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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, 04 November 21
FASTER DECARBONISATION: BACK TO BASICS FOR THE MINING INDUSTRY? - WOOD MACKENZIE
To the uninitiated, rugby is a technical and complicated game. As young schoolboys it was all a wee bit confusing and we invariably ended up on the ...
Wednesday, 03 November 21
CHINA TO LAUNCH NEW DATA MONITORING SYSTEM, TARGETING COAL MARKET SPECULATION, HOARDING - GLOBAL TIMES
China’s top economic planner announced on Sunday a new data system for supervising the implementation of medium- and long-term contracts of c ...
Wednesday, 03 November 21
CHINA’S STATE PLANNER SAYS COAL SUPPLY IMPROVING, PRICES STABILISING - REUTERS
China’s coal supply situation has seen significant improvement with joint efforts from coal producers, logistics and downstream users, while ...
Wednesday, 03 November 21
HIGHER COKING COAL PRICES TO PARE PROFITABILITY OF STEELMAKERS IN SECOND HALF OF FY22 - CRISIL RATINGS
The operating margin of primary steelmakers will reduce by a third to 24-26% in the second half of this fiscal versus the first half as input cost ...
Wednesday, 03 November 21
MARKET INSIGHT - INTERMODAL
November is here and soon the all time seasonal favorite “all I want or Christmas is you” by Mariah Carey will be played in radio stati ...
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- Therma Luzon, Inc, Philippines
- Sojitz Corporation - Japan
- The State Trading Corporation of India Ltd
- Malabar Cements Ltd - India
- Eastern Coal Council - USA
- Sical Logistics Limited - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Thai Mozambique Logistica
- Coalindo Energy - Indonesia
- Borneo Indobara - Indonesia
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Marubeni Corporation - India
- Siam City Cement PLC, Thailand
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Mjunction Services Limited - India
- Madhucon Powers Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- Goldman Sachs - Singapore
- Power Finance Corporation Ltd., India
- Renaissance Capital - South Africa
- India Bulls Power Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Merrill Lynch Commodities Europe
- Straits Asia Resources Limited - Singapore
- Kideco Jaya Agung - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Kalimantan Lumbung Energi - Indonesia
- TeaM Sual Corporation - Philippines
- Jorong Barutama Greston.PT - Indonesia
- Rio Tinto Coal - Australia
- Pendopo Energi Batubara - Indonesia
- Semirara Mining Corp, Philippines
- New Zealand Coal & Carbon
- Meralco Power Generation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Wood Mackenzie - Singapore
- International Coal Ventures Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Commonwealth Bank - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indonesian Coal Mining Association
- Iligan Light & Power Inc, Philippines
- ASAPP Information Group - India
- Kepco SPC Power Corporation, Philippines
- Anglo American - United Kingdom
- Bhatia International Limited - India
- Leighton Contractors Pty Ltd - Australia
- Orica Australia Pty. Ltd.
- Directorate General of MIneral and Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Parliament of New Zealand
- Independent Power Producers Association of India
- ICICI Bank Limited - India
- Carbofer General Trading SA - India
- GAC Shipping (India) Pvt Ltd
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Kobexindo Tractors - Indoneisa
- PetroVietnam Power Coal Import and Supply Company
- Videocon Industries ltd - India
- Parry Sugars Refinery, India
- Petron Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Sree Jayajothi Cements Limited - India
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
- European Bulk Services B.V. - Netherlands
- TNB Fuel Sdn Bhd - Malaysia
- Trasteel International SA, Italy
- Wilmar Investment Holdings
- London Commodity Brokers - England
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- SMG Consultants - Indonesia
- Intertek Mineral Services - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bulk Trading Sa - Switzerland
- Jaiprakash Power Ventures ltd
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- Globalindo Alam Lestari - Indonesia
- Sarangani Energy Corporation, Philippines
- Kumho Petrochemical, South Korea
- CIMB Investment Bank - Malaysia
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Orica Mining Services - Indonesia
- CNBM International Corporation - China
- Heidelberg Cement - Germany
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bangladesh Power Developement Board
- Bhoruka Overseas - Indonesia
- Electricity Generating Authority of Thailand
- Aditya Birla Group - India
- Meenaskhi Energy Private Limited - India
- Billiton Holdings Pty Ltd - Australia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- Port Waratah Coal Services - Australia
- Georgia Ports Authority, United States
- Asmin Koalindo Tuhup - Indonesia
- Economic Council, Georgia
- Global Coal Blending Company Limited - Australia
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Kapuas Tunggal Persada - Indonesia
- Indian Oil Corporation Limited
- Essar Steel Hazira Ltd - India
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Bank of Tokyo Mitsubishi UFJ Ltd
- Sinarmas Energy and Mining - Indonesia
- Grasim Industreis Ltd - India
- The University of Queensland
- Kaltim Prima Coal - Indonesia
- Chamber of Mines of South Africa
- Uttam Galva Steels Limited - India
- Electricity Authority, New Zealand
- Savvy Resources Ltd - HongKong
- Directorate Of Revenue Intelligence - India
- Tamil Nadu electricity Board
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Energy Development Corp, Philippines
- Holcim Trading Pte Ltd - Singapore
- Energy Link Ltd, New Zealand
- Australian Commodity Traders Exchange
- Coal and Oil Company - UAE
- PNOC Exploration Corporation - Philippines
- Price Waterhouse Coopers - Russia
- Semirara Mining and Power Corporation, Philippines
- Sindya Power Generating Company Private Ltd
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- MS Steel International - UAE
- Mercator Lines Limited - India
- White Energy Company Limited
- Edison Trading Spa - Italy
- Makarim & Taira - Indonesia
- Planning Commission, India
- Chettinad Cement Corporation Ltd - India
- Dalmia Cement Bharat India
- Krishnapatnam Port Company Ltd. - India
- Kartika Selabumi Mining - Indonesia
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Jindal Steel & Power Ltd - India
- Standard Chartered Bank - UAE
- Mintek Dendrill Indonesia
- AsiaOL BioFuels Corp., Philippines
- Gujarat Mineral Development Corp Ltd - India
- The Treasury - Australian Government
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Siam City Cement - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Australian Coal Association
- Vijayanagar Sugar Pvt Ltd - India
- Latin American Coal - Colombia
- PTC India Limited - India
- Agrawal Coal Company - India
- Vedanta Resources Plc - India
- Toyota Tsusho Corporation, Japan
- Maheswari Brothers Coal Limited - India
- McConnell Dowell - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- Romanian Commodities Exchange
- Attock Cement Pakistan Limited
- Baramulti Group, Indonesia
- Antam Resourcindo - Indonesia
- Sakthi Sugars Limited - India
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Bharathi Cement Corporation - India
- Global Business Power Corporation, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Minerals Council of Australia
- Xindia Steels Limited - India
- Ceylon Electricity Board - Sri Lanka
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Barasentosa Lestari - Indonesia
- Deloitte Consulting - India
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
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