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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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Monday, 01 November 21
COAL PRICES HAVE FURTHER ROOM TO DROP: TOP ECONOMIC PLANNER - GLOBAL TIMES
China’s top economic planner said coal prices have further room to drop on Friday, as the most traded coal futures dropped to below 1,000 yua ...
Saturday, 30 October 21
CHINA'S COAL PRICES SEE BIGGEST WEEKLY FALL IN MORE THAN 5 YEARS - REUTERS
China’s coal futures prices saw their biggest fall in more than five years after the powerful state planner said there is still room to adjus ...
Saturday, 30 October 21
G-20 LEADERS PREPARE STATEMENT TO STOP FUNDING FOREIGN COAL PLANTS - BLOOMBERG
Leaders of the Group of 20 wealthy economies are preparing to pledge to stop funding foreign coal-fired plants, but are still wrangling over climat ...
Friday, 29 October 21
APAC THERMAL COAL SUPPLY TO REMAIN TIGHT AS WINTER LOOMS - FITCH RATINGS
APAC thermal coal prices have surged, hitting historically high levels. The benchmark Newcastle 6,000kcal/kg grade coal reached USD228/tonne in mid ...
Thursday, 28 October 21
CANADA BAN ON SHIPPING COAL WOULD EQUAL SCRAPPING AS MANY AS 3 MILLION CARS - IEEFA
Canada ban on shipping coal would equal scrapping as many as 3 million cars
Change in Canadian policy could have major implications ...
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- Standard Chartered Bank - UAE
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Siam City Cement PLC, Thailand
- Vijayanagar Sugar Pvt Ltd - India
- Directorate Of Revenue Intelligence - India
- Kideco Jaya Agung - Indonesia
- Central Electricity Authority - India
- Alfred C Toepfer International GmbH - Germany
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- VISA Power Limited - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mjunction Services Limited - India
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Malabar Cements Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sical Logistics Limited - India
- Singapore Mercantile Exchange
- The State Trading Corporation of India Ltd
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Petron Corporation, Philippines
- Economic Council, Georgia
- Goldman Sachs - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Orica Australia Pty. Ltd.
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Riau Bara Harum - Indonesia
- Agrawal Coal Company - India
- Gujarat Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Africa Commodities Group - South Africa
- Coal and Oil Company - UAE
- Parliament of New Zealand
- Rashtriya Ispat Nigam Limited - India
- Pendopo Energi Batubara - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Vizag Seaport Private Limited - India
- Attock Cement Pakistan Limited
- Carbofer General Trading SA - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Ambuja Cements Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Wood Mackenzie - Singapore
- Leighton Contractors Pty Ltd - Australia
- Semirara Mining Corp, Philippines
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Simpson Spence & Young - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- Indo Tambangraya Megah - Indonesia
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Minerals Council of Australia
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Siam City Cement - Thailand
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- San Jose City I Power Corp, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Chamber of Mines of South Africa
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Marubeni Corporation - India
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Australian Commodity Traders Exchange
- Posco Energy - South Korea
- Energy Link Ltd, New Zealand
- Star Paper Mills Limited - India
- Parry Sugars Refinery, India
- Thiess Contractors Indonesia
- Port Waratah Coal Services - Australia
- Bayan Resources Tbk. - Indonesia
- Larsen & Toubro Limited - India
- Mercator Lines Limited - India
- Sinarmas Energy and Mining - Indonesia
- Intertek Mineral Services - Indonesia
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- India Bulls Power Limited - India
- Independent Power Producers Association of India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Aditya Birla Group - India
- GMR Energy Limited - India
- Krishnapatnam Port Company Ltd. - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Power Finance Corporation Ltd., India
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- Price Waterhouse Coopers - Russia
- Straits Asia Resources Limited - Singapore
- PNOC Exploration Corporation - Philippines
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Electricity Generating Authority of Thailand
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Savvy Resources Ltd - HongKong
- Eastern Energy - Thailand
- Anglo American - United Kingdom
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- New Zealand Coal & Carbon
- PetroVietnam Power Coal Import and Supply Company
- Tata Chemicals Ltd - India
- Lanco Infratech Ltd - India
- PTC India Limited - India
- The Treasury - Australian Government
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Mintek Dendrill Indonesia
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Barasentosa Lestari - Indonesia
- Essar Steel Hazira Ltd - India
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Trasteel International SA, Italy
- Coalindo Energy - Indonesia
- ICICI Bank Limited - India
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Electricity Authority, New Zealand
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Sidhee Cement - India
- South Luzon Thermal Energy Corporation
- Sojitz Corporation - Japan
- Cement Manufacturers Association - India
- Billiton Holdings Pty Ltd - Australia
- Sarangani Energy Corporation, Philippines
- Metalloyd Limited - United Kingdom
- Iligan Light & Power Inc, Philippines
- Deloitte Consulting - India
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Petrochimia International Co. Ltd.- Taiwan
- Planning Commission, India
- Georgia Ports Authority, United States
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- Indika Energy - Indonesia
- Uttam Galva Steels Limited - India
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- European Bulk Services B.V. - Netherlands
- Jaiprakash Power Ventures ltd
- Bharathi Cement Corporation - India
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Indian Energy Exchange, India
- Formosa Plastics Group - Taiwan
- Commonwealth Bank - Australia
- Latin American Coal - Colombia
- Ceylon Electricity Board - Sri Lanka
- Bhatia International Limited - India
- Sree Jayajothi Cements Limited - India
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Xindia Steels Limited - India
- Meralco Power Generation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- International Coal Ventures Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- SN Aboitiz Power Inc, Philippines
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