporation - Philippines
- Altura Mining Limited, Indonesia
- Barasentosa Lestari - Indonesia
- The University of Queensland
- Bukit Asam (Persero) Tbk - Indonesia
- Petron Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- New Zealand Coal & Carbon
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Essar Steel Hazira Ltd - India
- IHS Mccloskey Coal Group - USA
- Minerals Council of Australia
- Electricity Generating Authority of Thailand
- Cement Manufacturers Association - India
- Heidelberg Cement - Germany
- Borneo Indobara - Indonesia
- Star Paper Mills Limited - India
- Tamil Nadu electricity Board
- Interocean Group of Companies - India
- Meralco Power Generation, Philippines
- Mjunction Services Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- SMG Consultants - Indonesia
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