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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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Tuesday, 16 November 21
INDONESIA’S 2022 COAL USE FOR POWER GENERATION SET TO RISE 3% - REUTERS
Indonesia’s coal consumption for power generation is likely to rise by 3.1% next year compared to 2021, the head of the country’s state ...
Tuesday, 16 November 21
CHINA'S MONTHLY COAL OUTPUT RISES TO HIGHEST SINCE MARCH 2015 - REUTERS
China’s October coal output rose to the highest since at least March 2015, after Beijing approved a raft of coal mine expansions to tame reco ...
Friday, 12 November 21
RUSSIA-INDIA COKING COAL DEAL UNLIKELY TO IMPACT PANAMAX SHIPPING - DREWRY
Russia and India have recently entered into an agreement whereby Russia will supply up to 40 million tonnes of coking coal to India every year. Dre ...
Friday, 12 November 21
ASIA COAL POWER PIPELINE TO SHRINK BY TWO THIRDS AFTER CHINA FINANCE CUT - REUTERS
Asia’s pipeline of proposed coal-fired power plants is expected to shrink from 65 gigawatts to 22 gigawatts following China’s pledge to ...
Friday, 12 November 21
INDONESIAN COAL PRICE REFERENCE TOPS $215 A TON; THE HIGHEST COAL PRICE IN HISTORY
COALspot.com: Indonesian Coal Price Reference in a steep climb for most of second half of 2021 as it reached a pinnacle of $215.01 in November 2021 ...
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- Cigading International Bulk Terminal - Indonesia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bulk Trading Sa - Switzerland
- Eastern Energy - Thailand
- Indian Oil Corporation Limited
- Sindya Power Generating Company Private Ltd
- Economic Council, Georgia
- Bangladesh Power Developement Board
- Grasim Industreis Ltd - India
- Mintek Dendrill Indonesia
- Kepco SPC Power Corporation, Philippines
- Leighton Contractors Pty Ltd - Australia
- The State Trading Corporation of India Ltd
- The University of Queensland
- Asmin Koalindo Tuhup - Indonesia
- IEA Clean Coal Centre - UK
- Interocean Group of Companies - India
- Banpu Public Company Limited - Thailand
- SMC Global Power, Philippines
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
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- Mjunction Services Limited - India
- The Treasury - Australian Government
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- TeaM Sual Corporation - Philippines
- Australian Commodity Traders Exchange
- India Bulls Power Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Mercator Lines Limited - India
- Ceylon Electricity Board - Sri Lanka
- Directorate General of MIneral and Coal - Indonesia
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- New Zealand Coal & Carbon
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Savvy Resources Ltd - HongKong
- Sical Logistics Limited - India
- Samtan Co., Ltd - South Korea
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Aditya Birla Group - India
- Ministry of Mines - Canada
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- Manunggal Multi Energi - Indonesia
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- Deloitte Consulting - India
- CNBM International Corporation - China
- Energy Development Corp, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sakthi Sugars Limited - India
- Energy Link Ltd, New Zealand
- Salva Resources Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- ICICI Bank Limited - India
- London Commodity Brokers - England
- LBH Netherlands Bv - Netherlands
- Indika Energy - Indonesia
- South Luzon Thermal Energy Corporation
- Georgia Ports Authority, United States
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- GAC Shipping (India) Pvt Ltd
- Pendopo Energi Batubara - Indonesia
- Bharathi Cement Corporation - India
- Electricity Generating Authority of Thailand
- Romanian Commodities Exchange
- Holcim Trading Pte Ltd - Singapore
- Orica Mining Services - Indonesia
- Eastern Coal Council - USA
- Intertek Mineral Services - Indonesia
- Kumho Petrochemical, South Korea
- Makarim & Taira - Indonesia
- Chettinad Cement Corporation Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Uttam Galva Steels Limited - India
- Tata Chemicals Ltd - India
- Coal and Oil Company - UAE
- McConnell Dowell - Australia
- Krishnapatnam Port Company Ltd. - India
- Global Business Power Corporation, Philippines
- SMG Consultants - Indonesia
- Heidelberg Cement - Germany
- Videocon Industries ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Baramulti Group, Indonesia
- Trasteel International SA, Italy
- Indian Energy Exchange, India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Lanco Infratech Ltd - India
- Planning Commission, India
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Vizag Seaport Private Limited - India
- Sarangani Energy Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Therma Luzon, Inc, Philippines
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- MS Steel International - UAE
- Parliament of New Zealand
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- Bhoruka Overseas - Indonesia
- Gujarat Sidhee Cement - India
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- San Jose City I Power Corp, Philippines
- Tamil Nadu electricity Board
- Altura Mining Limited, Indonesia
- Aboitiz Power Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Larsen & Toubro Limited - India
- Power Finance Corporation Ltd., India
- Metalloyd Limited - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Kalimantan Lumbung Energi - Indonesia
- PNOC Exploration Corporation - Philippines
- Siam City Cement - Thailand
- Iligan Light & Power Inc, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Orica Australia Pty. Ltd.
- Siam City Cement PLC, Thailand
- Miang Besar Coal Terminal - Indonesia
- Carbofer General Trading SA - India
- Xindia Steels Limited - India
- Australian Coal Association
- Posco Energy - South Korea
- Cement Manufacturers Association - India
- Indogreen Group - Indonesia
- Price Waterhouse Coopers - Russia
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Attock Cement Pakistan Limited
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Finance - Indonesia
- Renaissance Capital - South Africa
- TNB Fuel Sdn Bhd - Malaysia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Maharashtra Electricity Regulatory Commission - India
- Bahari Cakrawala Sebuku - Indonesia
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Madhucon Powers Ltd - India
- Latin American Coal - Colombia
- GMR Energy Limited - India
- PTC India Limited - India
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Timah Investasi Mineral - Indoneisa
- Pipit Mutiara Jaya. PT, Indonesia
- CIMB Investment Bank - Malaysia
- Vedanta Resources Plc - India
- Karbindo Abesyapradhi - Indoneisa
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Vijayanagar Sugar Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Rio Tinto Coal - Australia
- Riau Bara Harum - Indonesia
- Marubeni Corporation - India
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Oldendorff Carriers - Singapore
- Star Paper Mills Limited - India
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Independent Power Producers Association of India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Dalmia Cement Bharat India
- Kartika Selabumi Mining - Indonesia
- Meralco Power Generation, Philippines
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Thai Mozambique Logistica
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Ministry of Transport, Egypt
- Bukit Makmur.PT - Indonesia
- Chamber of Mines of South Africa
- Commonwealth Bank - Australia
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- Petron Corporation, Philippines
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- VISA Power Limited - India
- Ambuja Cements Ltd - India
- Globalindo Alam Lestari - Indonesia
- Malabar Cements Ltd - India
- Electricity Authority, New Zealand
- Wilmar Investment Holdings
- Kobexindo Tractors - Indoneisa
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
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